CANTON Timken Co. has agreed to spin off its steel business amid pressure from some of its biggest investors.The decision is a victory for Relational Investors LLC nike free run billig and the California State Teachers Retirement System, which had nike free zalando been nike free lila pushing since November to spin off the steel unit to boost shareholder value. The proposal to divide the businesses won support of 53 percent of shareholder votes cast in May.The new steel company will have $1.7 billion in annual revenue while the global bearings and power nike free gr眉n transmission company, which will operate under the Timken name, will nike free 5.0 v4 have $3.4 nike free 3.0 v2 billion, according to Timken.Timken shares rose 5.9 percent to $63.80 in extended trading Thursday. Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.