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As manufacturing companies scramble to adapt to an upheaval in global supply chains due to the pandemic, many manufacturers are also facing shortages of needed supplies. A steel shortage is currently hitting the market, wreaking havoc on domestic supply chains. As a result, prices for steel have hit a 13-year high, while unfilled orders for steel in the fourth quarter of 2020 were at their lowest level in five years. So what's a manufacturer to do? This article will provide some key resources and advice for zeroing in on a steel supplier in the U.S.
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The history of the steel industry in the United States spans nearly 200 years. Production surged in the 1950s, the era of the post-World War II boom and the growing American love affair with metal-heavy cars. As the steel industry continues to evolve, some businesses have long witnessed its development. Some steel companies born in the 1800s still serve today's markets. Explore the oldest steel companies in the U.S.
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The U.S. manufacturing industry continues to shine amid favorable growth forecasts. U.S. steel production keeps climbing, and current demand is through the roof. MNI's latest data on U.S. steel coincide with these statistics as the industry anticipates further growth.
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Cold-rolled steel comprises a significant sector of the steel industry. In data gathered by IndustryNet, on 275 steel companies, 32 (11.64 percent) produce cold-rolled steel. Of the 31,610 jobs provided by steel companies, 4.541 (14.36 percent) are with manufacturers of cold-rolled steel.
Jobs in cold-rolled steel have taken a slight dip of 0.68 percent over the last year. Average sales were $4.5 billion. Financial markets are reflecting optimism that these numbers will rise.
Hot-rolled steel is roll pressed at temperatures over 1,700 degrees Fahrenheit. It is further processed into cold-rolled steel by undergoing additional compression between rollers. This extra step forms a product that has the following desirable characteristics:
- Smooth surfaces with closer tolerances.
- A...(Full Article)
On March 1, 2018, President Donald Trump announced that his administration planned to enact a 25 percent tariff on imported steel. On June 1, 2018, that tariff went into effect on steel from the European Union, Canada and Mexico. Ripples are spreading throughout the economy.
Reactions within the U.S. have varied more along regional lines than ideological ones, with optimism running high in steel-producing states. Steel manufacturers are anticipating increased prices and higher profits. On Wall Street, steel stocks jumped. U.S. manufacturers are expected to decrease purchases of foreign steel in favor of domestic products, adding further to U.S. steel companies' bottom lines.
Steel is a vital component for many industries. It comprises up to 65 percent of the weight of a car. Steel is...(Full Article)
The Trump administration's recent authorization of tariffs on steel and aluminum has produced mixed reactions in U.S. industries. Manufacturers of these metals regard the action as defending their businesses against dumping by foreign competitors. Heidi Brock, president and CEO of the Aluminum Association, praised the decision. She issued a statement declaring: "We look forward to working with the president on implementation and to creating a more level playing field."
The American Iron and Steel Institute (AISI) explained its support for the action. Thomas Gibson, president and CEO of AISI, claimed, "About one-fourth of domestic steel capacity today is not being utilized. This is being fueled by the massive excess steel capacity in the world today, which is more than eight times larger...(Full Article)
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