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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 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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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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