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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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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)
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