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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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Performing the vital task of preparing, melting and casting steel into shapes, foundries, steel mills and steel casting companies form an essential part of the steel industry. Steel mills manufacture raw steel, and may further process it into semi-finished products to be melted for casting. The recent imposition of tariffs on goods imported from China will have both positive and negative effects on this segment of manufacturing.
Both the raw materials utilized and tools needed for the fabrication process are included in the massive list of affected goods. Items subject to tariffs include both scrap and pig iron, which are feedstocks for many foundries and mills. Prices will rise on metal forging machinery, spare parts and molds. These additional costs are likely to increase foundry, ste...(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)
Recent data collected by IndustryNet shows Kentucky manufacturers added jobs over the past year, helped by gains in transportation equipment and a stabilization in the coal mining industry.
According to IndustryNet's survey of 4,702 Kentucky manufacturers, industrial employment in the state inched up by a half percent between October 2016 and October 2017, recovering losses suffered over the 2015-2016 survey period.
After growing for five straight years between 2010 and 2015, Kentucky broke its winning streak, during the 2015-2016 survey period, shedding industrial jobs for the first time since the recession. This was largely due to a 19% employment decline in coal mining. Job losses in Kentucky's coal mining sector slowed over the past year, however, down 3.2%. In addition, a 2.4...(Full Article)
Indiana's manufacturing sector roars ahead, adding jobs for a sixth straight year
Friday, July 14, 2017
According to new data released this week by MNI, manufacturers in Indiana added nearly ten thousand jobs over the past year, buoyed by continued growth in the state's transportation equipment industry. MNI, compiler and publisher of the industrial information that powers IndustryNet, reports Indiana gained 9,695 manufacturing jobs from May 2016 to May 2017, or 2%, extending the meteoric rise in factory jobs the state has seen since the recession.
Indiana was one of the hardest-hit states during the recession, shedding 16% of its manufacturing workforce or roughly 100,000 jobs, with layoffs and bankruptcies plaguing the all-important auto sector -- particularly its RV industry, which hit bottom in 2009. Over the past six years the state's manufacturing sector underwent a remarkable tu...(Full Article)
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