Thursday, March 30, 2023
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Steel prices dominate manufacturing news in 2021

Metalworking and machining industry went through a lot of turmoil last year caused by the global pandemic and all disruption it caused in many spheres of our lives. This year we are seeing the recovery across most sectors, although there are serious issues with supply and delivery channels. There are still some struggling industries despite the comeback of the economy, but with the new bill targeting infrastructure, machine shops are ensured of an uptick in orders. The prices of the steel remain high, which is probably the biggest negative factor the industry currently faces.

Key Takeaways:

  • Th economic rebound from the COVID year of 2020 contributed to record demand for steel.
  • The microchip shortage that stalled the automotive industry may be ending, causing a boom in car production and sales.
  • High steel prices lead to record profits, many of which were reinvested in production facilities.

“On the positive side, experts say, this could translate into pent-up demand in 2022.”

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