Nick discusses the steel industry and its latest movements.
This year’s metal framing issue prompted me to do some research on the state of the steel industry and construction. The American Iron and Steel Institute reported that although steel shipments are up more than 2002, in construction and contractors’ products, steel shipments are down 12.3 percent compared to last year.
Another important item in the last year is the relief tariff passed by the Bush Administration for the steel industry. The Steel Network reported positive progress since the tariff was passed. In a study commissioned by the American Iron & Steel Institute and the Steel Manufacturers Association, Dr. Peter Morici, professor of international business at the University of Maryland, found that the temporary import duties have created an opportunity for the U.S. steel industry to consolidate and rationalize production, and that the industry is taking advantage of this opportunity.