US manufacturers struggle with steel price hikes
Steel

US manufacturers struggle with steel price hikes

US manufacturing companies are struggling with the highest aluminium and steel prices in years, yet another hurdle for US industries struggling to make enough cars, cans and other products.

As per the company executives, the rapid increase in metal prices is pushing the manufacturers to take up any steel they get and hire more people to seek enough supplies.

Companies like Campbell Soup Co, Peloton Interactive Inc, Steelcase Inc, Ford Motor Co and General Motors Co are witnessing rising metal prices to produce consumer goods.

CRU Group estimated steel prices at $1,940 per tonne in September for 2019 and 2020. The US government's index-tracking shows that the prices of steel and iron have doubled in August from the year before.

According to the Labor Department data, the price hike is affecting the producers, especially cars and appliances producers. The prices of household appliances increased by 6.8% in August, the highest ever year-on-year increase in a decade.

The rising price of steel, aluminium and other metals poses another challenge to the US manufacturing industry of $5.9 trillion, which is already struggling with a shortage of semiconductor chips, logistics, and labour.

Kip Eideberg, head of the government relations for the Association of Equipment Manufacturers, told the media that manufacturers and trade groups say that the rising prices are due to the high demand for manufacturing goods. The tariffs imposed on imported steel, executed during the Trump administration, continue under the Biden administration, which is also a reason for high steel prices.

To continue production, factories are accepting non-standard metal sizes, bulking the supply chain team, increasing prices and turning to imports.

Image Source


Also read: Iron ore, steel, copper prices likely to become stable in few months

US manufacturing companies are struggling with the highest aluminium and steel prices in years, yet another hurdle for US industries struggling to make enough cars, cans and other products. As per the company executives, the rapid increase in metal prices is pushing the manufacturers to take up any steel they get and hire more people to seek enough supplies. Companies like Campbell Soup Co, Peloton Interactive Inc, Steelcase Inc, Ford Motor Co and General Motors Co are witnessing rising metal prices to produce consumer goods. CRU Group estimated steel prices at $1,940 per tonne in September for 2019 and 2020. The US government's index-tracking shows that the prices of steel and iron have doubled in August from the year before. According to the Labor Department data, the price hike is affecting the producers, especially cars and appliances producers. The prices of household appliances increased by 6.8% in August, the highest ever year-on-year increase in a decade. The rising price of steel, aluminium and other metals poses another challenge to the US manufacturing industry of $5.9 trillion, which is already struggling with a shortage of semiconductor chips, logistics, and labour. Kip Eideberg, head of the government relations for the Association of Equipment Manufacturers, told the media that manufacturers and trade groups say that the rising prices are due to the high demand for manufacturing goods. The tariffs imposed on imported steel, executed during the Trump administration, continue under the Biden administration, which is also a reason for high steel prices. To continue production, factories are accepting non-standard metal sizes, bulking the supply chain team, increasing prices and turning to imports. Image Source Also read: Iron ore, steel, copper prices likely to become stable in few months

Next Story
Infrastructure Urban

Allcargo Gati Strengthens Doddaballapura’s Industrial Growth

Doddaballapura, once renowned for its silk sarees, has evolved into a major industrial hub, housing an Apparel Park and diverse manufacturing units producing textiles, paints, and machinery. The region’s strategic location and robust infrastructure have attracted national and international companies, boosting Karnataka’s economy.For the past four years, Allcargo Gati has been a key logistics partner, ensuring efficient distribution of goods across India. With a structured supply chain strategy—65 per ent to the north, 15-20 per cent west, 10-15 per cent east, and 5 per cent south—the c..

Next Story
Infrastructure Transport

Kolkata Metro to Suspend Green Line Services on March 8-9

The Kolkata Metro Railway has announced a complete traffic block on the East West Metro Corridor (Green Line) on March 8 and 9 for testing the Communication-Based Train Control (CBTC) system. Services will also be partially disrupted on the evening of March 7 and the morning of March 10. The Green Line, India’s first underwater metro tunnel and home to the country’s deepest metro shaft, runs from Howrah Maidan to Salt Lake Sector V. This line’s first phase was inaugurated in 2020 by then Railway Minister Piyush Goyal. Additionally, the Kolkata Metro recently introduced a paper ..

Next Story
Infrastructure Urban

India and Nepal Sign MoU to Strengthen WASH Sector Cooperation

India and Nepal signed a Memorandum of Understanding (MoU) on March 3, 2025, to enhance cooperation in the Water, Sanitation, and Hygiene (WASH) sector, including waste management. The signing ceremony took place at Sushma Swaraj Bhawan in New Delhi, attended by India’s Union Minister of Jal Shakti, CR Patil, and Nepal’s Minister of Water Supply, Pradeep Yadav. The agreement aims to foster collaboration between the two countries to improve access to clean drinking water and sanitation. It outlines key areas of cooperation such as capacity-building programs for Nepali personnel, techno..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?