Steel suppliers across the country and around the world are watching how the latest threatened tariffs and additional import and export taxes are going to effect the economy. This is a confusing time in America. As politicians bicker and challenge each other’s resolve, it can often seem like it is steel suppliers and other industries find themselves at the mercy of what the latest party in power is doing. This time, however, there are times when this country’s leader is quite unpredictable. Tweeting out one threat after another and challenging other world leaders in the most unconventional of ways, the current president often sets markets into a panic mode and entire industries into chaos.
From cold formed sheet piling companies to more traditional manufacturers, there are many businesses that rely on the products produced by steel suppliers. Although there are many technological changes that have been made in the last few decades, the products produced by steel suppliers remain an important asset to a number of industries. Given that in In 2017 the U.S. produced up to 82 million metric tons of steel it only makes sense that our nation’s steel suppliers want to make sure that they can continue to import the materials they need and export the products they make.
Few Products Are as Important to the Growth of a Nation as Steel
History reveals that the 1920s were considered the height of the American steel industry’s success. In fact, at that time the U.S. was producing 40% of the world’s steel and iron. The large steel corporations represented some of the largest employers in the country at that time and helped many families make the money they needed fo clothe, feed, and care for their children. Even today, the U.S. is one of the top steel producing industries in the world and employs more than 142,000 people. Even as the automation of the industry has continued to grow, the industry still helps many families earn the money that they need to live their lives.
If you have been following the other news about the nation’s economy and the continued growth of the housing market, it may come as no surprise to you that as much as 43% of all American steel shipments in the year 2016 were made to the construction industry. From the houses where we live to the skyscrapers where we work, our lives depend on the strength of steel. More specifically, the four most common types of metal used in the U.S. construction industry are carbon steel, stainless steel, aluminum, and copper.
Consider these other facts and figures about the steel industry and the impact that it has on the economy of the nation:
- Carbon steel has a tensile strength of 580 megapascals (Mpa) and offers a yield strength of 260 Mpa.
- In the year 2016, the world produced more than 1,600 million tons of steel.
- The production of raw steel in the U.S. was up to 1,751,000 net tons as of February 2018.
- The capability utilization rate of American raw steel was 75.1% as of February 2018.
- The state of Indiana is the highest producer of steel in the U.S., according to the Indianapolis Star.
- Currently, China the world leader in steel production. In fact, China produced 49.2% of the world’s steel in 2017. Japan is the second-leading producer, adding 6.2% of the steel to the world’s marketplace, followed by India, at 6%, according to WorldSteel. The U.S. is ranked fourth.
Fortunately, steel is the most recycled material on Earth, with as much as 90% of recycled content contained in the steel that is used in many products. This is, obviously, a great statistic given the fact that more and more companies and counties are tryin g to lessen the carbon footprint that they are making. From watching the latest import and export taxes to making sure that there are enough materials available for the nation’s construction industry, steel continues to play a dominate role in the economy of the nation. Politicians in the U.S. and world leaders influence the cost of steel when they make decisions about tariffs and taxes. As such, it should
