Jack Pennuto Jr., Mestek Machinery senior vice president and a blogger at Snipsmag.com, recently wrote about steel prices and the possible impact on sheet metal forming contractors and others that use the product. His opinion? They’re not going down anytime soon, and are likely heading up.
I’ve always wondered how sheet metal contractors react to news or analysis that steel prices are going up. Do they stock up or sign agreements locking in prices if they agree to buy a set amount? Raise prices to cover the increase expenses? Simply accept it?
Many of the articles we feature in Snips focus on ways to increase productivity: lean manufacturing, building information modeling or other techniques. Another option is investing in ductwork fabrication machinery that will make your company more efficient.
Although buying sheet metal machinery is never the least expensive option, it can be the best decision in the long run, according to many experts. As our recent article on equipment purchasing shows, the payback time can be incredibly short.
With steel prices expected to rise, have you decided how your company will react?