The Demand for Metal is Rising

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The price of metal has fluctuated the last few years, and strong prices have never been consistent; until now. According to Olympic Steel Inc. Chairman and CEO Michael Siegal, “Market conditions in 2014 feel much more like those of an expanding economy rather than the sputtering economy we have experienced in recent years.”

Hazardous weather played a major part in this year’s first quarter slump for Olympic, but according to Siegel: “We’re seeing demand growth across a wide spectrum of our customer base led by industrial machinery and heavy equipment manufacturers. Our customers tell us they are optimistic going into the second half and steel producers announced another price increase in late June.”

Increase in demand and sales has been seen across the entire metals industry. Aluminum, steel, tube and pipe businesses have seen a considerable increase in the second quarter of 2014. Olympic Steel distributed 17 percent more flat-rolled products in the second quarter of 2014 than it did in 2013. This was the best quarter for these specific products since 2008.

Without weather interrupting production, the end of 2014 looks to be one of the best quarters for the metals industries in a considerable amount of time.

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Original Article published on August 13, 2014 in Modern Medals

Original Article written by: Corinna Petry