Final Thoughts
Final Thoughts
Written by John Packard
April 1, 2020
Waiting for the rainbow.
Don’t get me wrong, the weather here in Florida is absolutely perfect today (and has been all winter). Sky is blue. Birds are singing. Flowers are blooming.
Inside it feels like it is raining. Actually, it feels like the thunderstorms are gathering. You can see the high tops of the clouds shooting up into the sky, and there is a high level of anticipation that it will soon be pouring rain.
Those of us who have been in the steel industry for a long time notice the clouds, but prefer to think about the rainbow that will surely come after the rains are gone.
There are some hard times coming for the economy and probably for all of you in the industry. How hard is totally unknown right now and will depend on how well the government can contain the unseen enemy and how quickly confidence will return to those in our industry (and the consuming public).
Grand Steel shared a note to their employees that I feel exhibits the optimism and caring our industry has for the people within the industry as well as those out there who are working hard to protect lives.
Grand Steel is celebrating their 25th year in business. They are a small to medium sized privately held service center operating out of Michigan. Here is part of what they told their employees today:
“…As we begin our 25th year as a company, especially under the circumstances, we want all of you to know a few things: We have always felt that in our company exists a family atmosphere. To that end, we feel a responsibility to all GSP employees to keep everyone working during these tough times. We are all navigating these uncertain times together and will do everything possible to get through. We may have to make sacrifices personally and/or professionally to get through, but this too shall pass.
“As a way to express our gratitude for each and every one of you, there will be a small ‘enhancement’ to your next paycheck. ***Optional*** If any part of the ‘enhancement’ is pledged back to support our healthcare professionals fighting COVID-19 on the front lines, Grand Steel will match the amount and we will find a good cause to support.”
I want to commend Mike Barnett and the Grand Steel team for their support of their employees and their generous offer to the healthcare community.
Going forward, Steel Market Update is going to put this kind of information and other “bits and pieces” of news about the industry in a section in our newsletter we are going to call SMU Community News. Look for it in upcoming issues. If you have something you would like for us to include, or if you have a question that you would like for us to respond to, please send to: info@SteelMarketUpdate.com
We have now written four articles regarding our Thoughts on Working from Home. As an FYI – we have added the articles to the drop-down menu under the “Resources” tab. If you have suggestions for future articles on the subject, please let us know by using the info@SteelMarketUpdate.com email address.
Be safe, wash your hands and soon wear your mask when in public places…
‘Challenging times? Difficult market conditions?
We’re here for you…we are a community and we’ll get through this.
Non-subscribers please Contact Paige@SteelMarketUpdate.com for several weeks of premium access; on us.’
As always, your business is truly appreciated by all of us here at Steel Market Update.
John Packard, President & CEO
John Packard
Read more from John PackardLatest in Final Thoughts
Final Thoughts
It’s once again A Tale of Two Cities in the steel market. Some are almost euphoric about Trump’s victory. Others, some rather bearish, are more focused on the day-to-day market between now and Inauguration Day on Jan. 20.
Final Thoughts
One of the perhaps unintentional perks of being a trade journalist is the opportunity to travel and cover an array of industry conferences and events. Some I've attended have been at fun locations, like Palm Springs and Tampa, Fla. Others have been in more practical locations, like SMU’s Steel Summit in Atlanta and American Iron and Steel Institute (AISI) and Steel Manufacturers Association (SMA) meetings in Washington, D.C.
Final Thoughts
t this point in the game I think what we can say about Nippon Steel’s proposed buy of Pittsburgh-based U.S. Steel is that it will go through, it won’t go through, or the outcome will be something new and completely unexpected. Then again, I’m probably still missing a few options.
Final Thoughts
President-elect Donald Trump continues to send shockwaves through the political establishment (again). And steel markets and ferrous scrap markets continue to be, well, anything but shocking. As the French writer Jean-Baptiste Alphonse Karr wrote in 1849, "The more things change, the more they stay the same." (I thought the quote might have been Yankees catcher Yogi Berra in 1949. Google taught me something new today.)
Final Thoughts
President-elect Donald Trump will officially retake the White House on Jan. 20. I’ve been getting questions about how his administration’s policies might reshape the steel industry and domestic manufacturing. I covered the tumult and norm busting of Trump's first term: Section 232, Section 301, USMCA - and that's just on the trade policy side of things. It's safe to say that we'll have no shortage of news in 2025 when it comes to trade and tariffs.