SOARING STEEL PRICES PROMPT PRICE INCREASE
Steel prices have steadily increased. The CRU Midwest Steel Pricing Monitor indicates that hot roll steel has risen 162% since August of 2020. Steel mills are currently trying to balance supply versus demand and as a result have created shortages. In addition to the shortages, President Biden has kept in place the Trump administration’s 25% steel tariff and has extended the 10% aluminum tariff.
These material increases are far greater than we had anticipated for the calendar year. Due to this volatility, we are announcing a 4% increase on all machines and fabricated parts effective April 5, 2021. We will honor current pricing on all orders placed before this date but will need to move forward with the new price for anything placed after. We appreciate your partnership and will work diligently to contain further cost increases during this time.
To recap:
- The price increase is effective April 5, 2021 for all machines and fabricated parts.
- Orders placed for immediate shipment prior to April 4 will be honored at current pricing.