Steel prices have risen sharply, with more increases likely if an announced 25 percent tariff on steel and aluminum imports goes into effect on March 12, according to an Associated General Contractors of America (AGC) analysis.
Steel supplier ClarkDietrich, based in West Chester, Ohio, notified customers on Feb. 12 that it “will implement a price increase of a minimum of 10 percent on all steel products nationally effective March 3…Please be aware that with the recent announcement of the reinstatement of steel tariffs under Section 232, additional increases are likely forthcoming.” The company then announced on Feb. 17 that it “will implement a price increase of a minimum of 10 percent on all steel products nationally effective April 1…This is in addition to the recently announced March 3 increase.”
L&W Supply Corp., based in Grand Rapids, Mich., informed its customers on Feb. 14 that it will increase pricing on all metal framing products on March 14. Also, Insteel Wire Products, based in Mount Airy, N.C., notified customers on Feb. 17 that it would increase prices for PC strand, pipe mesh, engineered structural mesh, and drawn wire on March 10.