During the Covid-19 pandemic, the steel industry plummeted due to all the protocols and regulations enacted by the government. Social distancing regulations forced steel mills to employ fewer workers. Some steel mills made changes to their floor plans to ensure their employee’s safety. Such restrictions led to a fall in the steel industry during the onset of the Covid-19 pandemic.
Recently, we have begun to witness a steady rise in the steel industry once again. While people have begun staying indoors, usage of home appliances has increased. Demand for home appliances will continue to surge with an end to the Covid-19 pandemic nowhere in sight. Consumer demand is rising progressively. As parts for commercial machinery are needed more often, the commercial machinery industry is once again up and running.
Social distancing regulations have made it difficult to use public transportation. Hence we witness an increase in demand in the automotive industry. With demand, as high as it is, the steel industry is finding it difficult to produce enough. Panicked customers have begun storing household items and canned foods in large quantities. Sadly manufacturers are not receiving enough supplies to keep up with the rate of production.
It is estimated that the steel sector could return to its original progress levels in another twelve to fifteen months. If the Covid-19 virus is not contained soon, it may take twenty-four to thirty months for progress levels to regulate.
Companies that were usually dependent on steel have resorted to using scrap steel instead, emerging in an unprecedented demand for scrap steel.
If you are looking to buy steel, we at Fort Bend Steel Supply can provide you with different types of steel. Give us a call at (281) 499-5800