With 2022 right around the corner, it’s time to reflect on an unusual and eventful year for the steel industry. Following are Steel Market Update’s Top 10 News Events of 2021:
No. 10—Economy Rebounds from COVID. No one could have predicted when the virus crippled commerce in spring 2020 that the economy would flourish as it has in 2021, leading to record steel demand and record prices.
No. 9—Supply Chain Snarls. A byproduct of the surging U.S. economy, bottlenecks in seaborne shipping, rail, and trucking have led to delayed deliveries of all types of goods, including steel. On the positive side, experts say, this could translate into pent-up demand in 2022.
No. 8—Industry Mergers and Acquisitions Continue. The steel industry continued to consolidate at both the mill and distributor levels as mergers and acquisitions activity heated up. Notable deals included Cleveland-Cliffs’ $775 million purchase of Ferrous Processing and Trading, which made a big splash in the ferrous scrap market. Another example is Reliance Steel & Aluminum’s acquisition of Merfish United, which expanded the giant service center’s reach into the tubular products market, not only in steel but also in copper and plastics.
