Despite steel prices rising last year, Vancouver-based Northwest Pipe Company saw its net sales increase by nearly 50 percent in the final quarter of 2021.
At the beginning 2022, steel prices had begun to fall significantly, said Scott Montross, president and chief executive, in a March investor call. During 2021, steel prices had nearly doubled with there not being nearly enough supply to meet demand across the country, Montross said.
Issues also arose from delivery disruptions, a small market and customer-driven production delays of orders that were already in Northwest Pipe’s backlog.
But the company, which specializes in making steel and precast pipes for water transmission systems, was still able to increase sales by double digits at year’s end.
“Based on the current precast-related market strength, we are entering 2022 with solid momentum and expect the precast business to remain strong for the near term,” said Montross in the year-end financial statement.
