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Metal Formers Brace for Decline

Thursday, May 30, 2019
 
Metal forming companies expect business conditions to continue in a downward trend during the next three months, according to the May 2019 Precision Metal forming Association (PMA) Business Conditions Report. The monthly report, a sampling of 119 metal forming companies in the United States and Canada, shows that 63 percent predict no change (compared to last month's 60 percent) and 18 percent look for a decline (up slightly from last month's 17 percent). Only 19 percent of participants anticipate an improvement in economic activity (down from last month's  23 percent). 

“Despite positive economic and job-growth reports coming out of Washington, D.C., PMA’s monthly Business Conditions report shows that metal forming manufacturers are concerned about the U.S. economy,” says PMA President David Klotz. “Over the past quarter, the monthly report has shown a slow but steady decline in PMA members’ optimism regarding economic activity, reflected in their prediction of a slowdown in incoming orders. The survey results coincide with reports from across the country that the steel and aluminum tariffs are taking a toll on steel- and aluminum-using manufacturers. PMA members are losing business to overseas competitors who are paying global market prices for steel while the United States continues to be an island of high steel prices due to the steel tariffs. The Trump Administration’s termination of these tariffs for Canada and Mexico are an important first step, but all Section 232 steel and aluminum tariffs need to end for our members to remain competitive and before further damage is done to our manufacturing sector.”


 

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