Business Assessments: Nine Areas of Focus

June 3, 2024   Was this email forwarded to you? Subscribe here to receive this newsletter each month.   Business Assessments: Nine Areas of Focus An in-depth business assessment pays benefits for companies undergoing a lot of change, as a detailed assessment provides a baseline for evaluating the impact of change initiatives. Assessments also help ensure continued regulatory compliance and responsible corporate governance, while fostering a culture of innovation and continuous improvement. Here, Lori Harbour outlines the nine focus areas of a Strategic Assessment Program conducted by Precision Metalforming Association (PMA) partner Wipfli.  They include engineering, finance and administration, operations, quality, and sales and marketing.   PARTNER CONTENT   Can You Lower an EV's Environmental Impact Before the First Mile? Nucor is helping to decarbonize the auto industry with Econiq—the world's first line of net-zero steel products at scale. For more the 50 years Nucor has pioneered circular, electric arc furnace steelmaking that recycles scrap into new steel.   Omar Nashashibi Discusses Policies and Politics Affecting Manufacturers   Podcast: Listen in as PMA lobbying partner Omar Nashashibi joins the Destiny of Manufacturing podcast to discuss the most critical issues impacting metal forming and fabricating companies, as the November election rapidly approaches.   Tariffs Raised on Chinese Imports of EVs, Solar Panels, Batteries, Steel and Aluminum The Biden administration announced new tariff rates on $18 billion worth of Chinese imports, including electric vehicles (EVs), solar panels, batteries, and steel and aluminum. This year will see a four-fold increase in tariffs—155 to 100%--on imported Chinese EVs, and a doubling on Chinese solar cells—25% to 50%.   PARTNER CONTENT   Find Steel The North American Steel Alliance is your connection to 375+ steel distribution sites across North America. Need steel? Our 120+ Service Center Members have it, including Plate, Structural, Merchant Bar and Tubular products as well as Expanded Metals, Cold Finished Bar, Bar Grating and Pipe.   AMT: March Manufacturing-Technology Orders Show Typical Spike Orders of manufacturing technology in March grew nearly 25% above the February 2024 level, reaching $435.7 million as measured by AMT – The Association For Manufacturing Technology and published in its U.S. Manufacturing Technology Orders Report. March orders typically post a large increase from February, AMT officials report, as many builders of manufacturing technology end their fiscal years in March.   Administration Pledges More than $100 Million to Support Automotive Parts Suppliers Announced May 6 by Vice President Harris, in concert with Michigan Governor Gretchen Whitmer, Secretary of Energy Jennifer Granholm, and Acting Secretary of Labor Julie Su: new funding and resources for small- and medium-sized auto manufacturers to expand or retool manufacturing facilities. Included is $50 million set aside by the Department of Energy to help suppliers convert from manufacturing internal-combustion-engine parts to manufacturing parts for the EV supply chain.   PARTNER CONTENT   Increase Automation on Your Shop Floor Struggling to meet delivery dates? Constantly reengineering on the shop floor? We've got you covered. Tailored for the needs of discrete manufacturers, Aptean's suite of software solutions provides unparalleled production scheduling efficiency and profit visibility. By integrating real-time insights with strategic planning tools, our platform maximizes visibility, automation and long-term growth.   Roadmap to IIoT Success with Legacy Equipment Smart machines can provide metal formers with invaluable real-time insights into shop-floor productivity, inventory, and potential quality and maintenance issues. But buying new machinery to harness the Industrial Internet of Things (IIoT) sometimes can prove difficult to justify.  That said, metal formers still should consider adding sensors to their existing equipment to start capturing real-time data—at a fraction of the cost and time required to obtain new, smart machines. Here’s a roadmap.   A Rocky Summer for Metal Formers? Metal forming manufacturers’ predictions for economic activity over the next three months fell heading into the summer months, according to the May 2024 PMA Business Conditions Report. The report finds that 19% of the manufacturers responding to the survey forecast an increase in economic activity in the next three months, down from 21% in April, while 26% anticipate a decrease in activity, up from 12% in April.   PARTNER CONTENT   Put Your Company at a Competitive Advantage Position your company as an industry leader when you utilize PMA resources—ITR Econ Trends reports, trade publications, One Voice and FABTECH trade shows. A PMA membership will provide your company and all of its employees with a range of valuable industry resources that are designed to help you become more connected, more informed, more efficient, more competitive and ultimately more profitable.   Three MetalForming LIVE Virtual Events Scheduled for Summer 2024 MetalForming LIVE online events bring together subject-matter experts to discuss metal forming technologies, trends and more. Sessions include short presentations followed by roundtable discussions, moderated by the MetalForming magazine editorial team. And attendees can participate in Q&A discussions. The three-part 2024 MetalForming LIVE series: July 10—End-of-Line Automation July 24—Science of Forming; How New, Higher-Strength Materials Affect Press-Line Equipment August 6—Press Brake Selection and Tooling Optimization   OSHA Issues Final Rule Updating the Hazard Communication Standard On May 20, the U.S. Department of Labor announced its final rule from the Occupational Safety and Health Administration updating the current Hazard Communication Standard to better protect workers. The updated standard aims to improve the amount and quality of information on labels and safety data sheets and allow workers and first responders to react more quickly in an emergency. The updates take effect July 19, 2024.   Save Time and Deliver Greater Insights by Rethinking Your ESG Benchmarking Process Corporate ESG disclosures have evolved significantly, but companies’ approaches to benchmarking have not. This Riveron blog post provides guidelines for building a blueprint for developing a sustainability program, built on a foundation of benchmarking best practices, to drive continuous insights and action.     MetalForming magazine is the official publication of Precision Metalforming Association. PMA Services Inc. 6363 Oak Tree Blvd. | Independence, OH 44131-2500 | USA 216-901-8800

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