The last year brought unexpected challenges and a global situation that no one expected. Everyone at Roller Die + Forming was happy to celebrate the new year and is looking into 2021 with excitement. There are a couple of key trends our team is focused on, making 2021 look like a promising year for those who are ready for the changes.
Biden Economic Policy
A big change we anticipate in January is the induction of President-Elect Biden and his first 100 days in office. Biden is likely to significantly change the economic policy of the U.S. Trump’s policy included numerous trade tariffs that impacted the supply of raw material, especially steel, and manufacturing competition from abroad. We predict Biden will undo some of Trump’s tariffs.
The Biden admin has floated the idea of significant infrastructure investment that would be sourced from American firms, creating an influx of demand. Much of this infrastructure investment may be in the energy sector, particularly in solar as the U.S. rejoins the Paris Climate Deal and makes steps towards a greener future.
Changes to Steel Supply
As economic policy changes and trade with China reopens, something that will also be impacted by the vaccine and the ability of people to return to work, we anticipate the cost of steel dropping. Roller Die’s purchasing team will be watching these price fluctuations closely to make large purchases of steel when the market is most favorable.
Continuing Business Uncertainty
While there is much to be excited over in the next year, a lot of these projections are theoretical at this point. Business is driven by consumer demand and the continued global pandemic could have an impact on spending ability of businesses across the board. A large influx of spending from the government could offset this in certain sectors.
For our customers, the steel supply has been the biggest challenge, particularly over the last few months. We encourage existing and potential customers to reach out to our sales team to discuss your needs so that we can purchase steel for your project at the best rates and, as the economy improves, ensure that we can produce your parts in a timely fashion.