What’s happening with the steel industry?

Manufacturers across the U.S. are dealing with steel shortages. Here’s how Borroughs is staying in front of the changing market, and what the shortage means for our valued customers.

About the steel market

As many of you know, steel is the single largest raw material used to make products here at Borroughs. Steel is the base of nearly all of our quality products, and like all manufacturing businesses, we’re participants in an ever-changing market for our raw materials.

Over the past few months, the demand for steel has greatly exceeded the supply available from steel mills nationwide. This means the cost has gone up significantly, and at an accelerated rate.

How we’re managing the shortage

First and foremost, we understand that the volatility and unpredictability of the current steel market presents management challenges for your business as well as ours.

We take no comfort in the fact that this is an industry-wide problem. Some businesses have seen significant supply shortages and longer lead times — but thanks to our long-standing relationships with our mills and distributors, our supply chain is intact.

As always, we’re continuing to negotiate the best possible prices from our suppliers, and we continue to manage our business frugally, with cost-effectiveness as a top priority.

What to expect moving forward

So far, despite the shortage, our lead times have remained consistent. We’re proud of our best-in-class lead times, and are doing everything we can to keep our turnarounds as quick as possible.

We encourage you to contact us with any questions you may have. We’re happy to discuss any concerns you may have, and want to let our valued customers know that we’re here for them during these tough times.

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