Steel Products Manufacturers
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 480 steel products manufacturers in the US produce iron and steel tubes, pipes, wires, and shapes from purchased iron or steel. Companies specializing in pipes and tubes account for 52% of total industry revenue; rolled steel shape manufacturers account for 24% and steel wire manufacturers account for 24%.
Economically Sensitive Customer Base
Demand for steel products depends on the health of customer industries, many of which are cyclical and vulnerable to economic conditions.
Competition from Alternative Materials
Depending on the application, steel may compete with a variety of alternative materials.
Industry size & Structure
Steel products manufacturers generally operate out of a single location, employ about 125 workers, and generate $66.5 million annually.
- The steel products manufacturing industry comprises 480 companies that employ about 60,000 workers and generate $31.9 billion annually.
- Companies that specialize in pipes and tubes account for 52% of total industry revenue; rolled steel shape manufacturers account for 24% and steel wire manufacturers account for 24%.
- The industry is concentrated: the top 50 companies account for 62% of sales.
- Some large steel producers are vertically integrated and own and operate downstream processing facilities that manufacture finished steel products.
- Large companies include Precision Castparts, McWane, California Steel Industries, and Liberty Steel & Wire.
Industry Forecast
Steel Products Manufacturers Industry Growth
Recent Developments
Mar 21, 2025 - Reshoring Supply Chains
- To avoid stiff tariffs on imported steel and take advantage of the reliability and timeliness that shorter supply chains can offer, more companies are considering sourcing from US-based mills, according to metals service center Mead Metals. Manufacturers of steel products that reshore their supply chains can benefit from relationships with local mills and service centers that offer just-in-time shipping and proximity advantages that reduce inventory, logistics costs, and lead times. But with demand for local suppliers rising, purchasing managers could see tight availability for certain metals, underscoring the need for proactive sourcing and flexible inventory strategies, according to Mead Metals. As for tariffs, a 2019 Federal Reserve study found that while tariffs imposed by the first Trump administration increased US steel production, higher input costs from tariffs reduced manufacturing jobs, relative to what it would have been without tariffs, and raised production costs for metal-based goods.
- Tariffs of 25% on US steel imports imposed by the Trump administration in March will flow through to steel products manufacturers and likely their customers. While US companies import only about 26% of the steel they use, per the International Trade Administration, manufacturers that rely on imported steel will either have to pay more or switch to domestic sources, if available. Currently, US steel and iron producers are operating at about 70% of capacity. Moreover, prices of steel made in the US will also likely rise as steel makers take advantage of tariffs to raise their own prices. While there’s still time for the administration to make exceptions for industries that can demonstrate hardship, the White House has said there would be no exclusions, The New York Times reports.
- The Steel Manufacturers Association supports tariffs on imports from Mexico and China, as proposed by the incoming Trump administration, but would like to see Trump go further and reimpose tariffs on steel from the UK, the EU, and Japan, The Wall Street Journal reports. Those countries faced duties under the first Trump administration, but President Biden allowed some steel to enter the US without duties. Trump has said he would impose 25% duties on all imports from Canada and Mexico unless they stepped up efforts to curb the flow of narcotics and migrants to the US and has also called for higher tariffs on imports from China. Additional tariffs on imports would give US steel makers more leverage to increase prices by effectively raising prices for foreign products, according to WSJ. Critics note tariffs would raise prices for their customers, including makers of steel products, and US consumers.
- Employment by steel products manufacturers grew 1.2% in January compared to a year ago, while average wages at primary metals manufacturers rose 2.6% year over year in February to $29.67 per hour, easing a bit from their high in January, BLS data show. Meanwhile, the Producer Price Index for steel products manufacturers, which measures prices producers receive for their products, has been trending steeply downward for more than two years. Rising payrolls amid falling prices is squeezing industry margins. After-tax profits for the iron, steel, and ferroalloys industry tumbled 71.3% in the third quarter of 2024 compared to a year ago and were down 62.7% from Q2, per the Census Bureau.
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