Top Five Forces Impacting the Metals Industry

Metals Service Center Institute (MSCI; Rolling Meadows, IL) president and chief executive officer M. Robert Weidner III discussed the top five trends challenging the metals industry in his “State of the Industry” address as his tour of MSCI chapters began this month, with stops in Chicago, Philadelphia and Spokane.“A number of forces play a significant role in the landscape of our industry,” said Weidner. “It’s important to understand them to make informed decisions, and to be aware of the ongoing changes that impact us.”

Weidner shared these trends:

1. Market Intelligence: Volatile markets and increasing competition have heightened the need for trustworthy data and analysis tools, as well as stepping up the need for cyber security resources and training to secure market intelligence.
2. Business Disruption – World events have an even bigger impact on local economies than before, creating a need for topic and area specific experts and information and enhanced vehicles and technology to provide information.
3. Congressional Gridlock – U.S. partisan politics have stalled action in the legislative branch, often resulting in extreme actions through regulators that have impeded manufacturing growth. It’s imperative to continue to advocate on behalf of the metals industry in the United States and Canada for pro-business agenda.
4. Safety and Risk Management – Slow market growth has left companies cautious to invest. Workplace safety initiatives and tools are more important than ever in attracting and retaining employees.
5. Skilled Labor and Changing Demographics – Attracting a skilled workforce remains a challenge for the industry, especially as boomers retire and millennials enter the workforce in larger numbers. There is an ongoing need for educational resources and programs from entry-level through executive metals-centric training. 

Weidner also discussed initiatives and enhancements the association has made to help its members deal with the business challenges these trends represent. He cited MSCI’s expanded Metals Activity Reports, new cyber security study results, the expert speakers provided at industry conferences, white papers, advocacy updates, an enhanced app, advocacy coalitions and efforts, new safety offerings, and expanded education. He also reported on the MSCI scholarship program, which last year awarded nearly $700,000 to member families.

“Our goal is to provide accurate, indispensable information to our members, to help them successfully navigate marketplace challenges,” added Weidner.

Founded in 1909, the Metals Service Center Institute has over 400 member companies operating from more than 1,500 locations in the United States, Canada, Mexico and throughout the world. One study shows the American metals industry accounts for nearly 2.5 million jobs and the economic contribution of the industry is more than $552 billion or more than 3.5 percent of the nation’s gross domestic product.

www.MSCI.org