Manufacturers are facing the highest steel and aluminum prices in the last few years. This is another hurdle for US companies that are already struggling to make enough cars, cans and other products.
The sharp rise in metal costs has led manufacturers to buy available steel and hire more people to look for available supplies, according to company executives. Rising costs are flowing to some producers of consumer goods. Campbell’s Soup is paying more to get a can filled with tomato soup. Peloton Interactive Inc. has confirmed that the prices of parts installed on exercise bikes are rising. And Steelcase Inc. Is paying more to make metal desks and filing cabinets. Automakers such as Ford Motor Company and General Motors are also working to raise metal prices.
Manufacturers are looking for supplies due to high steel prices
Source link Manufacturers are looking for supplies due to high steel prices