Many Iowa farmers and agri-businesses continue to suffer the effects of steel and aluminum tariffs.
Steve Sukup, CFO of Sheffield-based Sukup Manufacturing, says trade retaliation this year from China, Canada and Mexico has resulted in a 30% increase in steel prices.
“Our farmers and end-customers that are having to pay the price, and obviously when prices rise everyone takes a little bit of hesitation (asking) if they really want to pay that higher price. But storage is so needed out there. So, it’s a headwind,” Sukup said.
Sukup told Brownfield Ag News he’s surprised U.S. tariffs on Canada and Mexico remain in place despite leaders from all three countries signing a new trade agreement. “You know, lead times are the same and the only reason prices went up was because the U.S. steel mills could do it,” Sukup said. “And we’ve always bought all U.S. steel, so it feels like we’re getting a double-whammy there.”
Sukup is a leading manufacturer of grain storage and grain handling equipment.
(By Mark Dorenkamp, Brownfield Ag News)