Economy
Mill Steel Awards Tax Cut Bonus to Employees
Written by Tim Triplett
February 9, 2018
Mill Steel Co., the Grand Rapids, Mich.-based flat rolled steel distributor, is among a growing list of companies that are sharing a portion of the coming tax windfall with their employees. Mill Steel has awarded a $1,000 bonus to all 400 of its full-time associates as a result of the tax cut passed by Congress that reduces the corporate tax rate beginning this year.
“We would not be where we are today without the dedication of our people. When afforded an opportunity like this, we are delighted to invest back into our hard-working associates. As a result, we anticipate increased efficiencies across all operations,” said David Samrick, Mill Steel CEO and chairman.
“We are overwhelmed by the outpouring of gratitude from our associates. It was incredibly rewarding to be able to make so many people happy. Our team is our top priority and they are uniquely committed to the success of Mill Steel,” said Pam Heglund, president of the service center. The company said it will continue to annually assess its compensation and benefit plan.
Americans for Tax Reform is compiling a list of companies—ranging from giants like Walmart and Apple to small mom and pops—that are showing their employees the money. Many are offering one-time cash bonuses like Mill Steel, while others are increasing hourly wages or contributing to employee 401Ks. The boost to the U.S. economy may come sooner rather than later.
“I believe the renewed focus and energy [from this bonus] will pay back in spades. We wanted to see the benefits from the expected performance improvements immediately and enhance our profitability this year,” Samrick said, even though the company won’t feel the full impact of the 2018 tax cut until next year. “This is nothing political. It just seemed like the right thing to do,” he added.
Editor’s note: Readers of Steel Market Update whose companies have also announced tax cut bonuses for employees are encouraged to send a press release or simply a short email to Tim@SteelMarketUpdate.com.
Tim Triplett
Read more from Tim TriplettLatest in Economy
Metalformers expect steady conditions in coming months
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
Architecture Billings Index rises from 4-year low in June
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
Beige Book: Uncertainty to continue fueling slower economic growth
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
AISI, AISC, University of Massachusetts get ~$6.4M EPA grant
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.