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 TriplettRead more from Tim Triplett
Latest in Economy
AISI explains new PM2.5 air-quality regulation’s impact on steel
The US already had strict regulations on air-quality standards for particulate matter, but they are going to get even tighter.
Architecture Billings Index remains soft in January
The Architecture Billings Index (ABI) reading from the American Institute of Architects (AIA) and Deltek showed a slight uptick in January but continued to signal soft conditions. The index inched up from 45.4 in December to 46.2 in January. While the index has moved higher consecutively each month since October, it remains in contraction territory. […]
Manufacturing remains sluggish in New York state
Manufacturing activity in New York State continued to shrink this month, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
Housing starts drop again in January
US housing starts fell for the second consecutive month in January, according to the most recent data from the US Census Bureau.
Consumer confidence accelerated in January
Consumer confidence in the US rose in January and accelerated to a two-year high, The Conference Board reported. Results came amid slacking inflation and expectations that the Federal Reserve could soon start cutting interest rates. The headline Consumer Confidence Index rose to 114.8 in January from a downwardly revised 108.0 in December. The index, which […]