Steel Products
Gene Marks Sets the Stage for 2022 SMU Steel Summit
Written by Laura Miller
August 23, 2022
Gene Marks opened Steel Market Update’s 2022 Steel Summit conference with a keynote zeroing in on the major issues that are impacting business leaders today and in the coming years. The CPA, author, columnist, and journalist explored strategies to help businesses navigate inflation, recessionary pressures, and hiring challenges.
With many economic indicators pointing towards a recession—including two consecutive quarters of falling GDP—there are still indicators that it’s not all bad news either: Travel levels are almost back to pre-Covid levels, household net worth is at historic highs, and unemployment is at record lows.
You’re allowed to be confused, Marks noted. Yes, we are in a slowdown, but with the US such a large country, the better question to ask is not if we’re in a recession, but which parts of the US are in a recession? The construction and tech industries, for example, are in a recession, and manufacturing growth is declining across the country. But in good news: this is not another Great Recession.
Inflation will continue to impact the economy for at least another year, he warned, but the government and supply chains will eventually catch up.
Marks shared some strategies to help companies navigate through 2023, among them: revisiting pricing; leveraging data; doubling down on communication; buying property, equipment, and inventory; and investing in technology. He highly recommended that all companies forecast, even if it’s just 90 days into the future.
“After 20 years, I’ve figured out the secret sauce,” Marks noted early in his presentation. “Most successful people are always looking ahead. They’re always looking to the future.”
Marks also discussed ways that businesses will be impacted by the Inflation Reduction Act. And with a more expansive regulatory environment when it comes to labor and benefits, he explored ways companies can offer hot benefits to attract and retain top talent.
The SMU Steel Summit continues through Wednesday, with an agenda chock full of top speakers and presentations on the state of the steel industry.
By Laura Miller, Laura@SteelMarketUpdate.com
Laura Miller
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