Steel Markets
Metalforming manufacturers predict stagnant market: PMA Business Conditions Report
Written by Kristen DiLandro
May 29, 2025
Most US and Canadian metalforming manufacturers expect general economic activity to remain steady over the next three months, according to the Precision Metalforming Association (PMA) Business Conditions Report for May.
In other words, the PMA’s monthly survey of 90 US and Canadian metalforming companies found May’s results consistent with those from April.
In May, 46% of metalforming manufacturers anticipated no significant change in economic activity over the next three months. This reflects a 1% decrease from April, when 47% of respondents expected activity to remain stable. Thirty-eight percent of respondents anticipate a decrease in activity, compared to 37% in April. Meanwhile, only 16% of manufacturers expect an uptick in general economic activity, mirroring April’s results.
Forty-four percent of metalformers anticipate no change in incoming orders over the next three months, down from 47% in April. The latest survey shows that 34% expect incoming orders to decline, compared to 26% in April. The percentage of respondents forecasting an increase in incoming orders fell to 22%, down from 27% in the previous month.
In May, 42% of metalformers reported no change in current average shipping levels, compared to 41% in April. Thirty percent reported an increase in average shipping levels, a decrease from 44% in April. And the percentage of respondents reporting a decrease rose to 28% in May, up from 15% in April.
The report also notes that 32% of respondents are expanding their current workforce, a slight decrease from 34% in April. The percentage of respondents with workers on short time or layoff rose to 9% in May, up from 4% in April. Twelve percent of respondents report increased lead times, the same percentage as in April.
Kristen DiLandro
Read more from Kristen DiLandroLatest in Steel Markets

Hot-rolled price hikes garner mixed reactions from the market
Several steel market sources say they were blindsided when mills increased spot prices for hot-rolled coils this week.

Steel market participants mull the impact of US/Mexico S232 negotiations
Steel market participants learned that negotiations between the US and Mexico include discussions about Section 232 tariffs on steel and aluminum despite President Trump’s June 3 proclamation increasing the tariffs from 25% to 50% for all steel and aluminum imports—except for those from the UK.

ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.

Tariffs, ample domestic supply cause importers to shift or cancel HR import orders
Subdued demand is causing importers to cancel hot-rolled (HR) coil orders and renegotiate the terms of shipments currently enroute to the US, importers say. An executive for a large overseas mill said customers might find it difficult to justify making imports buys after US President Donald Trump doubled the 25% Section 232 tariff on imported steel […]

CRU Insight: A 50% S232 tariff will raise US steel prices and shift trade flows
This CRU Insight examines how the increase in Section 232 tariffs on steel to challenging levels will lead to significatively higher prices for end consumers in the US market.