Steel, distribution urges regulatory, tax reform
Oct 31, 2012 | 09:28 AM
| Frank Haflich
CITY OF INDUSTRY, Calif. The failure of both Washington and local governments to give a clear message on economic, tax and regulatory issues continues to discourage investment in steel, manufacturing and metal distribution, executives charged this week.
Reliance Steel & Aluminum Co., for example, had expected its capital spending for 2012 to reach $250 million, David Hannah, chairman and chief executive officer of the Los Angeles-based distribution chain, said at the Metals Service Center Institutes Southern California Manufacturing Summit.
But as the year progressed, Reliances spending "lost quite a bit of momentum," due in large part to uncertaintyat both national and local levelson such issues as taxes and the regulatory climate, and will fall "far short" of this years earlier target, he said.....
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