Steel, distribution urges regulatory, tax reform
Oct 31, 2012 | 09:28 AM
| Frank Haflich
Tags
Metals Service Center Institute,
Reliance Steel,
David Hannah,
Nucor,
John Ferriola,
MIchael Arnold,
Ryerson,
Michael Hoffman
Klockner
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 Institute’s Southern California Manufacturing Summit.
But as the year progressed, Reliance’s spending "lost quite a bit of momentum," due in large part to uncertainty—at both national and local levels—on such issues as taxes and the regulatory climate, and will fall "far short" of this year’s earlier target, he said.....
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