Steel industry trade group the Steel Tube Institute (STI) is shifting its priorities for 2024 to reflect current trends in commercial construction, building, and reshoring.
The Chicago-based group said in a November 14 statement that it is responding to increasing demand for buildings that support the distribution industry, data centers, chips and battery plants, and healthcare facilities.
In the past decade, the need for new office buildings and hospitality facilities has slowed while the demand for data centers has grown exponentially. STI said. That makes a difference to steel producers because distribution and data centers, chip and battery plants, and healthcare facilities require more and larger steel conduit than office buildings and hospitality facilities.
Several key federal policies driving steel demand are the Infrastructure Investment and Jobs Act (IIJA), the Inflation Reduction Act (IRA), and the Creating Helpful Incentives for the Production of Semiconductors (CHIPS) Act.
STI has also reaffirmed its commitment to encouraging the production of American-made steel conduit and U.S. manufacturing jobs by promoting the reshoring of steel conduit production and appropriate infrastructure spending. That comes in the face of recent incidents of “illegal dumping” of steel products by foreign suppliers, the group said.
