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The appliance market defied macroeconomic trends with a flat year in 2019. Will the sector continue to defy the odds this year?
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Tax Cuts and Jobs Act eliminated most personal deductions for casualty losses, but options remain for service center operators.
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A number of factors are coalescing to turn 2018 into a profitable year for distributors of heating, ventilation and air conditioning equipment, which is welcome news for service centers selling into this market.
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The one area where Trump and the metals industry were not on the same page has been NAFTA, which the president repeatedly has blasted, while producers and distributors have typically credited it for strong domestic growth.
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The steel plate market was on the rise in the first half of 2018, and improved demand has experts and analysts expecting similar growth at least through the end of the year. With the outlook for key end markets similarly positive, steady demand is helping to ease some concerns over soaring prices and trade uncertainty.
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Last December’s Tax Cuts and Jobs Act allowed many within the metals distribution industry to expense and immediately write off more, including a 100 percent temporary expensing deduction for adding needed equipment, vehicles, or even a new warehouse or shop building.
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Service centers have plenty of reasons to invest in new equipment, not the least of which are recent changes to the U.S. tax code that incentivize capital spending.
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Reliance Steel and Aluminum Co., Los Angeles, reported a record $2.76 billion in sales in the first quarter, a 14 percent increase from last year and up 16 percent from the fourth quarter.
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Carpenter Technology Corp. announced in March that it will invest $100 million in its Reading, Pa., facility. Planned upgrades include soft magnetics capabilities and a new precision strip hot rolling mill.
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Thanks to the just-passed Tax Cuts and Jobs Act, the tax rate for incorporated metal service centers and toll processors will be reduced from its current 35 percent to 21 percent for the 2018 tax year and thereafter.
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Reliance Steel & Aluminum, Los Angeles, reported net sales of $9.72 billion, a 12.9 percent increase from 2016 and the second-highest total in company history.
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