August 2021 Volume 3

INDUSTRY NEWS

During the Sunset Reception, the Forging Foundation (FIERF) hosted its very first Silent Auction.The auction raised nearly $18,000 in donations which will be put towards educational and research initiatives. Thank you to all the generous donors who contributed to the success of this auction.

supply chain to linger for another year to 18 months. Housing and new auto shortages are unprecedented and expected to be an issue for some time. Still the fundamentals of the stock market are sound with no end in sight for cooling off.

Brett Smith from the Center for Automotive Research (CAR) stressed that he has seen trends come and go in automotive industry but has never seen such go-for-broke commitment to battery operated (EV) vehicles by North American headquartered manufacturers (GM, Ford) and the rest of the global players. EV adoption headwinds include charging station infrastructure and the supply chain issue (Asia based) rare earth materials that make- up batteries. With incredible research dollars committed to EV vehicles and increasing government carbon-reducing programs, the combustion engine has never been under threat like this before.

In addition, during the reception and banquet, the association honored two very special guests with the first presentation of the FIA “Lifetime Achievement Awards”. This is a new award that the FIA board has created to honor individuals who have dedicated their lives to supporting the forging industry.

SteveHaro of FIA’s lobby firmMehlmanCastagnetti RosenThomas joined us virtually and discussed the prospects of the infrastruture bill passing, which are looking more favorable with the President directly involved in recent negotiations. Steve talked about his time in the Commerce Department the probable liklihood that trade tariffs will remain in place as the Biden administration works through other legislative priorities, including voting and police reform bills. Harmonizing the global tax rate with international partners will have a tough climb out of congress this session so corporate tax rates likely not to change anytime soon.

Algirdas Underys (Finkl) and Willard Walker Sr. (Walker Forge) were the 2021 Lifetime Achievement Award recipients. For more information on the FIA Lifetime Achievement Award winners, see page 62. The general session continuedWednesday, June 30, with PNC bank leading economist, Dr. Stu Hoffman. Hoffman counseled we are entering a period of rising inflation and touched on issues impacting the forging industry – steel cost and availability, and labor challenges in the plant and front office. We should expect challenges in the

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