INDIANAPOLIS — More steel is made in Indiana than in any other state. The Trump administration recently placed 25 percent tariffs on all foreign steel and local suppliers are waiting to find out how it will affect their business.
"People are now a little bit more curious as to what kind of impacts we might run into," said Reilly Moody, the general manager of Indianapolis steel supplier Steel House. "They're hoping I have a crystal ball and give them a great answer on exactly what's going on."
Steel House sells foreign and domestic steel to businesses and contractors who need it. Moody says the threat of tariffs has not made a drastic impact on its prices yet, but he has noticed some changes in recent days.
"I have a standing order for a truckload, two semi-trucks of that pipe just to hold the price as best as we can," Moody said. "Typically we can hold prices for a set amount of time, usually a week or so as people figure out what they're doing. Certain mills right now and other suppliers are saying their prices are good for only three or four hours."
According to the American Iron & Steel Institute, Indiana produced more than 22 million tons of steel last year, highlighted by the Gary Works steel mill which was once the world's largest mill.
Kelley School of Business economist Phil Powell said the tariffs could provide long-term gain after short-term pain, but the anxiety behind them could prove to be harmful.
"There's the tariffs themselves, which may not stay, but uncertainty is never good for business," Powell said.
Moody said he will try to keep his business' prices stable for as long as he can through the uncertainty.
"We've seen a lot of people trying to scare us into buying stuff. Right now we're seeing everyone take advantage of the potential increase," Moody said. "We hope the price stays as steady as it can so we can keep our prices as steady as we can."
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