US Aluminum Waste and Scrap Exports Surged 20%
The latest trade statistics published by the US Census Bureau indicates considerable increase in the country’s exports of Aluminum waste and scrap during the initial ten-month period of the current year.
The top five destinations of US aluminum waste and scrap shipments were China, South Korea, Canada, Mexico and India. The combined exports to the above five market destinations totaled $1.54 billion, accounting for 85% of all aluminum waste and scrap exports by the US through October this year.
China imported $945.8 million of aluminum waste and scrap from the US during this period. The imports during this period have already surpassed the total imports of $768.14 million during the entire year 2016. The imports from Canada totaled $477.9 million, accounting for just nearly 56% of total imports. The imports from the above five countries accounted for nearly 86% of the total imports by the US during the ten month period from January to October this year.
Read entire article: http://www.scrapmonster.com/news/us-aluminum-waste-and-scrap-exports-surged-20/1/66527
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment during the tax year.
Fast Facts about the Section 179 tax deduction:
- Tax code created to help businesses.
- Valid on most types of equipment.
- Can greatly help your bottom line.
- Simple to use.
- Enhancements typically expire at year’s end.
- There is simply no better time than now.
Essentially, Section 179 works like this:
When your business buys certain items of equipment, it typically gets to write them off a little at a time through depreciation. In other words, if your company spends $50,000 on a machine, it gets to write off (say) $10,000 a year for five years (these numbers are only meant to give you an example).
Now, while it’s true that this is better than no write-off at all, most business owners would really prefer to write off the entire equipment purchase price for the year they buy it.
In fact, if a business could write off the entire amount, they might add more equipment this year instead of waiting over the next few years. That’s the whole purpose behind Section 179 – to motivate the American economy (and your business) to move in a positive direction. For most small businesses, the entire cost can be written-off on the 2017 tax return (up to $500,000).
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America Recycles Day 2017
America Recycles Day (ARD) – November 15: Amercia Recycles Day, held every year on November 15, is a national campaign to raise awareness about the benefits of recycling and buying products made with recycled materials. Continue reading
Imports of finished steel products by the US to grow
Based on the year-to-date import trends, the American Institute of Iron and Steel (AIIS) has predicted the total imports of finished steel products by the US to grow by nearly 16% during the entire year 2017.
As per data, finished steel imports by the country are likely to total 30.520 million net tons (Mt), significantly higher by 15.9% when matched with the yearly import total of 26.338 Mt in 2016.
The average finished steel imports during the current 3-month period from July to September 2017 based on preliminary imports has recorded 3.7% decline when matched with the rolling average of actual imports during the prior three months from April to June ’17.
Read entire article: http://www.scrapmonster.com/news/us-finished-steel-imports-forecast-to-grow-by-16-in-2017/1/66182
Global stainless steel production registered 5% jump
The International Stainless Steel Forum (ISSF) has released the production statistics for the first half of 2017. As per ISSF data, the global stainless steel production registered 5% jump during the first half-yearly period of the year, upon comparison with the corresponding initial six-month period in 2016. However, the stainless steel melt shop production during the second quarter of 2017 declined marginally by 2.4% over the first quarter of the year. Continue reading
As Scrap Business Booms, Scrapyard Dangers Come into Focus
A bulldozer tears into 220 Hudson St. Photo by Thomas Hammond
Combustion is the main hazard haunting scrapyards — a ghost that exacted its vengeance on a Cayce scrapyard. There are several dangers but there are also several industry’s best practices to stay safe.
Federal regulation requires a vehicle to be bled dry before it gets shredded, but while it sits in the yard it can be as combustible as the scrapyard operator wants to risk. In those wastelands of junk vehicles, often known as pull-a-parts, a person could drive their car straight into the yard and the facility would accept it, Wolff notes.
Following the industry’s best practices to prevent raging car infernos is up to the yard operators, according to Barry Wolff, treasurer for the Southeast chapter of the Institute of Scrap Recycling Industries, and vice president at Charleston Steel and Metal. It’s up to the scrapyard or demolishers and parts guy.” Federal regulation requires a vehicle to be bled dry before it gets shredded, but while it sits in the yard it can be as combustible as the scrapyard operator wants to risk. “Even though the industry wanted that to get rid of some of the bad apples, we couldn’t get that through the Legislature.” Aside from taking steps to avoid the daily dangers of rigid copper wiring reaching out to lacerate your skin and chunks of weighty metal looking to make slapstick comedy out of your foot, scrapyards battle against unintended ignition the most fiercely.
Read entire article: free-times.com/news/as-scrap-business-booms-scrapyard-dangers-come-into-focus
National Manufacturing Day 2017
Manufacturing Day℠ is a celebration of modern manufacturing meant to inspire the next generation of manufacturers. Manufacturing Day occurs on the first Friday in October — this year Manufacturing Day is Oct 6, 2017.
“National Manufacturing Day helps call attention to the critical role recyclers play in America’s overall economy and the variety of ways recycling affects one’s everyday life,” says Robin Wiener, president of ISRI. In doing so, the industry has become a thriving economic engine, job creator, resource of sustainability, energy savings and global trade.” ISRI says that since the dawn of civilization and the earliest attempts at manufacturing, humans have recognized the intrinsic value of scrap and the benefits associated with using and reusing existing products to create new goods.
The scrap recycling industry has made many contributions to the U.S. economy, according to ISRI:
- generating nearly $16.5 billion in export sales to 155 countries;
- directly and indirectly employing approximately 534,000 workers in 2016;
- generating nearly $117 billion annually in economic activity;
- drawing in $13.2 billion in revenue for federal, state and local governments; and
- lowering energy costs by producing recycled materials that require less energy during the manufacturing process than virgin materials.
Read entire article: http://www.recyclingtoday.com/article/isri-recycling-key-to-manufacturing/
Learn more about Manufacturing Day: http://www.mfgday.com/
ISRI Scrap Yearbook
The Institute of Scrap Recycling Industries (ISRI) announced the release of its sixth annual ISRI Scrap Yearbook, providing the most up-to-date information and statistics about the U.S. scrap industry and global scrap marketplace. In addition, it aims to provide readers with a deeper understanding of what the scrap industry is and how it works, along with the tremendous economic, environmental, energy, and trade benefits the industry generates globally. Continue reading