2-15-2024
To our loyal customers of Kimmel Scrap:
As I am writing our monthly newsletter it occurred to me that many of you may not know one of our long time employees who is sometimes overlooked. Nicole Lamar is our office manager. Nicole started at Auto City Iron & Metal in 1989. We purchased Auto City and the property on Grand River in 1991. Nicole was an intern from Cooley High School in 1989 learning business operations and business accounting. We appreciate her 35 years of helping Kimmel Scrap grow. Congratulations Nicole and thank you.
One project that we have been working on here is the expansion of our physical footprint. We recently completed the purchase of land contiguous to Kimmel Scrap. The demolition of the site is completed and former equipment removed. We have begun the grading and site preparation for future projects. It is a beautiful site and when completed with new fencing and lighting will enhance the view from Grand River Avenue and help us increase our efficiency.
Scrap Steel markets have been tough and appear to continue through at least second quarter of 2024. Prices for new steel and coil has been slowly edging down on a weekly basis for the past few weeks. A few reasons that might explain this lowering in HRC is both interest rates, stock piling of steel at higher prices and of course China. As the Chinese economy continues to slow, its housing crisis, and stimulus to their economy failing to pan out creating a world over supply of steel for the foreseeable future. As always we will try and keep you apprised of what we see on the horizon that affects both of us.
Sincerely,
Robert Kimmel
President/CEO
