Pop group The 5th Dimension had a hit song in late 1960’s called Up, Up and Away. It was an upbeat, feel-good song that was about riding in a hot-air balloon. It was played over and over on AM radio stations around the country and won a Grammy in 1968.
Today, the idea of “up, up and away” defines the costs of materials. We have all been shocked by recent increases in fuel prices, but steel prices have risen more dramatically in the same timeframe. In 18 months, gas prices rose from $2.50 to $3.50 per gallon… a 40% increase. In the same timeframe, steel prices increased by 65%. This increase can be attributed to the rising fuel costs, increasing global demand and negative influences in supplies. One such negative factor was the torrential rains and flooding in Australia that filled coke mines. This coke is deemed the best in the world for smelting the high-tech steel ores used today. Continue reading Up, Up and Away