For Immediate Release: February 16, 2021
Susan Orenga, USCTI, 216-241-7333
December 2020 US Cutting Tool Orders Up 4% from November 2020
These numbers and all data in this report are based on the totals reported by the companies participating in the CTMR program. The totals here represent the majority of the U.S. market for cutting tools.
According to Bret Tayne, President of USCTI, “The most recent data from cutting tool manufacturers support and extend the modest recovery we experienced in the last four months of 2020, despite weaker reports for the month of November. The recovery is uneven, to be sure. Some sectors of the cutting tool user base may not recover for an extended period of time, but the overall market data is improving.”
“Let’s face it, 2020 has had a dark cloud hanging over it where we are now looking for any semblance of good news. While the year finishing with a decline of 22.2% appears devastating, the silver lining is that December’s monthly result compared to same month prior year was the best since March 2020. While we have all experienced a dramatic decline in business, it appears as though we have turned the proverbial corner and the coming first quarter tends to be strong in our industry. If automotive supply can keep continuity, this improvement should continue,” commented Tom Haag, President at Kyocera SGS Precision Tool.
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The United States Cutting Tool Institute (USCTI) was formed in 1988 and resulted from a merger of the two national associations representing the cutting tool manufacturing industry. USCTI works to represent, promote, and expand the U.S. cutting tool industry and to promote the benefits of buying American-made cutting tools manufactured by its members. The Institute recently expanded its by-laws to include any North American manufacturer and/or remanufacturer of cutting tools, as well as post-fabrication tool surface treatment providers. Members, which number over 80, belong to seven product divisions: Carbide Tooling, Drill & Reamer, Milling Cutter, PCD & PCBN, Tap & Die, Tool Holder and All Other Tooling. A wide range of activities includes a comprehensive statistics program, human resources surveys and forums, development of product specifications and standards, and semi-annual meetings to share ideas and receive information on key industry trends.