FEATURE | YEAR IN REVIEW
definitely continuing down the path to building more technologically advanced, more highly automated cranes. That includes semi-automated and fully automated cranes as well as those that include AI preventative maintenance systems that assist operators. Another big milestone affecting the crane and hoist industry this year has been import tariffs – both Section 232 tariffs on the steel and aluminium (and even copper) used to make the cranes and the reciprocal tariffs that Trump announced during his 2 April Liberation Day (and that are currently being challenged by the courts, most recently the US Supreme Court). In March, not only were aluminium Section 232 tariffs increased from 10% to 25% (the same rate as the steel tariffs, but both were solidified to include all countries without exemptions or exclusions – including Canada and Mexico – and with the elimination of quotas. Then in June, they were doubled to 50% – still without exemptions, exclusions or quotas. And then on 1 August, Trump also imposed a 50% tariff on imports of copper derivatives, including wire, connectors and electrical component used in cranes. Uncertainty about the potential changeable
nature of both the Section 232 and reciprocal tariffs and the cost increases related to them has created a lot of uncertainty. This has been making companies very cautious, Gorbel’s Beightol explains, making them examine certain large projects from many more angles than in the past and perhaps waiting for a more normal environment to go ahead with such projects.
The future is moving towards more highly automated cranes with operator assist technologies.
He adds that this has been the case for some companies that aren’t directly affected by tariffs, that are 100% domestic, noting, “That has really slowed down business almost immediately”. In fact, in their third quarter interim earnings
report, Konecranes observed how tariffs continue to impact its customers’ decision- making, stating that while the company is well positioned in the global landscape, it remains affected by tariffs. “We have been successful in managing their
adverse impact through our own pricing actions and had a timing-related tailwind for the third
quarter,” noting that, recently, the situation has become more challenging. “Moving forward, we expect the tariffs to cause some headwinds, but not place us in a generally weaker position against our competition.” There has not been a lot of pushback from
customers about tariff-related crane and crane component cost increases, understanding the need to pass those costs along, explains Piso. “While they don’t want to spend more money, they realise that we are all in the same boat.” This comes at the same time as there continues to be a lot of uncertainty about how project
Market instability caused by political fluctuations has jarred growth in the crane and hoist sector.
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