Amsted Industries: Adaptation And Diversification
There has been much talk about the death of the steel industry in the U.S. Once great steel companies are now gone. Many of the great steel making companies are now found in Asia. It’s not only cheap labor; these foreign companies also have modern foundries.
Those who innovate and keep up with the times though manage to survive and prosper. Amsted Industries is one example. It was founded as American Steel Foundries in 1902 through the combination of eight steel foundries in the East and Midwest. In 1962 the company changed its name to Amsted Industries. There was a time the firm principally dealt with railroad companies producing a range of cast-steel components.
Today the company still deals in steel but has greatly diversified. Amsted now deals with railroad products, vehicular products and construction and industrial products. It manufactures highly engineered industrial components for locomotive and railcar makers, automotive OEMs, and construction and building suppliers. It is a significant player in the manufacturing of freight car undercarriages as well.
Amsted has been very successful in its diversification having almost 50 plants in 11 countries. The company is employee-owned.