U.S. Spring and Wire Product Manufacturing: Investor Primer — NAICS 33261

1. Overview

Spring and Wire Product Manufacturing takes purchased steel and nonferrous wire, strip and rod and converts it into finished components: coil and leaf springs, precision springs, and a wide range of fabricated wire goods such as fencing, welded mesh, concrete-reinforcing strand, cable, baskets, racks, nails and staples. These parts are cheap relative to the machines, vehicles, buildings and infrastructure they end up in, but they are load-bearing and safety-critical, so demand is recurring and quality matters.

This is a small, fragmented, mostly private industry. It splits into two child industries that share the same raw material and cost pressures but sell into different end markets and reward different things: one prizes engineering and certification, the other prizes plant utilization and freight economics. For investors, the most useful lens is not the industry total but the contrast between the two children — which is larger, which is growing, who owns each, and how you would actually buy in.

Public-market investors mostly get indirect exposure through diversified or foreign-listed manufacturers, with one relatively direct exception on the wire side — and even that name is only an approximation of the code it sits in. Private investors can buy independent regional plants, back private-equity (PE) platform roll-ups, or fund family-business succession. The appeal is durable component demand and consolidation potential; the drawbacks are cyclicality, steel-price exposure and high fixed-cost operating leverage.

2. What's inside — the two child industries and how they differ

North American Industry Classification System (NAICS) code 33261 contains exactly two child industries:

• 332613 — Spring Manufacturing: springs made from purchased wire, strip or rod (compression, extension, torsion, flat, leaf, disc and ring springs; automotive suspension springs and torsion bars; precision instrument and valve springs; mattress and furniture spring units).[5]
• 332618 — Other Fabricated Wire Product Manufacturing: everything else fabricated from purchased wire — fencing, mesh, concrete strand, cable, rope, baskets, racks, nails, staples.[5]

They look like cousins, and on the factory floor they are. But their economics diverge in ways that matter for where value sits.

The single most useful takeaway: the wire-products child is the larger of the two by plant count, employment and payroll, but its plants are smaller and more commodity-driven, while the spring child is more consolidated into larger, more engineering-intensive plants. Public-market access is also asymmetric — the only reasonably direct listed exposure sits on the wire-products side (Section 4).

Note the two children's own concentration evidence is stale and points in opposite directions: the springs figure (2012 vintage) is roughly twice the wire figure (2002 vintage). Neither should be read as current, and neither is directly comparable to the 2022 level statistics in Section 3.

Both children exclude the same important activity: establishments that draw their own wire before fabricating are classified in primary-metals (NAICS subsector 331). Beyond that, watch and clock springs sit in 334519, finished mattresses in 337910, motor-vehicle steering and suspension components other than springs in 336330, insulated communication and energy wire in 335929, and stand-alone coating and electroplating services in 332812 or 332813.[5] Because NAICS classifies each establishment by its primary activity, a vertically integrated wire mill or a bedding or auto-parts plant can make springs or wire products while appearing outside 33261 entirely — and integrated steelmakers and wire drawers can compete head-on with plants inside the code without ever appearing in its totals.

3. Size — the level as a whole

Figures below are drawn from our ground-truth federal extract for NAICS 33261.

Two things stand out. First, this is a fragmented, unconcentrated industry. With 874 firms across 1,051 establishments, the four largest firms make just 17.2% of receipts and it takes 50 firms to reach 55.1%. The HHI of 136.5 is far below the 1,500 threshold that U.S. antitrust agencies treat as the start of "moderate" concentration — this is an industry of many small and mid-size makers, not a handful of giants. These 2022 level statistics are the only current concentration figures available anywhere in this family: neither child primer could obtain a current receipts, firm-count or concentration figure at its own level.

Second, the level's receipts figure ($11.094 billion, 2022 Economic Census) comes from a different program and year than the employment and payroll figures (2023 County Business Patterns), and than the springs child's own revenue estimate ($4.713 billion for 2023 from the Annual Integrated Economic Survey, AIES).[3] The children make this hazard concrete. For NAICS 332613 alone, AIES reports 15,382 employees and $928.3 million of payroll (coefficients of variation 2.4% and 1.9%) against County Business Patterns' 15,671 and $955.9 million for the same year — the same industry, the same year, different frames.[1][3] No comparable AIES receipts figure was available for the wire child, so no defensible per-child revenue split exists. Treat the ~$11 billion as the best available level total and the ~$4.7 billion springs estimate as directional only; do not subtract one from the other. Our extract contains no federal margin or return-on-capital figure for this level, and no suppressed value has been inferred.

The employment total is program-specific too. The 34,731 figure above is a County Business Patterns number. On the wire side, BLS counts 23,604 employees in 2024 against County Business Patterns' 19,060 in 2023 — a gap of roughly a quarter arising from different programs and reference periods.[1][8] Separately, an American Wire Producers Association compilation built on BLS data reports 889 wire-fabricator facilities, 24,481 employees and $1.588 billion of annual wages as of December 2023; "facility," QCEW reporting unit and Census employer establishment are not equivalent, so that count cannot be spliced into the Census series or added to the springs child.[9] The practical rule for this level: pick one program and stay inside it.

Undercount caveat. County Business Patterns covers only establishments with paid employees, so it omits nonemployer (self-employed) businesses. That omission is probably modest here because staffed factory production is the norm. Legal form is likewise uninformative about ownership: in the springs child, at least 297 of 341 employer establishments are in corporate form against 34 partnerships and 9 sole proprietorships, which tells you nothing about whether a given corporation is listed, sponsor-owned or family-held.[1] The larger undercount is output that lands in another NAICS: springs and wire goods made inside vertically integrated wire mills (NAICS 331), bedding plants (337910) or auto-parts factories (336330) do not appear in the 33261 totals at all. The true economic footprint of spring and wire fabrication is therefore somewhat larger than these figures show — and part of the wire child's long employment decline is reclassification rather than lost activity.[8]

4. Investable universe — where value concentrates across the children

There is no single stock that is "spring and wire product manufacturing." Value for public investors concentrates unevenly across the two children, and most listed names carry the activity as a fraction of a broader business. None reports U.S. NAICS 33261 revenue separately. Tickers below identify economic exposures, not a clean peer group.

Wire-products side (332618) — the most direct U.S. listing lives here:

Spring side (332613) — listed exposure is foreign or heavily diversified:

Spanning both children: Leggett & Platt (NYSE: LEG) is integrated from steel scrap through rod and drawn wire, with a U.S. rod mill of roughly 500,000 tons of annual capacity; its output feeds bedding innersprings (a spring product) and internal wire uses, but the exposure is bedding-heavy and mixed with foam, adjustable beds and finished goods — adjacent rather than pure.[19]

Major private operators dominate both children, reflecting the fragmented ownership shown in Section 3:

• Springs: One Equity Partners' Associated Spring (a large engineered-spring platform acquired from Barnes in 2024)[27]; family-owned Peterson Spring (which describes itself as North America's largest privately held spring maker), Newcomb Spring and Mubea[28]; and Hendrickson, owned by private Boler, a major medium- and heavy-duty suspension supplier making parabolic and multi-leaf springs, stabilizers and complete systems, which states it does not disclose financial information.[29]
• Wire products: Heico Companies' Davis Wire, National Standard and National Strand; family-owned Riverdale Mills and National Wire[30]; plus Wire Mesh Corporation and Oklahoma Steel & Wire, named as competitors in Insteel's filings.[12]

One niche is much more concentrated than the level. The Wire Rope Technical Board says its members manufacture more than 90% of U.S. wire-rope output and lists Bridon-Bekaert, Loos, Strand Core, Washington Wire Rope, WireCo WorldGroup and Wire Rope Works.[31] That statistic applies to rope only — not nails, fencing, baskets or mesh — and is a reminder that the level's low aggregate HHI conceals sub-markets with very different structures.

The practical read: if you want listed exposure with the tightest fit, it sits on the wire-products side (Insteel), with the caveat that even Insteel is a concrete-reinforcement business that begins upstream of purchased wire. If you want spring exposure, you are choosing among foreign listings or diversified groups — or you are buying a private company.

5. How the money works

Both children buy wire (or wire rod) as their dominant variable input, so both live or die on the spread between what they sell finished parts for and what they pay for steel — but they earn that spread differently.

Spring economics (332613) reward engineering. Most sales are either custom, build-to-print parts for original equipment manufacturers (OEMs) or stocked catalog springs sold to engineers, distributors and maintenance buyers. Revenue depends on volume, material content, tolerances, certification and secondary processing (heat treatment, grinding, shot peening, plating, and load or fatigue testing). Alloy content, cleanliness, surface quality and heat-treatment response matter as much as commodity tonnage for high-fatigue parts. High-volume automotive and bedding programs reward automation but hand bargaining power to customers; aerospace, medical and precision-industrial parts carry more engineering content and switching costs. Leggett & Platt describes steel as its principal raw material and warns that steel volatility can swing pricing and margins year to year: it normally passes material changes through, but timing matters, and falling prices compress margins while higher-cost inventory is consumed.[19]

Wire-product economics (332618) are more explicitly a conversion-spread business:

finished-product price − purchased-wire cost − conversion and delivery costs = operating profit

Selling prices generally track raw-material costs but with a lag, so margins compress when wire costs rise faster than prices, or when falling prices leave high-cost inventory on the floor. Because welding, weaving, drawing and coating lines carry heavy fixed costs, capacity utilization is the swing factor in profitability. Input sourcing can also shift abruptly: Insteel took 27% of its wire rod from imports in fiscal 2025 against 15% in fiscal 2024.[12]

The dispersion in realized margins is the most useful new evidence. There is no federal or otherwise authoritative margin figure for this level or either child, and the listed proxies show how little a generic "industry margin" would mean:

• Insteel: gross margin 10.1% in fiscal 2023, 9.4% in fiscal 2024 and 14.4% in fiscal 2025, on fiscal-2025 net sales of $647.7 million, gross profit of $93.4 million and net earnings of $41.0 million — the rebound driven mainly by a better selling-price/raw-material spread and higher volume. These are concrete-reinforcement economics, not an average for fencing, nails, baskets or rope.[12]
• Lesjöfors (Beijer Alma's spring platform): approximately 17.7% adjusted EBITA, global.[23]
• NHK Spring's global Automotive Suspension Springs segment: approximately 0.3% operating margin, depressed by weak Thai demand and Mexican launch costs.[25]
• Leggett's Bedding Products segment: 6.3% EBIT margin on $1.558 billion of 2025 trade sales, across many products beyond springs.[19]

Mix, utilization and execution dominate. A number between 0.3% and 17.7% is not a benchmark.

What both children share: exposure to steel and specialty-alloy prices, a surcharge/pass-through recovery lag, and meaningful operating leverage — when volumes fall, fixed labor and equipment costs get spread over fewer units and unit costs rise fast. Useful operating metrics across the level include capacity utilization and equipment uptime, spread or surcharge-recovery lag, tons or pounds shipped and average selling price, yield and coating consumption, scrap and rework, on-time delivery and defect rates, backlog, customer concentration, inventory turns and maintenance versus growth capital spending. Seasonality matters on the wire side, where normal weather pushes shipments and profitability into later fiscal quarters, and where Insteel ties roughly 85% of fiscal-2025 sales to nonresidential construction and 15% to residential.[12]

Two context points, not level-specific benchmarks: the Federal Reserve does not publish utilization for this level or either child, but broader fabricated-metal-products capacity utilization was 76.9% in June 2026, below its 78.5% long-run average.[32] And the two children's PPI series measure realized prices, not volume or profit — springs rose roughly 108% from December 2019 to May 2026, wire products roughly 48% from December 2020 to May 2026, but the base months differ, so the two increases are not directly comparable.[10][11]

6. Demand drivers

The two children point at overlapping but distinct end markets, which is why they do not always cycle together.

• Construction and infrastructure (mainly 332618): concrete reinforcement, prestressing strand, fencing, cable and security mesh. Public-works spending and domestic-content rules are especially important here, and engineered welded mesh can substitute for labor-intensive rebar placement — Insteel describes engineered structural mesh as frequently lower-cost than hot-rolled rebar.[12]
• Automotive (mainly 332613): vehicle production and platform awards drive suspension, seating, transmission and engine springs. Electrification is genuinely two-sided: suspension and seating content persists and heavier battery packs can intensify suspension and lightweighting requirements, while internal-combustion valve and traditional transmission content declines. NHK separates suspension opportunities from motor-core and other non-spring electrification products; Leggett cites uncertainty around delayed EV programs and shifting powertrain-transition expectations.[19][25]
• Bedding and furniture (332613): mattress replacement, housing turnover and consumer spending drive innerspring demand. Leggett identifies housing turnover and consumer confidence as its most significant demand variables and reported continued softness in U.S. and European bedding through 2025.[19]
• Agriculture and residential (332618): livestock panels, field fence, poultry wire, shelving, racks, nails and staples. The agricultural base is shrinking: USDA counted 732,123 farms with cattle in 2022, down 17% from 2017. Replacement, containment and farm consolidation still generate demand, but livestock fencing should not be treated as a secular-growth category.[43]
• Aerospace, defense and medical (332613): long qualification cycles and traceability create durable programs and higher switching costs.
• Energy and digital infrastructure (332618): conductor strand, lifting products and security fencing around utility, grid and data-center projects. Segmentation matters — Bekaert's latest results show strong North American energy-and-utility wire demand alongside weak steel-rope markets in North America and Europe.[15]
• Customer inventories (both): short lead times let distributors and fabricators destock and restock quickly, amplifying cycles.[12]

Commodity products (fencing, mesh, high-volume springs) are cyclical and, for some wire goods, seasonal. Engineered, regulated or corrosion-resistant products across both children tend to offer better pricing and stickier customers. Diversification across these end markets is what softens any single downturn.

7. Regulation

Regulation is broadly common across both children and is more about safety, environment and trade than industry-specific licensing.

• Worker safety. The Occupational Safety and Health Administration (OSHA) requires guarding of forming machines, presses, grinders and welding equipment under Title 29 of the Code of Federal Regulations (CFR) section 1910.212, and control of hazardous energy during maintenance under section 1910.147.[33] Enforcement is live in both children: OSHA has cited a spring plant for ineffective guarding on wire and CNC spring-coiling machines[34], and a wire-products investigation following an amputation found unguarded machinery, inadequate lockout procedures and electrical hazards.[35] Machine guarding is an operating issue here, not a paperwork one.
• Environment. Plating, galvanizing, coating and cleaning can trigger Environmental Protection Agency (EPA) wastewater and metal-finishing effluent rules, National Emission Standards for Hazardous Air Pollutants, air-emission standards, and hazardous-waste controls under the Resource Conservation and Recovery Act (RCRA). Which regime applies depends on the actual process and discharge rather than the NAICS label; oily direct discharges can fall under Metal Products and Machinery guidelines instead of metal-finishing rules.[36][37] Environmental diligence matters most when acquiring older coating or pickling facilities.
• Customer certifications often matter as much as government rules, mainly on the spring side: automotive work commonly requires International Automotive Task Force (IATF) 16949, aerospace requires AS9100, and medical requires International Organization for Standardization (ISO) 13485. Defense work can add International Traffic in Arms Regulations (ITAR) and Defense Federal Acquisition Regulation Supplement obligations.[24][27]
• Trade policy is two-sided and unusually important for both children. U.S. Customs and Border Protection states that Section 232 duties on steel articles and derivative steel articles rose from 25% to 50% on June 4, 2025.[40] As of April 2026, steel-spring tariff lines 7320.10 through 7320.90 were included in the 50% full-value Section 232 annex, and covered core wire inputs and products are likewise subject to the additional 50% duty on full customs value, in both cases subject to product, origin and country exceptions.[38][39] Antidumping and countervailing-duty orders also remain on certain prestressed-concrete steel strand imports.[41] Tariffs protect domestic finished goods but raise imported input costs, disrupt supply routes and invite circumvention or retaliation — and protection does not automatically create demand: Leggett reported that Section 232 steel tariffs widened its rod and wire metal margins without producing noticeable improvement in innerspring demand.[19] On the wire side, Build America, Buy America requirements can favor domestic mesh, reinforcing wire and strand in federally assisted projects, provided domestic manufacturing and coating are documented; the Federal Highway Administration confirms Buy America applies to steel wire mesh and reinforcing components permanently incorporated into federally aided highway projects.[42]

8. Consolidation

Consolidation is economically logical across the whole level because buyers can combine purchasing power, broaden catalogs, cross-sell, add geographic redundancy and load plants more fully. Both children now supply priced evidence of active strategic and sponsor interest.

On the spring side, Rosebank bought MW Components in May 2026 for approximately $950 million, around 10 times 2025 EBITDA — a platform assembled in part through nine add-on acquisitions under American Securities, which credited proprietary rapid-quoting software, e-commerce investment and acquisitions with building it.[20][21] Beijer Alma has made repeated U.S. spring acquisitions, and One Equity Partners carved Associated Spring out of Barnes in 2024.[22][27] On the wire side, Insteel paid $67.0 million for substantially all Engineered Wire Products assets and $5.1 million for selected O'Brien Wire Products assets in fiscal 2025, then closed or relocated the acquired capacity into its existing network — consolidation of capacity, not accumulation of it.[12]

The fragmented structure documented in Section 3 (874 firms, HHI 136.5, CR4 just 17.2%) is exactly the setup roll-up buyers look for. But the counter-risk differs by child. In springs, much value lives in experienced engineers, toolmakers and undocumented process knowledge, so integration can destroy the very thing being bought. In wire products, the risk is subtler — acquisitions that merely add old equipment or excess regional capacity, without real procurement or utilization synergies, dilute rather than create value. The MW multiple is a genuine market data point, but it prices a diversified precision-components platform, not a stand-alone spring shop or a regional wire plant. Investors should separate genuine synergy from empire-building in either case.

9. Risks

Most risks are shared across the level, with differences of emphasis noted:

• Raw-material volatility: steel, stainless, specialty-alloy, zinc, polymer and freight costs can move faster than selling prices, and there is generally no liquid hedge for a specific wire-rod grade and location (both children).
• Cyclicality and operating leverage: volume downturns expose fixed labor and equipment costs; construction, agriculture, auto and industrial demand can weaken together.
• Utilization and inventory losses: low utilization raises unit costs; falling steel prices can force price cuts while expensive inventory remains (sharper on the wire side).
• Customer concentration and cost-downs: automotive cost reductions and lost platform awards hit springs; distributor concentration hits wire products.
• Trade-policy swings: protection can expand, disappear or shift onto inputs — and can widen margins without lifting demand (both children).
• Failure and liability: fatigue or load failures in springs, or failures in lifting cable, reinforcement and security products, can be severe and costly; certification failure, traceability gaps or coating defects can matter far more than the value of the part.
• Environmental liabilities: legacy plating, solvent, oil and coating issues can exceed the purchase price of a small plant.
• Skilled-labor shortages: operators, engineers and toolmakers are scarce (sharper on the spring side).
• Substitution — now documented on both sides: composites are a real threat to steel leaf and coil springs, with Hendrickson actively marketing composite springs for lower weight and better packaging, though composites carry their own qualification and cost barriers[29]; foam-heavy mattress designs and customer redesigns that eliminate discrete components pressure the spring side further; and on the wire side synthetic rope competes with steel rope where weight, corrosion and handling matter — Bekaert invests in both, which is itself evidence of a genuine transition[14] — while plastics, composites, expanded metal and rebar can displace other wire products.
• Long-run employment and structural decline (wire side): the 62.3% BLS employment fall from 2000 to 2024 partly reflects automation and reclassification rather than lost output, but it also reflects import competition and consolidation, and it should temper any simple growth narrative.[8]
• Integration risk: overpayment or loss of local relationships and process knowledge after acquisition.

10. How to invest and outlook

Public investors should treat this level as a set of indirect exposures. The tightest listed fit is Insteel (wire products), understanding that it is a concrete-reinforcement business starting from wire rod; Nucor, Bekaert, Sumitomo Electric, Tree Island Steel and ITOCHU are diversified wire alternatives; Rosebank, Beijer Alma, NHK Spring and Advanex are the (mostly foreign) spring routes; and Leggett & Platt spans both but is bedding-heavy. Compare each name on its spring/wire segment mix, end-market cycle, material pass-through, capital intensity, return on invested capital and — for the foreign listings — currency risk. Given the 0.3%-to-17.7% spread in realized segment margins across these proxies, headline group revenue tells you almost nothing; value valuation against mid-cycle earnings before interest, taxes, depreciation and amortization (EBITDA), not peak conversion spreads or peak volumes. No exchange-traded fund (ETF) offers precise exposure to this level.

Private investors should normalize EBITDA across the cycle and diligence customer concentration, surcharge and pass-through formulas, certification status, defect history, equipment condition and maintenance spending, environmental compliance and working-capital needs. Underwrite effective — not nameplate — capacity, and visit the plant. On the spring side, the best targets are usually diversified custom makers with scarce certifications, transferable engineering knowledge and unused capacity that can be filled cheaply; the MW transaction at roughly 10 times EBITDA is a useful reference point, but it priced a 24-facility, multi-brand platform, not a single shop.[21] On the wire side, look for a defensible regional freight advantage or a specialty product whose quality and certification matter more than the lowest quote.

Forward-looking judgment. The level as a whole looks more durable than fast-growing. The wire-products child has the better structural tailwind — infrastructure, grid investment, data centers and domestic-content rules — but a more commodity, more cyclical base, a shrinking agricultural end market and a long history of employment attrition that any bullish case has to confront. The spring child is steadier, anchored by aerospace, defense, medical and reshoring demand, but exposed to bedding weakness, the gradual electrification of some auto content and a credible composites substitution threat in heavy-duty suspensions. Across both, consolidation should continue in a still-fragmented field, and disciplined entry price plus plant-level diligence will matter more than broad market growth. The main downside case is simultaneous demand weakness and unfavorable steel-price spreads; the upside case is higher utilization combined with stable raw-material pass-through.

Sources

1. U.S. Census Bureau, "County Business Patterns: 2023" (establishments, employment, payroll and legal form for NAICS 33261, 332613 and 332618), 2025, https://www.census.gov/data/datasets/2023/econ/cbp/2023-cbp.html
2. U.S. Census Bureau, "2022 Economic Census — Concentration and Summary Statistics, NAICS 33261" (firms, receipts, CR4/CR8/CR20/CR50, HHI), 2022.
3. U.S. Census Bureau, "AIES00BASIC: All Sectors Summary Statistics" (NAICS 332613 receipts, employment and payroll estimates), 2026, https://data.census.gov/table/AIESBASICTIMESERIES.AIES00BASIC?codeset=naics~332613&g=010XX00US
4. U.S. Small Business Administration, "Table of Small Business Size Standards," 2023, https://www.sba.gov/document/support-table-size-standards
5. U.S. Census Bureau, 2022 North American Industry Classification System Manual (definitions and cross-references for NAICS 332613 and 332618), 2022, https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf
6. U.S. Small Business Administration, "Proposed Rule: Small Business Size Standards," 2022, https://public-inspection.federalregister.gov/2022-08091.pdf
7. U.S. Census Bureau, "Concentration Ratios in Manufacturing: 2002," 2006, https://www2.census.gov/library/publications/economic-census/2002/manufacturing-reports/subject-series/ec0231sr1.pdf
8. Bureau of Labor Statistics, "Industries with Employment Decreases from 2000 to 2024," 2025, https://www.bls.gov/opub/ted/2025/industries-with-employment-decreases-from-2000-to-2024.htm
9. American Wire Producers Association, State of the United States Wire and Wire Products Industry: National Data 2023, 2024, https://www.awpa.org/wp-content/uploads/2024/08/National-Data-2023.pdf
10. Federal Reserve Bank of St. Louis, "Producer Price Index: Spring Manufacturing," 2026, https://fred.stlouisfed.org/series/PCU332613332613
11. Bureau of Labor Statistics, "Producer Price Index: NAICS 332618," 2026, https://fred.stlouisfed.org/data/PCU332618332618
12. Insteel Industries, Annual Report on Form 10-K, 2025, https://www.sec.gov/Archives/edgar/data/764401/000143774925031597/iiin20250927_10k.htm
13. Nucor Corporation, Annual Report on Form 10-K, 2025, https://www.sec.gov/Archives/edgar/data/73309/000119312526071575/nue-20251231.htm
14. Bekaert, Annual Report 2025, 2026, https://www.bekaert.com/content/dam/corporate/investors/ar25/Bekaert%20Annual%20Report%202025%20Document%20%2819%29.pdf
15. Bekaert, "2025 Full Year Results," 2026, https://www.bekaert.com/en/about-us/news-room/news/2026/bekaert-2025-full-year-results
16. Sumiden Wire Products, "About Sumiden Wire," 2026, https://www.sumidenwire.com/about/
17. Tree Island Steel, "Investor Overview," 2026, https://www.treeisland.com/investors/overview/
18. ITOCHU Corporation, "News Release: Master Halco," 2025, https://www.itochu.co.jp/en/news/press/2025/250117.html
19. Leggett & Platt, "Form 10-K for 2025," 2026, https://leggett.com/leggett-form-10k-2025.htm
20. American Securities, "American Securities Completes Sale of MW Components to Rosebank Industries," 2026, https://www.american-securities.com/news/press-release/american-securities-completes-sale-of-mw-components-to-rosebank-industries/
21. Rosebank Industries, "Completion of ASP MWI Holdings Inc Acquisition," 2026, https://www.investegate.co.uk/announcement/rns/rosebank-industries-plc--rose/completion-of-asp-mwi-holdings-inc-acquisition-/9590603
22. Beijer Alma, "Acquisitions," 2026, https://beijeralma.se/en/about-beijer-alma/acquisitions/
23. Beijer Alma, "Q4 2025 Report," 2026, https://beijercomponents.com/wp-content/uploads/2026/02/ba-2025-q4-en.pdf
24. NHK Spring, "North America, Central and South America," 2026, https://www.nhkspg.co.jp/en/company/global/foreign/america
25. NHK Spring, "Annual Securities Report," 2025, https://www.nhkspg.co.jp/en/news/20250827
26. Advanex, "Company Outline," 2026, https://www.advanex.co.jp/en/company/about/
27. One Equity Partners, "One Equity Partners Completes Acquisition of Associated Spring," 2024, https://www.oneequity.com/news/one-equity-partners-completes-acquisition-of-associated-spring/
28. Peterson Spring, "About Us," 2026, https://www.pspring.com/about-us/ Newcomb Spring, "About Us," 2026, https://newcombspring.com/about/ Mubea, "Company and Global Organization," 2026, https://www.mubea.com/en/company
29. Hendrickson, "Company Executives," 2026, https://www.hendrickson-intl.com/company/company-executives Hendrickson, "FAQs," 2026, https://www.hendrickson-intl.com/work-for-us/faqs Hendrickson, "Composites," 2026, https://micro.hendrickson-intl.com/composites/about.html
30. The Heico Companies, "Metal Processing Group," 2026, https://heicocompanies.com/metal-processing-group/ Riverdale Mills, "Company Overview," 2026, https://riverdale.com/company-overview/ National Wire LLC, "Company and Products," 2026, https://nationalwirellc.com/
31. Wire Rope Technical Board, "About WRTB," 2026, https://www.wireropetechnicalboard.org/
32. Federal Reserve Board, "Industrial Production and Capacity Utilization, Table 2 Supplement," 2026, https://www.federalreserve.gov/releases/g17/current/table2_sup.htm
33. Occupational Safety and Health Administration, "29 CFR 1910.212 — General Requirements for All Machines," current, https://www.osha.gov/laws-regs/regulations/standardnumber/1910/1910.212 and "29 CFR 1910.147 — Control of Hazardous Energy," current, https://www.osha.gov/laws-regs/regulations/standardnumber/1910/1910.147
34. Occupational Safety and Health Administration, "MCM Industries Co Inc Citation," 2024, https://www.osha.gov/sites/default/files/citations/MCMIndustriesCoInc_104722_104823.pdf
35. Occupational Safety and Health Administration, "Eastern Wire Products Enforcement Release," 2016, https://www.osha.gov/news/newsreleases/region4/03292016
36. U.S. Environmental Protection Agency, "Metal Finishing Effluent Guidelines," 2026, https://www.epa.gov/eg/metal-finishing-effluent-guidelines
37. U.S. Environmental Protection Agency, "Metals Sector Regulations," 2026, https://www.epa.gov/regulatory-information-sector/metals-sector-primary-naics-331-and-fabricated-naics-332
38. White House, "Strengthening Actions Taken to Adjust Imports of Aluminum, Steel, and Copper Into the United States," 2026, https://www.whitehouse.gov/presidential-actions/2026/04/strengthening-actions-taken-to-adjust-imports-of-aluminum-steel-and-copper-into-the-united-states/
39. White House, "Annex I-A: Section 232 Tariff Products," 2026, https://www.whitehouse.gov/wp-content/uploads/2026/06/Annex-I-A.pdf
40. U.S. Customs and Border Protection, "Section 232 Steel Tariff Guidance," 2025, https://www.help.cbp.gov/s/article/Article-1134
41. U.S. International Trade Commission, "Prestressed Concrete Steel Wire Strand Orders to Remain in Place," 2026, https://www.usitc.gov/press_room/news_release/2026/er0520_68612.htm
42. Federal Highway Administration, "Buy America Questions and Answers," 2026, https://www.fhwa.dot.gov/construction/contracts/buyam_qageneral.cfm
43. U.S. Department of Agriculture, "2022 Census of Agriculture Highlights: Cattle and Cattle on Feed," 2024, https://www.nass.usda.gov/Publications/Highlights/2024/Census22_HL_Cattle%20and%20Cattle%20on%20Feed_final.pdf