Steel

• PASCAGOULA, Miss., June 02, 2023 (GLOBE NEWSWIRE) -- HII’s (NYSE: HII) Ingalls Shipbuilding division has ceremonially authenticated the keel today for the San Antonio-class amphibious transport dock Pittsburgh (LPD 31).
• The keel is the foundation of the ship and the authentication ceremony is the first important milestone in a ship’s life.
• “Today’s keel ceremony reaffirms our commitment that Ingalls stands ready to serve the country by building ships that will be ready to support and protect her crew,” Ingalls Shipbuilding President Kari Wilkinson said.
• “With the keel officially laid on LPD 31, Mrs. Urban continues to be woven even more into the fabric of this ship and our shipbuilding family.

• The latest official UK inflation figures show UK price rises have slowed from double digits to 8.7% for the 12 months to April 2023.
• The UK rate is also nearly double the equivalent US rate and significantly higher than the eurozone’s 7% rate of inflation for April, which slowed to 6.1% for May.
• EU countries and the UK struggled with dramatically rising energy prices due to Russia’s war in Ukraine.
• This is why an oversized financial sector creates headaches for the Bank of England when it tries to tackle inflation.

The UK’s industrial past

• Science-based industries, such as electronics, computers and engineering were also taking off in the UK, and the country benefited from this third technology revolution.
• By 2011 around 80% of British workers were in service industries and only 10% in manufacturing.
• For example, the City has sucked the best-educated people out of other regions and careers and into high-salaried London-based jobs.
• Read more:
  Bank of England interest rate rise: why this could be the last increase for a while

Tackling ‘stubborn’ inflation

• The bank has spoken about the difficulties it has faced in anticipating the recent rise and persistence of inflation.
• But advancements in statistical techniques and computation power have improved the ability to forecast inflation.
• Brexit, coupled with the oversized UK financial sector, makes the Bank of England’s job of controlling inflation so much harder.

• Mayville Engineering Company (NYSE: MEC) (the “Company” or “MEC”), a leading value-added provider of design, prototyping and manufacturing solutions serving diverse end markets, today announced that the Company has been named as the nation’s largest fabricator by the Fabricator Magazine for the thirteenth consecutive year.
• “We are honored to be named the #1 domestic fabricator for another consecutive year,” said Jag Reddy, President & CEO.
• “This recognition is a testament to our consistent track record of commercial growth, operational excellence and proven ability to drive innovation through close customer collaboration.
• “During the last four years, we’ve allocated more than $50 million toward profitability-enhancing initiatives, investments that include our state-of-the-art facility in Hazel Park, Michigan, which launched earlier this year.

• ERIKS North America (ERIKS NA), a leading distributor of industrial solutions, is pleased to announce the appointment of Mike Deery as Vice President/General Manager of its West Region.
• In this role, Mike will lead our sales team in the Western part of the United States and focus on driving growth for the organization.
• "We are thrilled to welcome Mike to the ENA team as the Region VP/GM for the West Region," said Jeff Crane, CEO of ERIKS North America.
• Commenting on his new position, Mike said, “I’m looking forward to focusing on ERIKS North America’s West Region and continuing the organization’s focus on growth and commitment to customers.”
  ERIKS North America is proud to welcome Mike Deery to the team and looks forward to his contributions in his new role as Vice President/General Manager of our West Region.