I was under the impression that they have multiple locations and only a single location (which makes all the knife steel, of course) could close. Their website is awful so I couldn't get a lot of info from it about their operations, though. Hopefully increased tariffs on steel will make US steel more affordable and keep these guys afloat. I know Trump wasn't thrilled with US Steel being bought by a JP company, but frankly that's better than a Chinese company scooping them up. Perhaps the gov't could bail them out if it's worth doing, but I hate the thought of the gov't owning them and ruining them further. Sad deal all around, but hopefully a restructure will get them on the right path. Seems like they need better accountants 😬if nothing else, hopefully any patented or special processes can be bought or carried on by a domestic company to continue the quality of the steel at minimum. But if a day comes where my USA-made knives start sourcing Chinese made steel, I'm done. Just gonna stick to the discontinued classics 😁 Nice use of memes throughout the video. 10/10.
You are probably right about the plants/production. Whatever the case, they're not in good financial shape and will need to go through chapter 11 (in all liklihood) and hope for another buyer by march 2025
I worked for Crucible (there's just the one, here in Syracuse) for many years. I jumped ship when I saw closing was inevitable, it's a horrible business. This (like, exactly this) happened back in 2009 too, but they were saved then. You're not the customer they want. They make the steel, other mills roll it and get it into a form knife makers/companies can use. Their website is intentionally sparse, they're not interested in selling a 6x2 piece, their _offcuts_ are 50x bigger than that.
@CNYKnifeNut thanks for that input. I read about the chapter 11 sale in 2009 (after I shot the vid, cuz why be informed). Any industrial producer needs big clients, and the knife industry ain't it. Same with fab shops - they could all retool and oem knife parts, but where's the money in it? We get wrapped up in knives because we're into them, but most people don't care that much. A shop isn't going to retool to make knives when they have oil and gas, aerospace, or medical customers.
@@CNYKnifeNut Good info to have there, thanks man. Sucks to admit it, but knife manufacturers definitely are at the bottom of the totem pole, unfortunately. Makes sense considering where the big purchases are coming from. We're obviously biased, but we're also not without options to keep knives going. It's just going to be sad if CPM is no longer part of it.
I was under the impression that they have multiple locations and only a single location (which makes all the knife steel, of course) could close. Their website is awful so I couldn't get a lot of info from it about their operations, though. Hopefully increased tariffs on steel will make US steel more affordable and keep these guys afloat. I know Trump wasn't thrilled with US Steel being bought by a JP company, but frankly that's better than a Chinese company scooping them up. Perhaps the gov't could bail them out if it's worth doing, but I hate the thought of the gov't owning them and ruining them further. Sad deal all around, but hopefully a restructure will get them on the right path. Seems like they need better accountants 😬if nothing else, hopefully any patented or special processes can be bought or carried on by a domestic company to continue the quality of the steel at minimum. But if a day comes where my USA-made knives start sourcing Chinese made steel, I'm done. Just gonna stick to the discontinued classics 😁
Nice use of memes throughout the video. 10/10.
You are probably right about the plants/production. Whatever the case, they're not in good financial shape and will need to go through chapter 11 (in all liklihood) and hope for another buyer by march 2025
I worked for Crucible (there's just the one, here in Syracuse) for many years. I jumped ship when I saw closing was inevitable, it's a horrible business. This (like, exactly this) happened back in 2009 too, but they were saved then.
You're not the customer they want. They make the steel, other mills roll it and get it into a form knife makers/companies can use. Their website is intentionally sparse, they're not interested in selling a 6x2 piece, their _offcuts_ are 50x bigger than that.
@CNYKnifeNut thanks for that input. I read about the chapter 11 sale in 2009 (after I shot the vid, cuz why be informed). Any industrial producer needs big clients, and the knife industry ain't it. Same with fab shops - they could all retool and oem knife parts, but where's the money in it? We get wrapped up in knives because we're into them, but most people don't care that much. A shop isn't going to retool to make knives when they have oil and gas, aerospace, or medical customers.
@@CNYKnifeNut Good info to have there, thanks man. Sucks to admit it, but knife manufacturers definitely are at the bottom of the totem pole, unfortunately. Makes sense considering where the big purchases are coming from. We're obviously biased, but we're also not without options to keep knives going. It's just going to be sad if CPM is no longer part of it.
I don't think CPM is completely going away ... but 50-70% of all of our letters/numbers will most likely go away with any restructure. Thanks, Chuck.
Anything can happen. Way too early to tell. I'd hate to see a Chinese company swoop in and buy them
Crazy news
Unfortunately, it's an industry that's been gutted by the offshoring of US production