Soaring Steel Prices Slow Tractor Sales

After no signs of relief with the continuous rise of steel prices, AGCO Corp., the parent company behind Challenger, Fendt and Massey Ferguson, among others, advised investors last week their lineup of agriculture equipment would now see price increases as well. Supply chain disruptions have caused North American steel prices to go up 150% — with the benchmark U.S. steel prices almost doubled this year. The larger price tags are are coupled with uncertainty with equipment spending from due to higher production costs. See what AGCO officials had to say about the increases and how other equipment manufacturers could follow suit.