Today in Ontario, when we look at structural steel. We can compare a free-standing 12 500 sf – LCBO Store, (Pre-Covid, Structural steel shell and steel joists) in 2019, it typically cost $420,000 for this steel material. Today it will cost over $1,000,000! This same building pre covid, in 2019 would take 2-3 months to be fabricated and built. Today this same LCBO store can take 3-4 times longer, (10-12 months using steel joists) and can be 2-3 times more expensive.
This is a steel fabricator’s new reality in 2022 and why we see more beams/ purlin- channels being redesigned and substituted from steel joists, for roof and floor systems to speed up the schedule. Further, the much higher material costs have a drastic impact on financing/ carrying costs. Hence many fabricators across Ontario are requiring deposits to book and finance the material. The sooner the material arrives, the less likely we incur future increases!
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