Crucible Steel, maker of all CPM alloys, files for Chapter 11 bankruptcy protection

[C_Claycomb]

Saw this news this morning.

Crucible Industries in Solvay facing uncertain economic future; could file for bankruptcy

Crucible Industries, a major player in American steel manufacturing since 1900, could be on the verge of filing for Chapter 11 bankruptcy protection.In a lette

cnycentral.com

Crucible are the makers of CPM steel, such things as S30V, S110V etc, 3V, Magnacut, Cruwear, and many more that are staples of the knife industry, particularly in folders and US manufacturers like Spyderco and Benchmade.

The general gist of comments on the story are that New York state is difficult for do business in, high taxes, high cost of living, regulation and high electricity costs. Edit to add, obviously not whole story, but contributing factors.

 

[hughtrimble]

I'm amazed at that. The likes of CPM S30V have been around for so long, and still in use, and then everything seems to have switched to CPM Magnacut, never would have guessed at them going under but I suppose the fancy cutlery market isn't exactly huge.

 

[HillBill]

Be a shame if they go.

They're not steels i've really used in my own work, though i have heat treated a few for Rob Evans. I've always preferred RWL-34.

 

[C_Claycomb]

I haven't worked any of their steels, except for a little CPM154, they haven't been easy to get on this side of the pond, but I have certainly enjoyed some of them in commercial knives.

Magnacut is really nice. Got it in a Lion Steel and a Spyderco. I have enjoyed RWL34 (so same as CPM154), and CPM3V. I like AEBL, and Magnacut just seems to have a combination of the characteristics I like. Like it much better than S30V. I like my S110V UKPK, absolute cardboard box cutting machine.

 

[JonathanD]

Interesting. If a company with in demand products like that is struggling against the tide, then it’s not looking good at all.

At least RWL-34 and Damasteel are going strong. I hope.

 

[Jared]

Wonder how much of their business was exotic knife steels over more common steels like 300/400 series stainless etc.

Just reading their history.

"Crucible's roots trace back to 1776, when the Naylor and Sanderson Steel Mill was established in Sheffield, England. A century later, the company – then known as Sanderson Brothers - was exporting increasing quantities of tool steel to America and it was decided to establish a steelmaking plant in Syracuse, New York.

One hundred and thirty-three years later, we have been reborn as Crucible Industries LLC."

 

[C_Claycomb]

They offered tool steels that were aimed at industry too, not just knife making. I thought that was the main direction of their business. Steel for things like extrusion tooling, or dies. High abrasion resistance, high hardness. A small mill would never be able to compete in production of 300/400 stainless or general structural steel, especially against foreign imports.

 

[Jared]

Yeah, was looking at http://www.crucible.com/products.aspx