Schindler: Local Sourcing Means No U.S. Steel Tariff Hit

Paolo Compagna, CEO of Switzerland-based Schindler, told Reuters in February that most of what the company manufactures at its plants in North Carolina and Pennsylvania uses materials that are sourced and produced domestically. That means there will be no impact from steel tariffs in the U.S. for Schindler’s U.S. plants. Schindler projects revenue from its North American modernization business to grow by 5% to 10% this year, with global revenue projected to grow in the low single digits as construction activity remains slow. The OEM’s margins recovered in 2024 thanks to improved pricing and restructuring including a new digitization program, Reuters said as part of coverage on Schindler’s 4th quarter 2024 earnings. In China, Schindler’s service market expanded to make up more than 10% of its modernization revenue in 2024. New installations fell globally for the OEM in the quarter, with it being less exposed than competitors to China’s continuing property crisis.