At Ellwood City Forge, General Manager Bill Nardone said the company has plowed nearly a half-billion dollars in funding back into upgrading and replacing obsolete equipment over the last five years, which means capital isn't a problem. The greater issue, Barensfeld said, is regulation.
Barensfeld, Nardone and Vice President Jeff Nystrom said that hydraulic fracture natural gas drilling has been a large part of Ellwood City Forge's business -- the company makes manifold parts for hydraulic fracturing pumps. Over the past year, orders for those steel fixtures have declined, largely because falling natural gas prices have made companies less willing to start drilling new wells.
Those drillers ordered more drill parts than they needed and are now working through their inventory, Barensfeld said.
Nystrom called on state -- and, by extension, federal -- authorities to create conditions conducive to mining and drilling.
"So much of our business is tied to energy," he said. "I think there are ways to use carbon-based energy effectively."
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