NAICS 332111 Quarterly Industry Report
Iron and Steel Forging
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 332111Sector: 33Updated: Q1 2026
About This Report
This industry profile for Iron and Steel Forging (NAICS 332111) draws on data from the U.S. Census Bureau[6], Bureau of Labor Statistics[10], and SBA size standards database[7]. Published by Fair Market Value and updated quarterly, it provides valuation professionals, metals forming analysts, and forging sector investors with current market data. All quantitative claims are sourced to publicly verifiable databases.
Industry Snapshot
Key metrics for the iron and steel forging industry.
Industry Definition & Overview
Iron and Steel Forging (NAICS 332111) encompasses establishments primarily engaged in manufacturing iron and steel forgings from purchased iron and steel by hammering, pressing, or rolling mill shapes per the U.S. Census Bureau[5]. Activities include open die forging of shafts, rings, and blocks, closed die forging of automotive and aerospace components, rolled ring production for bearings and flanges, upset forging for fastener heads and valve components, and forging heat treatment operations. Iron and steel forging produces components with superior mechanical properties compared to castings or machined bar stock, as the forging process aligns grain structure along the direction of applied stresses to maximize strength, fatigue resistance, and impact toughness. Open die forging shapes large workpieces between flat or simple-contoured dies for custom shafts, blocks, and sleeves, while closed impression die forging produces high-volume near-net-shape parts for automotive crankshafts, connecting rods, and steering knuckles. Rolled ring forging creates rings and flanges for bearing races, pressure vessel flanges, and jet engine cases. Scot Forge, Precision Castparts Corp, and Allegheny Technologies operate major forging facilities serving aerospace, automotive, energy, and industrial markets. Per Census Bureau[6] data, forging operations serve customers requiring the strength-to-weight and fatigue performance that forging grain flow provides for safety-critical rotating and structural components. Based on the SBA Table of Size Standards[7], the size standard is 750 employees. OSHA[8] enforces forging machinery safety standards under 29 CFR 1910.218 covering press operation, die setup, and lockout-tagout procedures. The EPA[9] regulates air emissions from furnace heating, scale removal, and die lubrication at forging operations.
What's Included in This Industry
- Open die forging of shafts, rings, and blocks
- Closed impression die forging production
- Rolled ring forging for flanges and bearing races
- Upset forging for fastener and valve components
- Forging press and hammer operations
- Forging heat treatment and stress relief
- Forging die design and manufacturing
- Billet heating and induction furnace operations
- Forging trimming and machining services
- Isothermal and hot die forging processes
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Subsector | Fabricated Metal Product Manufacturing | 332 |
| Industry Group | Forging and Stamping | 3321 |
| NAICS Industry | Forging and Stamping | 33211 |
| National Industry | Iron and Steel Forging | 332111 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 332112 | Nonferrous Forging | Nonferrous Forging produces aluminum, titanium, and copper alloy forgings alongside steel forging operations, with both classifications using similar press equipment and die technology to shape heated metal through plastic deformation |
| 331110 | Iron and Steel Mills and Ferroalloy Manufacturing | Iron and Steel Mills and Ferroalloy Manufacturing produces the steel billet, bar, and ingot that forging operations purchase as starting stock for heating and forming into near-net-shape components |
| 332114 | Custom Roll Forming | Custom Roll Forming shapes steel through progressive roller dies producing continuous profiles that serve different applications from the discrete component production in forging operations |
| 336412 | Aircraft Engine and Engine Parts Manufacturing | Aircraft Engine and Engine Parts Manufacturing purchases forged turbine disks, shafts, and structural rings requiring certified forging processes and metallurgical documentation for safety-critical jet engine rotating components |
| 336310 | Motor Vehicle Gasoline Engine and Engine Parts Manufacturing | Motor Vehicle Gasoline Engine and Engine Parts Manufacturing consumes forged crankshafts, connecting rods, and camshafts for automotive powertrain applications where forging grain flow provides fatigue strength exceeding cast alternatives |
| 333995 | Fluid Power Cylinder and Actuator Manufacturing | Fluid Power Cylinder and Actuator Manufacturing uses forged steel cylinders and piston rods where forging produces the strength and surface integrity required for high-pressure hydraulic and pneumatic system components |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | Ohio | 13.0% | 29 |
| 2 | Illinois | 12.1% | 27 |
| 3 | Pennsylvania | 10.8% | 24 |
| 4 | Michigan | 9.4% | 21 |
| 5 | Texas | 9.0% | 20 |
| 6 | California | 8.1% | 18 |
| 7 | Florida | 4.9% | 11 |
| 8 | Tennessee | 4.5% | 10 |
| 9 | Indiana | 4.5% | 10 |
| 10 | Wisconsin | 4.0% | 9 |
% Of Establishments
0%
13%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
40
Total SBA Loans
$26.7M
Total Loan Volume
$667K
Average Loan Size
13 yrs
Average Loan Term
10.05%
Average Interest Rate
416
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: Per the SBA Table of Size Standards[7], Iron and Steel Forging (NAICS 332111) has a size standard of 750 employees for federal small business contracting purposes. SBA lending programs[11] support qualifying forging operations including press equipment, die tooling, furnace systems, and heat treatment facility investments. Eligible businesses can access SBA 7(a) loans[12] for working capital, equipment, and acquisition financing, while 504 loans[13] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | MidFirst Bank | 8 | $14.7M | $1.8M |
| 2 | Byline Bank | 8 | $6.4M | $800K |
| 3 | Icon Business Bank | 8 | $2.4M | $300K |
| 4 | Cadence Bank | 8 | $2.0M | $250K |
| 5 | BayFirst National Bank | 8 | $1.2M | $150K |
Frequently Asked Questions
Common questions about this industry.
What is the NAICS code for steel forging?
NAICS 332111 covers iron and steel forging including open die, closed die, rolled ring, and upset forging operations from purchased iron and steel per the U.S. Census Bureau[5].
What is the SBA size standard?
Per the SBA size standard[7], the threshold is 750 employees for federal small business contracting eligibility and SBA lending products for iron and steel forging manufacturing operations.
Why are forgings stronger than castings?
Forging aligns metal grain structure along the direction of applied stresses per Bureau of Labor Statistics[10] process data, maximizing strength, fatigue resistance, and impact toughness compared to the random grain structure in cast components.
What are the main forging methods?
Open die forging shapes metal between flat dies for custom parts, closed die uses impression dies for high-volume production, and rolled ring forging creates circular shapes per Census Bureau[6] process classification.
What are the primary end markets?
Aerospace, automotive, oil and gas, power generation, mining, and military applications per Census Bureau[6] shipment data represent primary markets where forged components provide safety-critical strength and fatigue performance.
Who are major U.S. forging companies?
Scot Forge, Precision Castparts Corp, and Allegheny Technologies operate major domestic forging facilities per Census Bureau[6] establishment data, serving aerospace, automotive, and industrial customers with open and closed die forging capabilities.
What safety regulations apply?
OSHA[8] enforces forging machinery safety standards under 29 CFR 1910.218 covering hammer and press operation, die setup procedures, lockout-tagout requirements, and noise exposure controls in forging production environments.
What environmental regulations apply?
The EPA[9] regulates air emissions from billet heating furnaces, scale removal systems, and die lubrication operations at forging facilities, with additional standards for wastewater from quench tanks and heat treatment operations.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]U.S. Census Bureau census.gov
- [6]Census Bureau data.census.gov
- [7]SBA Table of Size Standards sba.gov
- [8]OSHA osha.gov
- [9]EPA epa.gov
- [10]Bureau of Labor Statistics bls.gov
- [11]SBA lending programs sba.gov
- [12]SBA 7(a) loans sba.gov
- [13]504 loans sba.gov
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