How about some supporting evidence?
Per NSSF, centerfire (handgun and rifle) ammunition production was 3.6 billion in 2012, 3.7 billion in 2015, and 3.6 billion in 2018 (those are the years I can find data for). Shotshell production was 1.4 billion in 2012, 1.4 billion in 2015, and 1.0 billion in 2018. Rimfire production was 4.5 billion in 2012, 5.4 billion in 2015, and 4.1 billion in 2018. Even if we take the totals (9.5 billion, 10.5 billion, and 8.7 billion) you are talking about at 17.1% reduction in 2018 from 2015. To be more favorable to you, we could say 20.7% more ammunition was produced in 2015 than in 2018.
Being generous, and assuming you know full well that centerfire production has remained stable, and assuming 2015 represented a normal year (rather than a spike in demand, which is what it actual was due to the .22 rimfire bubble), and ignoring that in 2017 only 8.1 billion rounds were produced, and ignoring that demand for ammunition increases under democrat presidents (Obama in 2012 and 2015), sure we can call 2018 "hugely depressed."
Production is not an on/off sort of thing. I would be very surprised if manufactures reached 2015 production levels in 2020. I have my doubts that 2021 production will surpass the 10.5 billion rounds of 2015 as well.
I have no data on Federal's production capacity, if you have more than supposition please share. My point that 1 million rounds a day is not a huge share of the market (even in a "hugely depressed" year) still stands. It actually supports your statement that Federal probably makes more than that. Not sure why you felt my post challanged that and you needed to restate it. In the context of the OP's point, it makes more sense to take his numbers at face value.
This format is easier to read than the paragraph format I used above.
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