Lawmakers Introduce Bipartisan, Bicameral Bill to Strengthen American Steel Industry
The Steel Industry Preservation Act creates a tax credit that would lower cost of production and make the domestic steel industry more competitive
WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.) joined Representatives Mike Kelly (R-Pa.) and Mike Doyle (D-Pa.) to introduce the bipartisan, bicameral Steel Industry Preservation Act, which aims to strengthen the domestic steel industry by creating a tax credit to incentivize the recycling of a hazardous waste in steel manufacturing.
The bill creates a tax credit for the production of steel industry fuel – an environmentally-friendly process that lowers costs by displacing bunker fuel oil during coking. Steel producers would enjoy a lower cost of producing coke as a result of the credit.
“The strength of the steel industry is vital to the health of our economy and our national security. In West Virginia alone, the steel industry supports 14,000 jobs,” said Senator Capito. “This legislation aims to make the domestic steel industry more competitive so that jobs and businesses can grow, workers can benefit, and our military can access critical steel resources.”
“From Pittsburgh to Bethlehem, Pennsylvania and steel have long gone hand in hand. Almost 80,000 hardworking men and women throughout Pennsylvania rely on the steel industry for jobs. This bipartisan and bicameral legislation will spur major economic growth and job creation throughout our country, especially where it’s needed most, and help this indispensable industry make America even stronger,” said Representative Kelly.
“US steelmakers are struggling today against imported steel that’s illegally subsidized by foreign governments like China and South Korea,” Representative Doyle observed. “American steelmakers can beat anybody in a fair fight, but right now the deck’s stacked against them. The Steel Industry Preservation Act would help level the playing field.”
According to the American Iron and Steel Institute, the steel industry directly employs 150,000 people in the United States and supports more than one million jobs.
Click here to view a one pager on the bill.
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