Lawmakers Reintroduce Bipartisan Steel Industry Preservation Act
Legislation will strengthen domestic steel industry and support jobs
WASHINGTON, D.C. – This week, U.S. Senators Shelley Moore Capito (R-W.Va.), Sherrod Brown (D-Ohio), Rob Portman (R-Ohio), Bob Casey (D-Pa.) and Debbie Stabenow (D-Mich.) reintroduced the bipartisan Steel Industry Preservation Act, which aims to strengthen the domestic steel industry by creating a tax credit that would lower the cost of production. Representatives Mike Kelly (R-Pa.) and Mike Doyle (D-Pa.) also introduced companion legislation in the House of Representatives.
The bill, which was first introduced by Senators Capito and Brown in the 114th Congress, 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. This would lower the cost of production, make the domestic steel industry more competitive with foreign companies, and promote job growth within the industry, which currently employs roughly 150,000 people and supports hundreds of thousands of additional jobs nationwide.
“The steel industry is critical to American manufacturing, energy production and national security, and it employs thousands of people in West Virginia and around the country. The strength and competitiveness of this vital industry is crucial to the well-being of our economy, and the Steel Industry Preservation Act will help the domestic steel industry grow and thrive. I am proud to join with my colleagues to reintroduce this bill in the 115th Congress,” said Senator Capito.
“Liquid steel production helps dispose of hazardous waste and recycle it into a new, innovative product that helps our steel industry compete,” said Senator Brown. “This credit will encourage companies to produce liquid steel, cut down on production costs, and support jobs in our steel industry.”
“With threats of foreign steel companies cheating and undercutting quality American products, it’s more important than ever to make sure we protect the American steel industry and the hard working Ohioans that depend on it. The Steel Industry Preservation Act will support these jobs and our economy by making steel less expensive to produce which in turn will make our domestic product more competitive on the world stage,” said Senator Portman.
“From Pittsburgh to Bethlehem, Pennsylvania has always been steel country. With more than 80,000 hardworking men and women employed by the steel industry throughout the Keystone State, the domestic production of steel is key to our economy. Thanks to our bipartisan, bicameral legislation, this indispensable American industry will be able to create more jobs and make our economy stronger,” said Representative Kelly.
“U.S. steelmakers have been under attack from government-subsidized steel mills overseas for years now,” said Representative Doyle. “I support efforts like the Steel Industry Preservation Act that make American steel mills more competitive – and help US steelworkers keep their jobs.”
Click here to view a one pager on the bill.
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