Bicameral legislation introduced by U.S. Sen. Shelley Moore Capito (R-WV) and U.S. Rep. Mike Kelly (R-PA) on Wednesday would make the domestic steel industry more competitive.
The Steel Industry Preservation Act would establish a new tax credit for the production of fuel used by the steel industry to lower production costs and to boost U.S. steel competitiveness.
“The strength of the steel industry is vital to the health of our economy and our national security,” Capito said. “In West Virginia alone, the steel industry supports 14,000 jobs. 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.”
The bill would also promote sustainability by incentivizing steel manufacturers to recycle hazardous waste.
“From Pittsburgh to Bethlehem, Pennsylvania and steel have long gone hand in hand,” Kelly said. “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.”
U.S. Rep. Mike Doyle (D-PA), who joined Capito and Kelly in introducing the bill, said that U.S. steelmakers are struggling to compete with imported steel that is illegally subsidized by foreign governments like China and South Korea.
“American steelmakers can beat anybody in a fair fight, but right now the deck’s stacked against them,” Doyle said. “The Steel Industry Preservation Act would help level the playing field.”