Capito, Portman, Kelly lead bipartisan, bicameral efforts to lower steel production costs, boost competitiveness

U.S. Sens. Shelley Moore Capito (R-WV), Rob Portman (R-OH) and U.S. Rep Mike Kelly (R-PA) led bipartisan, bicameral efforts on Friday to lower steel production costs through a new tax credit.

The Steel Industry Preservation Act, which the lawmakers reintroduced in the Senate and the House, would establish a tax credit for the production of steel industry fuel through an environmentally friendly process that displaces bunker fuel oil during coking, the process of heating coal to burn off unwanted impurities.

The tax credit would lower the cost of producing coke, which would lower the cost of production, make the domestic steel industry more globally competitive, and promote overall growth of the steel industry.

“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,” Capito said. “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.”

Capito and Portman were joined by U.S. Sens. Sherrod Brown (D-OH), Bob Casey (D-PA) and Debbie Stabenow (D-MI) in reintroducing the bipartisan legislation in the Senate.

The bill would encourage liquid steel production and help dispose of hazardous waste by recycling it into a new, innovative product that helps cut steel production costs and boost competitiveness, Brown said.

“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,” Portman added. “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.”

Kelly, meanwhile, reintroduced the House version of the bill with U.S. Rep. Mike Doyle (D-PA).

“From Pittsburgh to Bethlehem, Pennsylvania has always been steel country,” Kelly said. “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.”

Capito and Brown originally introduced the bipartisan, bicameral bill during the 114th Congress.