US steelmakers praised the Aug. 10 US Senate passage of the Infrastructure Investment and Jobs Act, which – if also approved by the US House of Representatives – is expected to substantially boost steel demand.
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"We applaud the Senate for advancing this bipartisan legislation that will spur economic growth and job creation throughout the country," said Kevin Dempsey, president and CEO of the American Iron and Steel Institute.
"Passage of this bill today gets us one step closer to making long overdue investments in our nation's roads, bridges, transit systems and other essential infrastructure using American-made steel. We look forward to working with the House of Representatives to get this bill to the President's desk as soon as possible."
The trillion-dollar infrastructure bill passed with a 69-30 vote. The deal includes $550 billion in new federal investment in US infrastructure, including $110 billion in new funds for roads, bridges and major projects, and $7.5 billion to build out a national network of electric vehicle chargers.
"The bipartisan passage of this infrastructure bill is monumental," said Philip K. Bell, president of the Steel Manufacturers Association. "SMA appreciates the hard work and compromise of our elected representatives in doing what is best for our country. With approximately $550 billion in new federal spending towards steel-intensive, traditional infrastructure projects, our nation can rebuild roads and bridges, shore up coastlines against climate change, protect public utility systems from cyberattacks, make drinking water safer, and modernize the electric grid."
Public transit also got a boost, along with airports and freight rail, according to Bell. "There is something in this bill for everyone," he said. "We are particularly pleased that this bill includes strong Buy America provisions to ensure that the taxpayer dollars spent on infrastructure projects are built by Americans for Americans."