SEATTLE (Scrap Monster): The American Iron and Steel Institute issued a statement welcoming the House and Senate passage of the “CHIPS Act” this week.
In the statement, AISI said that the bill will promote much-needed investment in domestic semiconductor manufacturing. This will ensure that the microchips that are necessary for many essential products can be made in the U.S. rather than being imported from overseas, AISI noted.
Most importantly, the passage of the bill would help to address the chip supply challenges faced by U.S. automakers, thereby providing huge boost to the entire automotive supply chain, including the American steel industry. Incidentally, steel currently makes up about 54 percent of the mass of the average North American vehicle, it noted.
The entire steel industry looks forward to President Biden signing the CHIPS Act, the AISI statement added.
Last week, AISI had sent an open letter addressed to Senate Majority Leader Charles Schumer and Minority Leader Mitch McConnell, urging the U.S. Senate to pass the Act when it comes for debate. A similar letter was sent on July 27th as well, urging House passage of the Act.
AISI- the voice of the American steel industry in the public policy arena has been a strong supporter of the CHIPS Act.