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Steel News November 16, 2020 08:30:24 PM

U.S. Steel Industry to Benefit from Infrastructure Investment Push

Paul Ploumis
ScrapMonster Author
The first session of the 117th US Congress is scheduled to begin on January 3, 2021.
U.S. Steel Industry to Benefit from Infrastructure Investment Push

SEATTLE (Scrap Monster): Kevin Dempsey, interim president and chief executive officer, the American Iron and Steel Institute (AISI) said that the steel industry is likely to benefit if the new administration under the President-elect Joe Biden decides to prioritize spending on infrastructure development projects. The infrastructure investment plan along with trade enforcement measures enjoys bipartisan support, he added.

The first session of the 117th US Congress is scheduled to begin on January 3, 2021. The House is likely to consider a major infrastructure bill in February itself. The bill is likely to focus on traditional initiatives, such as roads and bridges.

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The passage of the steel-intensive infrastructure bill would boost the prospects of the entire steel industry, AISI noted. It called for expansion of “Buy America” requirements from federally funded infrastructure projects from roads and bridges to other projects as well.

The anticipated review of Trump’s tariffs by the new administration provides the steel industry with an opportunity to make its case for keeping the 232 duties in place, Dempsey said. He denied the arguments in support of more import supply owing to long lead times and high prices for certain steel products. The Biden administration, in consultation with its traditional allies, should come up with a solution to tackle the global overcapacity situation, mainly in China.