The Modern Steel Act provides for the construction of new steel mills in deindustrialized cities
U.S. Democratic Congressman Ro Khanna has introduced a bill to revive the steel industry – the Modern Steel Act. This is stated in the message of Hanna’s office.
The Modern Steel Act is a transformational initiative that will build new steel mills in deindustrialized cities, bring new generation steel back to America, strengthen domestic production, create well-paying jobs and retain existing ones, and increase US industrial competitiveness globally.
Hanna introduced the bill in Johnstown, Pennsylvania, a region that has a rich history of iron and steel production and has been hit hard by deindustrialization.
“While the U.S. steel industry is a global leader in producing clean steel, we still have a long way to go to reach near-zero emissions. We are pleased to support a bill that will create a strong public-private partnership to provide tax incentives that will encourage continued and increased investment in breakthrough technologies, enable continued innovation in the U.S. steel industry, and create jobs,” said Kevin Dempsey, President and CEO of the American Iron and Steel Institute (AISI).
The bill was also supported by the United Steel Workers, Cleveland-Cliffs steel producer, and a number of industry organizations.
The Modern Steel Act, in particular, aims to partner with the steel industry and workers to build new modern facilities that produce iron or steel with near-zero emissions using state-of-the-art technologies such as direct hydrogen reduction; provide $10 billion in cost-share grants, low-interest loans and other financing; and modernize existing integrated plants and mini-mills to use low-emission technologies, etc.
As reported earlier, the American steel associations supported the introduction of a law in Congress that would require verification of the carbon intensity of products derived from various sources, including steel (Prove It Act).
Read more: US rig count increases week-on-week while Canadian rig count decreases
Vietnam Steel by Hoa Sen Group
