05/24/2019 | Press release | Distributed by Public on 05/24/2019 15:14
WASHINGTON, D.C. - U.S. Senators Shelley Moore Capito (R-W.Va.), Sherrod Brown (D-Ohio), Rob Portman (R-Ohio), and Bob Casey (D-Pa.) introduced the Steel Industry Preservation Act, legislation to help support jobs in this economically important industry while also improving the environment. The bipartisan bill would eliminate an Environmental Protection Agency (EPA)-designated hazardous waste and save energy by incentivizing the production of steel industry fuel.
'The steel industry is an important part of our economy and critical to American manufacturing, energy production, and even national security. It also creates thousands of jobs for West Virginians and for others across the country,' Senator Capito said. 'This bipartisan legislation will help preserve and grow this vital industry while providing environmental benefits at the same time. It's an example of exactly the kind of solutions we need to focus on right now-commonsense measures that will help improve both our economy and our environment.'
'Steel production can help dispose of hazardous waste and recycle it into new products that help our steel industry compete,' Senate Brown said. 'This tax credit will encourage companies to produce steel, cut down on production costs, and support jobs in our steel industry.'
'Steel is the lifeblood of the American economy, and yet that industrial capacity is threatened by global overcapacity in steel, driven by nonmarket practices in China and other countries. The Steel Industry Preservation Act will ensure the continued vitality of the American steel industry and the success of its workers,' Senator Portman said. 'This bill 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.'
'Pennsylvania steel built this nation and we should honor that important contribution by working to support the industry when we can. We must also work to preserve the Nation's rich environment,' Senator Casey said. 'This bipartisan legislation does just that and also works to grow jobs. I'm proud to join my colleagues in this effort.'
Steel industry fuel is produced through a process of liquefying coal waste sludge-and EPA-designated hazardous waste-distributing the liquefied product on metallurgical coal, and using the resulting mixture as a feedstock for the manufacture of coke.
The Steel Industry Preservation Act will create a tax credit worth $2 per barrel of oil equivalent for the production of steel industry fuel made at a steel industry fuel facility placed in service within 18 months of enactment. The credit will extend for 10 years from the date the facility is placed in service. Incentivizing the production of steel industry fuel will help preserve the domestic steel industry, make efficient use of our energy resources, and improve our environment.
U.S. Congressmen Mike Kelly (R-Pa.) and Mike Doyle (D-Pa.) introduced companion legislation in the House of Representatives.
'Western Pennsylvania has a rich history of steel production, which is making a roaring comeback in today's economy. Our work isn't done, however. There is still much more we can do to bring down the cost of steel to grow the industry and create more jobs,' Congressman Kelly said. 'The Steel Industry Preservation Act will create a tax credit for the production of steel industry fuel. We need to eliminate barriers to new growth, and I am a proud of sponsor of this legislation which would do just that!'
'I support the Steel Industry Preservation Act because it will help make American steel mills more competitive, help U.S. steelworkers keep their jobs, and promote the cleanup of coal-mining waste in Pennsylvania communities,' Congressman Doyle said.
More information on the bill is available here.
Legislative text is available here.
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