New Infrastructure Bill, New Opportunity
On November 5, 2021, the House of Representatives passed a one trillion dollar infrastructure deal with bipartisan support. The infrastructure deal, which has been in the works for several months, quickly received President Biden’s signature of approval. The deal will fund new public works projects that will likely increase demand for domestic steel, creating new job opportunities within the steel industry.
Improving infrastructure improves demand
The infrastructure deal will fund a variety of public works projects that will require the use of domestic steel, including new roads, bridges, ports and waterways, water infrastructure, electric grids, and EV systems. That could translate into a big boost for American steel. In fact, the American Iron and Steel Institute estimates the demand for domestic steel could increase by as much as five million tons for every $100 billion invested in infrastructure. Not only can that improve the foundation of our country, it could put money right back into the pockets of American mill workers, their families and their communities. Read more about it here.
A clean future
The infrastructure deal includes the use of clean steel for new projects — yet another good sign for domestic steel. Steel made in the U.S. has a lower carbon footprint because it’s produced with less energy intensity than much of the steel coming from foreign countries.
The new infrastructure deal brings the promise of continued improvement to our industry —welcome news as we close out the year.