The U.S. steel industry is poised to see an increase in demand as the federal government imposes new requirements on infrastructure projects.
The U.S. steel industry is poised to see an increase in demand as the federal government imposes new requirements on infrastructure projects that will prioritize domestic manufacturing.
Beginning May 14, the Biden administration will require all federally funded infrastructure projects to be built with iron and steel made in the United States.
BIDEN WILL REQUIRE INFRASTRUCTURE PROJECTS BUY FROM AMERICA FIRST FOR STEEL, IRON
The White House previously issued separate guidance in April explaining the new “Buy America” requirements. The guidance also explained that such requirements can be waived if the purchase “would be inconsistent with the public interest,” if the needed materials aren’t produced “in sufficient and reasonably available quantities or of a satisfactory quality” or if U.S. materials increase a project’s cost by more than 25%.
The U.S. steel industry prepares to deliver on Biden’s domestic steel mandate. (Stephen Goin / Fox News)
A provision of the $1 trillion, bipartisan infrastructure plan signed into law in November, the requirements could be a welcome boost to the beleaguered American steel industry.
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In a statement, the American Iron and Steel Institute (AISA) applauded the “Buy America” guidance and commended the Biden administration on its commitment to ensuring “all federally-funded infrastructure and public works projects use iron, steel and other products that are made in America.”
At Majestic Steel in Ohio, flat-rolled steel is processed for distribution across the country. (Stephen Goin / Fox News)
At Ohio-based steel distributor Majestic Steel USA, CEO Todd Leebow told Fox Business his company is prepared to deliver on Biden’s domestic steel mandate.
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“There’s such a need for value in the supply chain and domestic production and distribution,” Leebow said.
