HOLLAND — A bill introduced in the U.S. House would provide tax credits to American steel manufacturers, provided they create steel industry fuel.
The Steel Industry Preservation Act was introduced in Congress on Wednesday by Reps. Bill Huizenga, R-Zeeland, Mike Doyle, D-Pennsylvania, Mike Kelly, R-Pennsylvania and Conor Lamb, D-Pennsylvania.
SIPA would offer tax credits for steel manufacturers for barrels of steel industry fuel produced. Steel industry fuel is produced by liquefying coal waste sludge, which is deemed a hazardous substance by the Environmental Protection Agency.
After the sludge is liquefied, it gets mixed with metallurgical coal, and the mixture is used to produce fuel used in steel manufacturing.
Similar legislation has been introduced in previous sessions of Congress. Lawmakers are hopeful the bill will aid domestic steel industry production while rewarding manufacturers who practice environmentally friendly methods.
“I constantly hear from West Michigan manufacturers about the need for high quality, made in America steel,” Huizenga said in a statement. “This bipartisan legislation will help make American steel more affordable and strengthen our domestic supply base so manufacturers in Michigan and across the Midwest can help fuel our nation’s economic recovery.”
According to data from the World Steel Association compiled in the March 2021 U.S. International Trade Administration, U.S. steel production was 6.4 million metric tons in December 2020, down 13.7 percent from 7.4 million metric tons in December 2019. But the industry has shown signs of boosting productions levels after suffering low rates during the early stages of the coronavirus pandemic.
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