New Bill Could Catalyze American Steel Boom

Washington, D.C. - America's steel renaissance is at the cusp of a boom that could be activated by the Modern Steel Act, Alliance for American Manufacturing President Scott Paul said in a speech on Friday at the Green Diamond Industrial Complex in Johnstown, Pa. The event unveiled The Modern Steel Act, new legislation from Rep. Ro Khanna (D-Calif.) that would award $10 billion in cost-share grants, low-interest loans and other financing for the construction of new steel plants producing near-zero emissions iron and/or steel.

With a new push for proactive trade enforcement, a bevy of industrial policies, and growing public awareness of the value of a steel job, "the door is now open for American steel to grow and transform," Paul said.

The Modern Steel Act aims to build new iron and steel plants in towns that have suffered deindustrialization, train a new generation of steelworkers, and increase U.S. industrial competitiveness.

"To move us forward, we'll need efforts like Congressman Khanna's Modern Steel Act to spur capital investment and expansion to meet our domestic needs, instead of relying so much on less sustainable imports," Paul said. "That means more American steel, more steelworkers, and more economic and national security for us all."

United Steelworkers International President David McCall and Cleveland-Cliffs Senior Vice President for Government Relations Patrick Bloom joined Paul in lauding the legislation at Friday's event.

Read Paul's full speech here.