Steel Industry Preservation Act

Bill 117 HR 4758, also known as the Steel Industry Preservation Act, was introduced in the US Congress with the aim of supporting and revitalizing the steel industry in the United States. The bill seeks to address the challenges faced by the steel industry, including competition from foreign markets and declining demand for steel products.

The Steel Industry Preservation Act proposes several measures to support the domestic steel industry. One key provision of the bill is the establishment of a Steel Industry Revitalization Fund, which would provide financial assistance to steel companies facing financial difficulties. This fund would help these companies modernize their facilities, improve efficiency, and remain competitive in the global market.

Additionally, the bill includes provisions to strengthen trade enforcement measures to prevent unfair trade practices that harm the domestic steel industry. This includes increasing penalties for countries that engage in dumping steel products in the US market at below-market prices. Furthermore, the Steel Industry Preservation Act aims to promote domestic steel production by requiring federal agencies to prioritize the use of American-made steel in infrastructure projects. This would help create demand for domestic steel products and support American steelworkers. Overall, Bill 117 HR 4758, the Steel Industry Preservation Act, seeks to support and revitalize the domestic steel industry by providing financial assistance, strengthening trade enforcement measures, and promoting the use of American-made steel in infrastructure projects. If passed, this bill could help protect American jobs and ensure the long-term viability of the steel industry in the United States.