Portman, Brown Introduce Tax Cut for Steel Industry
Bill Would Lower Cost of Production for Domestic Steel, Promote Job Growth
WASHINGTON, D.C. — U.S. Sens. Rob Portman (R-OH) and Sherrod Brown (D-OH) announced today that they will reintroduce the Steel Industry Preservation Act, bipartisan legislation that would create a tax credit for domestic steel companies, lower the cost of steel production, and promote job growth within the industry. Portman and Brown both co-sponsored the legislation last congress.
“With threats of foreign steel companies cheating and undercutting quality American products, it’s more important than ever to make sure we protect the American steel industry and the hard working Ohioans that depend on it. The Steel Industry Preservation Act will support these jobs and our economy by making steel less expensive to produce which in turn will make our domestic product more competitive on the world stage,” said Portman.
“Liquid steel production helps dispose of hazardous waste and recycle it into a new, innovative product that helps our steel industry compete,” said Brown. “This tax credit will encourage companies to produce liquid steel, cut down on production costs, and support jobs in our steel industry.”
The Steel Industry Preservation Act would provide a tax credit for steel companies that produce steel industry fuel, which is created by reusing waste products from steel production in an environmentally sustainable way. In addition to the tax credit, the production of steel industry fuel lowers the cost of steel production and promotes job creation.
Portman and Brown have also worked to give domestic industries the ability to fight unfair trade practices and Senator Portman has been widely acclaimed for his commitment to steel workers. In June 2015, their Leveling the Playing Field Act was signed into law by President Barack Obama, ushering in the most significant changes to trade remedy law since 2002.