The over $500bn US infrastructure Bill moved a step closer to becoming a law after the US House of Representatives passed it with a vote of 219-201 on Thursday.
Through this Bill, called the INVEST in America Act, the Biden administration plans to spend around $574bn to upgrade and modernize the country’s road and transportation infrastructure. Projects under this act would include expanding passenger rail lines and public transport services, repairing and upgrading old roads, railways, and bridges, and ramp up the country’s shift towards renewable energy and electric vehicles.
The passage of this bill is expected to substantially help the steel, aluminum, and copper industries across the country as the various projects under this Act will need a significant amount of these metals most of which will be bought from US manufacturers.
The American Iron and Steel Institute (AISI) applauded the passage of the act, with the institute’s president and chief executive officer, Kevin Dempsey, noting that this was a constructive move especially with the provision to use American steel to rebuild the country’s infrastructure.
He added that US-made steel was the most environment-friendly product since its production resulted in minimum carbon emissions compared to steelmakers in other developed nations.
The Bill will now move to the Senate for a vote and if passed, it will head to the President’s desk to be signed into law.