The US Senate officially passed the $1tn bipartisan infrastructure bill through a majority vote on Tuesday entailing the rebuilding of aging roads and bridges, which leads the way towards added steelmaking demand.
The Infrastructure Investment and Jobs Act of 2021 will direct $550bn in new federal funds for infrastructure projects such as transit systems and other physical developments.
The bill is being applauded by the steel industry as it will drive demand for steelmaking and further safeguard the expanding steel and aluminum markets.
Keven Dempsey, president, and chief executive officer (CEO) of the American Iron and Steel Institute (AISI) stated the project will stimulate economic growth and job creation in the US.
Passing the bill moves the nation toward receiving needed funds for the country’s vital infrastructure projects also boosting the use of domestic steel, Dempsey continued.
The bill still needs to pass a vote in the House of Representatives, which may not occur until September as members are on August recess.
The proposal is slated to meet House resistance on concerns over investing $3.5tn toward progressive policies regarding climate change, health, education, and other social matters, though President Biden has voiced his support for the bill.