SMA President Philip K. Bell issued the following statement today:
“Today, Congress and President Trump delivered a signature win and made historic investments for American workers. Passing the One Big Beautiful Bill Act and sending it to President Trump’s desk for signature means America will continue to be the premier destination for manufacturing.
“Since President Trump’s first term, steelmakers have been making major investments. The steel tariff and the Tax Cuts and Jobs Act (TCJA) have helped steelmakers invest in their facilities, their workers and their communities. The One Big Beautiful Bill will work to turbocharge those investments and help drive new ones. By keeping the President’s campaign promise of no taxes on overtime, the bill will put more money in the pockets of families and stimulate spending and prosperity in their communities.
“Many of these job-creating investments in steel mills that drive even greater job creation hinge on several factors. The cost of equipment for new manufacturing facilities is a big one. The bill Congress passed today significantly lowers cost barriers by renewing immediate expensing of capital equipment and making that provision permanent.
“Furthermore, the BBB boosts American innovation. Our country has been at the forefront of nearly every technological advance over the last century. Our steel industry uses modern, efficient technology that is the envy of the world, and other countries are working fast to catch up fast. Governments around the world have been pouring money into their steel industries to replicate the market-based investments that American companies have made for decades. The tax bill’s renewal of immediate expensing for research and development will allow steelmakers and manufacturers to grow our lead.
“We applaud President Trump and Congress for prioritizing steelmakers and other manufacturers. Steel is critical to modern society and any economic growth. When steel manufacturing thrives, our entire country and our economy thrives. This legislation puts our industry in a strong position to continue making momentous investments and supporting America’s coming economic renaissance.”
