WASHINGTON — SMA President Philip K. Bell issued the following statement today:

“America’s manufacturing sector built our country into a global economic powerhouse. However, over time we slid to one of the least competitive corporate tax rates. As a result, manufacturing was driven overseas. The 2017 Tax Cuts and Jobs Act made our country competitive again for global investments, producing immediate benefits for manufacturers of all sizes. Our workers, our communities and our economy all benefited. Congress has a unique opportunity to extend and expand the credits that helped make our economy the envy of the world. We urge Congress to act swiftly to pass the One Big Beautiful Bill Act.

“The One Big Beautiful Bill Act invests in American workers. It will allow manufacturers to buy new equipment, to further their lead in research and development, to raise wages and improve employee benefits. Most importantly, this legislation will allow our members to create more jobs.

“Extending smart tax policies such as ensuring a competitive corporate tax rate for manufacturing, restoring 100 percent accelerated depreciation for capital equipment purchases and restoring immediate expensing of domestic research and development will drive even greater manufacturing investments to our shores. These policies helped make America the global leader in innovation and renewing them will ensure that we maintain our competitive edge at a time we need it most.”

About the SMA

SMA is the largest steel industry trade association in the United States and is the primary trade association representing North American EAF steel producers. EAF steelmakers account for almost 70 percent of domestic steelmaking capacity using an innovative, 21st century production process that is less energy-intensive and has lower carbon emissions than traditional steelmaking. For more information check out our website at www.steelnet.org or our LinkedIn page.