Economy

Steel groups welcome passage of budget bill

July 3, 2025

Steel trade groups praised the passage of the Big Beautiful Bill (BBB) as it passed in the House of Representatives on Thursday.

The bill has been approved by both the House and Senate. It will now be sent to President Trump’s desk where it is expected to be signed within days.

American Iron and Steel Institute responds

AISI President and CEO Kevin Dempsey applauded the passage of the bill, which extends provisions of the 2017 Tax Cuts and Jobs Act (TCJA). Some of these were scheduled to expire at the end of 2025.

Dempsey also noted the bill includes several other improvements to the US tax code.

For the US steel industry, in particular, as well as manufacturing, Dempsey noted the importance of a number of tax provisions.

“Many of the key capital cost recovery provisions from the 2017 tax law have expired or were scheduled to be phased out, including 100% bonus depreciation for business investment, immediate expensing for domestic research and development expenses, and the EBITDA-based standard for business net interest deductions,” Dempsey said in a statement on Thursday.

He commented that these rules have a record of fueling innovation and economic growth.

“Today’s action to restore these measures and make them a permanent part of the tax code will allow many companies to invest in steel-intensive facilities and equipment,” Dempsey added.

Approval of the Steel Manufacturers Association

Likewise, SMA President Philip K. Bell cheered the BBB’s passage.

“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,” Bell said in a statement on Thursday.

He noted that 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,” Bell said. “The One Big Beautiful Bill will work to turbocharge those investments and help drive new ones.”

He cited driving innovation and lowering the cost for manufacturing equipment as positive effects the bill will have on the domestic steel industry.

“This legislation puts our industry in a strong position to continue making momentous investments and supporting America’s coming economic renaissance,” Bell concluded.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.