SMA Applauds Senate Passage of Highway Trust Fund Bill
08/04/2014 - The Steel Manufacturers Association (SMA) commends the U.S. Senate for passing H.R. 5021 and funding the Highway Trust Fund with US$11 billion through May 2015.
“It is great to see Congress provide short-term funding of the Highway Trust Fund. Failure to pass a bill would have jeopardized 700,000 jobs, according to White House estimates. However this is a stopgap measure that does not address our nation’s long-term infrastructure needs. It is time for our nation’s leaders to get serious about funding solutions,” said SMA president Philip K. Bell.
“As a percentage of GDP, infrastructure investment is at its lowest level in more than 20 years. In 2012, the Federal Highway Administration found that one in nine bridges in the United States was structurally deficient. That is a sobering statistic for structures that are the backbone of our domestic and foreign commerce. Our economy cannot thrive without supporting the most basic of our infrastructure needs.
“While we are pleased that Congress has funded the Highway Trust Fund through next May, this temporary measure reinforces the need for stronger leadership from both the federal government and the private sector to address the enormous infrastructure challenge our nation faces.”
SMA is the primary trade association for North American electric arc furnace steel producers, often referred to as mini-mills. SMA’s 33 member companies account for over 75% of total domestic steel production.
“As a percentage of GDP, infrastructure investment is at its lowest level in more than 20 years. In 2012, the Federal Highway Administration found that one in nine bridges in the United States was structurally deficient. That is a sobering statistic for structures that are the backbone of our domestic and foreign commerce. Our economy cannot thrive without supporting the most basic of our infrastructure needs.
“While we are pleased that Congress has funded the Highway Trust Fund through next May, this temporary measure reinforces the need for stronger leadership from both the federal government and the private sector to address the enormous infrastructure challenge our nation faces.”
SMA is the primary trade association for North American electric arc furnace steel producers, often referred to as mini-mills. SMA’s 33 member companies account for over 75% of total domestic steel production.
