U.S. Steel Industry Asks Treasury Department to Shore Up IRA Material Content Rules
07/28/2023 - Five steel trade associations are urging the U.S. Treasury Department to revise qualifications for material-related bonus tax credits in the Inflation Reduction Act.
In a letter to Treasury Secretary Janet Yellen, the trade groups, the American Iron and Steel Institute, the Steel Manufacturers Association, the American Institute of Steel Construction, Committee on Pipe and Tube Imports, and Specialty Steel Industry of North America, said they were concerned that the current guidance allows the use of imported steel in place of available domestic steel products in certain areas.
Those areas are monopiles for offshore wind facilities, steel components with structural functions in photovoltaic tracking systems (including torque tubes, foundations and rails) and steel fasteners.
“We believe that the agency should take appropriate action to fix…errors in the recently issued guidance," they wrote. "It is critical to ensuring that the clear intent of Congress to incentivize the use of domestic steel and iron in clean energy projects is realized. It also ensures that the guidance does not unwittingly benefit China and other countries that have repeatedly exported dumped and subsidized steel into the U.S. market, injuring domestic steel producers and their workers."