The Inflation Reduction Act is spurring manufacturers to return to the US in droves, the chief executive officer of US Steel Corp. said.
“This is the most amazing thing we’ve seen in the United States for a very long time,” David Burritt said in an interview with Bloomberg Television. “It’s a Manufacturing Renaissance Act.”
US industrialists have been cheering the praises of the IRA, which offers generous subsidies to domestic manufacturers of green technology such as electric vehicles batteries. It’s faced stern criticism from European countries, which are racing to match the scale of the funding.
The IRA may drive stronger steel demand in the US, particularly from the metals-intensive renewable energy sector. Steelmakers also will benefit from tax credits for their decarbonization goals.
“I couldn’t be more bullish on the steel industry,” Burritt said. “It’s fantastic to see that our country finally recognizes how important a strong manufacturing base is.”
Earlier Friday, the company posted second-quarter profit and sales that topped estimates.
