STLD - U.S.-made steel must be used in infrastructure bill projects Biden says

The Biden administration issued guidance to federal agencies on Monday requiring the material purchased for projects funded by the infrastructure spending package passed in 2021 must be produced within the U.S., while also setting up a process to waive the requirements in case there are not enough domestic producers or the material costs too much. Agencies must ensure that all iron and steel products purchased for a project have been fully produced in the U.S. from the initial melting process to the final application of coatings, the guidance says. Stocks of potentially related steel producers such as U.S. Steel (X), Cleveland-Cliffs (NYSE:CLF), Nucor (NUE), Commercial Metals (CMC) and Steel Dynamics (STLD) were little changed Monday by the announcement. It is not clear what percentage of construction material for existing infrastructure projects is U.S.-made, even though the federal government already is spending $350B on construction this year; the new guidelines would

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U.S.-made steel must be used in infrastructure bill projects, Biden says