| Over a week ago | ||||
The Department of the… The Department of the Treasury and Internal Revenue Service released guidance that provides information about the domestic content bonus under the Inflation Reduction Act for clean energy projects and facilities that meet American manufacturing and sourcing requirements. Under the Production Tax Credit, facilities that meet domestic content requirements receive a 10% bonus. Under the Investment Tax Credit, projects that meet the domestic content requirement receive up to a 10-percentage point bonus. Projects are eligible for the full value of the bonus only if they meet the domestic content requirement and one of the following requirements: the project has a maximum net output of less than 1 megawatt of energy, construction of the project began before January 29, 2023, or the project satisfies the Inflation Reduction Act's prevailing wage and apprenticeship requirements. The domestic content bonus applies to facilities built using the required amounts of domestically produced steel, iron, and manufactured products. To receive the bonus, all steel and iron manufacturing processes must take place in the United States. A statutorily required minimum percentage of the costs of the manufactured products and components of manufactured products that comprise a facility must come from products and components that were mined, produced, or manufactured in the United States, Treasury said in its statement. Publicly traded companies in the steel space include AK Steel (AKS), ArcelorMittal (MT), Nucor (NUE), Steel Dynamics (STLD), TimkenSteel (TMST) and U.S. Steel (X). | ||||
| Over a quarter ago | ||||
The U.S. and EU are… The U.S. and EU are considering new tariffs on Chinese steel and aluminum as part of efforts to combat carbon emissions and global overcapacity, Bloomberg's Jenny Leonard, Alberto Nardelli, and Jorge Valero report, citing people familiar with the matter. The move would present a novel approach, as the U.S. and EU would aim to use such duties to further a climate agenda as opposed to trade conflicts, the authors note. Publicly traded companies in the space include AK Steel (AKS), ArcelorMittal (MT), Nucor (NUE), Steel Dynamics (STLD), TimkenSteel (TMST) and U.S. Steel (X). | ||||
