Save the American Steel Industry Act of 2001
Last action on May 9, 2002Sponsor introductory remarks on measure. (CR S4086)
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Summary
The Save the American Steel Industry Act of 2001 was designed to stabilize the domestic steel sector by providing financial support for retiree healthcare and encouraging industry consolidation. The bill proposed creating a federal trust fund, financed by a new tax on steel sales, to help pay for the health benefits of retired steelworkers. Additionally, it offered federal grants to companies that acquired struggling steel manufacturers to help them cover the costs of meeting environmental regulations, provided they maintained at least 80 percent of the existing workforce and production capacity.
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