Steel prices are cooling worldwide. Moreover, steel inventory is piling up in China because of slowing demand. However, the U.S. steel industry is poised to witness decent growth as the federal government has mandated the use of domestic steel in its $1 trillion infrastructure plan.
According to a memo released by the White House, the Biden administration has directed federal agencies to make sure that the construction projects being funded under the Infrastructure Investment and Jobs Act (IIJA) use domestically manufactured products, such as iron and steel.
