Key Point: “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.’”

Bloomberg: US Steel CEO Hails IRA as a ‘Manufacturing Renaissance Act’

[By Eddie Spence and Kailey Leinz]

• 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.”

• 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.