Steel eyeing Obama budget warily

Apr 11, 2013 | 06:40 PM | Samuel Frizell

Tags  Obama budget, infrastructure, taxes, steel, Thomas Gibson, Thomas Danjczek, Chris Casey, AISI SMA

NEW YORK — The White House’s recently unveiled budget was met with skepticism by steel interests, who say the plan's proposed infrastructure spending and tax increases are likely to be a mixed bag for the industry.

Two particular measures in President Obama’s budget proposal—infrastructure spending and changes in the tax code—would have a direct effect on the steel industry, sources said. Although the budget calls for $50 billion in infrastructure spending, which likely would increase steel demand, there are fears that the White House’s intent to raise $580 billion in taxes could hurt manufacturing. ....

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