NEW YORK A federal bill that would extend the Generalized System of Preferences (GSP) program until October 2015 apparently is being held up in the Senate. The program is due to expire July 31.
The GSP program extends duty-free treatment to several thousand products imported into the United States, including ferroalloys, from developing nations such as India, Russia and South Africa.
The GSP program facilitated more than $1 billion worth of imports of "steelmaking and ferroalloying materials" last year, according to the Coalition for GSP.
"Indiana imported an estimated $148 million worth of ferrosilicon, a raw material used in the steelmaking process, and accounted for more than three-quarters of U.S. ferrosilicon imports under GSP last year," the business group said.
However, the legislation reportedly has stalled, with Sen. Tom Coburn (R., Okla.) and Sen. Kay Hagan (D., N.C.) objecting to a request to pass the bill by unanimous consent, according to the coalition.
Members of the coalition include Georgian American Alloys Inc. and Traxys North America LLC.