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The Steel Modernization Act of 2024 establishes federal financial assistance programs to support domestic iron and steel manufacturing with advanced, low-emissions technologies. The bill authorizes the Department of Energy to award grants and other financial support for construction, retrofitting, and demonstration of near-zero emissions iron and steel facilities, with requirements for domestic sourcing, prevailing wages, project labor agreements, and community benefits. It also imposes a tariff on imported steel based on emissions intensity and directs revenues toward economic support in affected regions.
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