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OHIO STEEL INDUSTRY ADVISORY COUNCIL RESOLUTION OF SUPPORT FOR THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009

Adopted March 10, 2009

WHEREAS, the American Recovery and Reinvestment Act of 2009 (the Act) is intended to promote economic recovery and lessen hardships from the deepening recession, and

WHEREAS, the Act is projected to create or save 3.5 million jobs including an estimated 133,000 jobs in Ohio, and

WHEREAS, the Act will inject $789 billion into the American economy including $8.2 billion into the Ohio economy, and

WHEREAS, the Act will help to stimulate steel demand through $80.9 billion of infrastructure investment including more than $1.5 billion in Ohio, and

WHEREAS, the Act allocates $49.7 billion for energy efficiency and green energy projects many of which will require manufactured components made of steel, and

WHEREAS, the Act incorporates “Buy American” requirements, consistent with existing trade agreements and trade laws, which will help to ensure that American workers and businesses will benefit and thereby accelerate economic recovery in the United States, and

WHEREAS, the Act provides $5 billion in a bonus depreciation which extends a provision allowing businesses making capital investments to speed up depreciation through 2009, and

WHEREAS, the Act provides $15 billion to allow companies to use current losses to offset profits made in the previous five years, instead of two, making them eligible for tax refunds, and

WHEREAS, the Act liberalizes the rules governing the use of tax-exempt bonds to benefit manufacturing capital projects undertaken in 2009 and 2010, and

WHEREAS, the Act provides $40 billion for extended and increased unemployment benefits, and

WHEREAS, the Act allocates $53.9 billion to education and training.