For U.S. steel manufacturers, 1983 was not a banner year; one-third of U.S. steelworkers were on layoff, it was the industry’s second consecutive unprofitable year, and the market share of imports set a record high.
In August 1981 the U.S. Congress enacted the Economic Recovery Tax Act (ERT A) to stimulate investment in plants and equipment through expanded investment tax credits and a more rapid method of depreciation.