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Nuclear Energy on the Way Back?

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For several years, steel and aluminum industry executives have frequently touted the need to revisit nuclear power as a solution to the nation’s energy concerns. That’s only accelerated in the ongoing push for decarbonization.

It seems that idea is finally gaining some traction. Better yet, the support from the political class seems to cross political boundaries.

The U.S. House of Representatives, a body not known recently for its ability to work together, voted overwhelmingly in support of the Accelerating Development of Versatile, Advanced Nuclear for Clean Energy Act. I’ll save you the trouble, that spells ADVANCE.

A similar lopsided vote took place in a Senate committee, with a vote from the full Senate expected soon. And the Biden administration previously signaled its backing of a revamped nuclear program.

For more than two decades following the Three Mile Island accident, investment in new nuclear power plants disappeared. The 2010s signaled a return to interest, though new plants have still been scarce. This act suggests the U.S. may be more willing to revisit this form of power.

Obviously, any new power generation source is going to increase demand for steel and other metals. But more significant is the role nuclear power could play in the metals industry’s quest to reach net zero emissions.

Not surprisingly, groups such as the National Association of Manufacturers, among others, are throwing their support behind the legislation.

“Nuclear-generated power is an important part of an all-of-the-above energy strategy, which is necessary to meet the power needs of a growing manufacturing sector,” NAM Managing Vice President of Policy Chris Netram said last week. “The ADVANCE Act would accelerate the development and commercialization of advanced nuclear reactor technologies through reforms to the existing licensing and permitting systems.”

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