House Passes $340 Billion, 6-Year Infrastructure Bill; Tata Prepares Cuts

The House of Representatives has passed its version of a 6-year infrastructure bill and Tata Steel is moving ahead with cuts due to cheaper Chinese imports.

Infrastructure Bill Clears the House

The House of Representatives on Thursday overwhelmingly approved a multiyear highway bill that includes more than $340 billion in transportation and infrastructure programs to address the nation’s deteriorating roads, transit railways and bridges.

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The measure would also revive the Export-Import Bank, a trade-promoting agency that expired last summer amid attacks from conservative lawmakers. The House has named negotiators to hammer out a compromise version with a somewhat similar 6-year bill that passed the US Senate earlier this year.

Both chambers are trying get a bill to President Obama’s desk by November 20 when the existing funds for federal transportation projects will run out.

Tata Steel Will Press Ahead With Cuts

Tata Steel Ltd., Europe’s second-largest steel producer, said on Thursday it will press ahead with cost cuts and restructuring to cope with a surge in cheap Chinese exports to Europe and India, its two key markets.

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Tata, which posted a surprise 22% rise in second-quarter net profit after selling some non-essential holdings, is trying to revive its struggling British operation and has cut thousands of jobs since buying Anglo-Dutch Corus in 2007.