According to the study, "Corrosion Costs and Preventive Strategies," the cost of corrosion in the U.S. is a staggering $276 billion per year. The shipping industry alone accounts for $2.7-billion, broken down into new ship construction — $1.1 billion, maintenance and repairs — $0.8 billion, and corrosion-related downtime — $0.8 billion. This study was initiated by NACE International — The Corrosion Society and mandated by the U.S. Congress in 1999 as part of the Transportation Equity Act for the 21st Century (TEA-21), and conducted by CC Technologies Laboratories, Inc, with support from the U.S. Federal Highway Administration (FHWA) and NACE. This year more than 7,000 of the world's leading corrosion professionals will meet in San Diego, Calif.