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☆ Shawn Fain, CNN Business’ labor leader of the year, plans to keep automakers sweating
▼ + stars: | 2023-12-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +13 min

New York CNN —The longest US auto strike this century is over after a pretty clear win for the United Auto Workers union at all three unionized automakers. “I don’t like what I’ve seen in my work career with the UAW leadership, where they were too damn close to the companies,” UAW President Shawn Fain told CNN earlier this month. So I like to let the body of work speak for itself.”The success of those contracts is the reason that Shawn Fain is CNN Business’ labor leader of the year. All told nearly 800,000 union members got raises of 10% or more during 2023. The plant will be be reopened under the agreement reached between Stellantis and the UAW to end the union's strike at the company.

Persons: Shawn Fain, there’s, Fain, “, ”, I’ve, Sean O’Brien, Fran Drescher, Ted Pappageorge, Bill Greenblatt, Wheaton, Jeff Schuster, It’s, Stellantis, Bianca Flowers, Reuters “, Ray Curry, GlobalData’s Schuster, ” Shawn Fain, we’re Organizations: New, New York CNN, United Auto Workers, UAW, CNN, CNN Business, UPS, SAG, Writers Guild of America, Culinary, Kaiser Permanente, General Motors, Ford, Motors Wentzville, GM, UPI, Cornell University’s School of Industrial and Labor Relations, GlobalData, Jeep, Reuters, Justice Department, Chrysler, Facebook, UAW International Union Locations: New York, Las Vegas, Stellantis, Wentzville , Missouri, Kokomo , Indiana

[1/6] People load up their newly purchased items from Best Buy on Black Friday in Wheaton-Glenmont, Maryland, U.S., November 24, 2023. A record 130.7 million people are expected to shop in stores and online in the U.S. on Black Friday this year, the National Retail Federation (NRF) estimates. But at 6 a.m. on Friday at a Walmart in New Milford, Connecticut, the parking lot was only half full. "It's a lot quieter this year, a lot quieter," said shopper Theresa Forsberg, who visits the same five stores with her family at dawn every Black Friday. And the rise of online shopping has reduced the importance of Black Friday as a single-day event.

Persons: Leah Millis, Cowen, David Klink, Theresa Forsberg, Michael Brown, Kearney, Jeff Gennette, Jimmy Lee, there's, Bergdorf Goodman, Nordstrom, Oscar de, Carlos Araejo, Ruiz, It’s, ”, Paul Aheren, Puma, Siddharth Cavale, Helen Reid, Arriana McLymore, Katherine Masters, Andrew Hay, Bianca Flowers, Danielle Broadway, James Davey, Deborah Sophia, Miral Fahmy, Nick Zieminski, Frances Kerry Organizations: REUTERS, Shoppers, Huntington Private Bank, Walmart, Target, National Retail Federation, Garden, Insider Intelligence, Macy's, Adobe Analytics, Wealth Consulting, Amazon, Adobe, Nordstrom, “, Saks, Puma, Israel Football Association, IFA, Thomson Locations: Wheaton, Glenmont , Maryland, U.S, RALEIGH, N.C, New Milford , Connecticut, Paramus , New Jersey, Indianapolis, Israel, Palestine, United States, Dallas, Raleigh, Crabtree, Boston

Brokerage TD Cowen lowered its U.S. holiday spending estimate to 2% to 3% growth, from 4% to 5%, as it forecast flat Black Friday traffic. With many consumers squeezed by persistent inflation and high interest rates, U.S. holiday spending is expected to rise at the slowest pace in five years. But at 6 a.m. on Friday at a Walmart in New Milford, Connecticut, the parking lot was only half full. "It's a lot quieter this year, a lot quieter," said shopper Theresa Forsberg, who visits the same five stores with her family at dawn every Black Friday. The rise of online shopping has reduced the importance of Black Friday as a single-day event.

Persons: Cowen, David Klink, ”, Barbara Kahn, Theresa Forsberg, Michael Brown, Kearney, Jimmy Lee, Leah Millis, there's, Jeff Gennette, Bergdorf Goodman, Nordstrom, Oscar de, Carlos Araejo, Ruiz, It’s, Paul Aheren, Puma, Siddharth Cavale, Helen Reid, Arriana McLymore, Katherine Masters, Andrew Hay, Bianca Flowers, Danielle Broadway, James Davey, Deborah Sophia, Miral Fahmy, Nick Zieminski, Frances Kerry, Leslie Adler Organizations: Shoppers, Huntington Private Bank, Walmart, Target, Ross Stores, The Wharton School, University of Pennsylvania, “, National Retail Federation, Garden, Insider Intelligence, Adobe Analytics, Adobe, Wealth Consulting, Amazon, REUTERS, Nordstrom, Saks, Protesters, Puma, Israel Football Association, Thomson Locations: RALEIGH, N.C, U.S, New Milford , Connecticut, Paramus , New Jersey, Wheaton, Glenmont , Maryland, Indianapolis, Israel, Palestine, United States, Dallas, Raleigh, Crabtree, Boston

Nov 7 (Reuters) - Agricultural and construction machinery maker CNH Industrial on Tuesday lowered its 2023 revenue forecast, citing a softening for its farm machinery, predominantly in South America, sending its shares plummeting. A Milan-based trader told Reuters European funds were also selling the stock ahead of CNH's delisting from the Milan bourse. The Italian-American company lowered its net revenue forecast from industrial activities, which accounts for the majority of CNH's revenue, of between 3-6% this year, down from a previous forecast of 8-11%. CNH, which houses brands such as Case IH and New Holland, reported third-quarter net sales from industrial activities down 1% year on year at $5.33 billion. CNH, which also announced a new share buyback programme as part of plans to achieve single listing on the New York Stock Exchange, reported quarterly adjusted operating profit from industrial activities of $657 million, down from $670 million a year earlier.

Persons: Scott Wine, Alessandro Parodi, Giancarlo Navach, Bianca Flowers, Kirsten Donovan, David Goodman, David Evans Organizations: Reuters, Milan bourse, Deere, Co, Caterpillar Inc, IH, South, New York Stock Exchange, Thomson Locations: South America, Milan, New York, American, New Holland

REUTERS/Steve Marcus/ File Photo Acquire Licensing RightsOct 31 (Reuters) - Caterpillar (CAT.N) reported a double-digit rise in third-quarter profit on Tuesday, beating Wall Street estimates as strong infrastructure investments across key markets boosted demand for its high-end construction equipment in North America. The world's largest construction equipment maker's order backlog fell $2.6 billion quarter over quarter. Construction equipment demand had been resilient as the United States upgrades its roads, railways and other transportation infrastructure under a $1 trillion package approved by Congress in 2021 under the Biden administration. Machinery, Energy and Transportation equipment profit rose 48% from the year prior. Its profit rose to $2.79 billion, or $5.45 per share, outpacing an analysts' forecast of $4.79.

Persons: Steve Marcus, Kristen Owen, Matt Britzman, Hargreaves Lansdown, Biden, outpacing, Bianca Flowers, Devika Syamnath, Louise Heavens, Mark Porter Organizations: Caterpillar, REUTERS, Wall, Oppenheimer, Co Inc, Congress, Machinery, Energy, Thomson Locations: Las Vegas , Nevada, U.S, North America, Texas, United States, Chicago, Bengaluru

The UAW's talks, replete with weekly addresses by union President Shawn Fain, were among the most unabashed. The agreements may be a selling point for non-union shops to push for unionization, said San Francisco State University labor and employment professor John Logan. Nissan (7201.T) and other competitors may feel compelled to boost wages to retain their workforce. UPS AND ITS RIVALSThe UPS deal in August raised pay and eliminated a two-tier wage system for drivers at the Atlanta-based company. That bolstered organizing efforts among Amazon workers and put pressure on UPS rivals to close a growing gap in pay.

Persons: Shawn Fain, Harley Shaiken, Stellantis, John Logan, Mack, Marcos Feldman, Feldman, Joe Biden, Kate Bronfenbrenner, Bianca Flowers, Jonathan Oatis Organizations: United Auto Workers, Detroit Three, Ford Motor, Chrysler, General Motors, University of California, Berkley ., San Francisco State University, UAW, Starbucks, Economic, UPS, Caterpillar, Workers, Deere & Co, Employers, U.S . Department of Labor, Amazon, National Labor Relations Board, Atlanta -, FedEx, Reuters, Cornell University, Industries, Thomson Locations: Detroit, Berkley, Berkley . Union, New York, Atlanta

[1/4] Harley-Davidson motorcycles are seen at a dealership in Queens, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies Harley-Davidson Inc FollowOct 26 (Reuters) - Harley-Davidson Inc (HOG.N) on Thursday reported a 24% fall in third-quarter profit as customers cut back on discretionary spending due to higher borrowing costs and inflationary pressures. Harley has maintained margin growth through its wealthier customer base, but hasn't been as successful in luring younger riders. Sales from motorcycles and related products fell about 9% to $1.30 billion in the quarter ended Sept. 30. Earnings per share tracked by analysts came in at $1.38 per share in the third-quarter, slightly above expectations of $1.36.

Persons: Harley, Davidson, Andrew Kelly, hasn't, Baird, Kannaki, Bianca Flowers, Sriraj Kalluvila Organizations: REUTERS, Davidson, Harley, Polaris Inc, Global, Thomson Locations: Queens , New York City, U.S, North America, Bengaluru, Chicago

☆ UAW and Ford Motor make progress in labor negotiations
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

[1/3] Jeep Cherokee SUV's and Ram trucks fill the parking lot at the Stellantis plant that was idled in February 2023, in Belvidere, Illinois, U.S., June 27, 2023. REUTERS/Bianca Flowers Acquire Licensing RightsOct 5 (Reuters) - The United Auto Workers (UAW) and Ford Motor (F.N) have narrowed their differences on pay increases after a new offer from the automaker amid "really active" talks, people familiar with the bargaining among the Detroit Three automakers and the union said on Wednesday. UAW President Shawn Fain plans to update the union's 150,000 members at Ford, General Motors (GM.N) and Chrysler parent Stellantis <STLAM.MI? on Friday, a person briefed on the union's plans said. As the union's strike against the 'Detroit Three' enters its 21st day, here is a timeline of events beginning with the election of Fain in March:Reporting by Ananta Agarwal and Priyamvada C in Bengaluru; Editing by Shailesh Kuber, Sriraj Kalluvila and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Bianca Flowers, Shawn Fain, Fain, Ananta Agarwal, Priyamvada, Shailesh Kuber, Sriraj Kalluvila, Arun Koyyur Organizations: REUTERS, United Auto Workers, UAW, Ford, Detroit Three, Wednesday, General Motors, Chrysler, Thomson Locations: Belvidere , Illinois, U.S, Detroit, Bengaluru

[1/2]Striking United Auto Workers (UAW) union workers picket outside the Ford Michigan Assembly Plant in Wayne, Michigan, U.S., September 23, 2023. Workers went on strike on Sept. 15 at one plant each from GM, Ford and Stellantis. The union escalated on Sept. 22, when workers walked off the job at GM and Stellantis distribution facilities in 20 states nationwide. UAW workers also are threatening to walk off the job at heavy truck maker Mack Trucks on Sunday, and at three Detroit casinos. A UAW strike has shut down a plant that builds axles for Mercedes-Benz's Alabama vehicle factory.

Persons: Shawn Fain, Fain, Stellantis, Mary Barra, Jim Farley, Farley, Joe Biden, Barra, Sam Fiorani, Ford, Nalio Chery, Arthur Wheaton, Mack Trucks, David Shepardson, Joseph White, Ben Klayman, Abhirup Roy, Bianca Flowers, Shivansh, Abhijith G, Peter Henderson, Nick Zieminski, David Gregorio, Jonathan Oatis Organizations: UAW, Lansing , Michigan Ford, GM, Ford, United Auto Workers, Detroit, Chrysler, Mack Trucks, AutoForecast Solutions, Ford Michigan Assembly Plant, REUTERS, Workers, Ford Explorer, Lincoln Aviator, Traverse, Buick, Marshall, Cornell University, Mercedes, Reuters, Thomson Locations: Chicago, Lansing , Michigan, DETROIT, Barra, Detroit, Wayne , Michigan, U.S, Dieu, Lansing, Michigan, Marshall , Michigan, Alabama

“I don’t know why Jim Farley is lying about the state of negotiations," Fain said in a statement responding to the Ford CEO. The UAW wants those workers represented by the union and paid the highest-tier wages. Workers went on strike on Sept. 15 at one plant each from GM, Ford and Stellantis. UAW workers are threatening to walk off the job at heavy truck maker Mack Trucks on Sunday, and at three Detroit casinos. A UAW strike has shut down a plant that builds axles for Mercedes-Benz's Alabama vehicle factory.

Persons: Jim Farley, Shawn Fain, Stellantis, Fain, Sam Fiorani, Joe Biden, Ford, Farley, Arthur Wheaton, Mack Trucks, Silverados, David Shepardson, Joseph White, Ben Klayman, Abhirup Roy, Bianca Flowers, Shivansh, Abhijith G, Peter Henderson, Nick Zieminski, David Gregorio, Jonathan Oatis Organizations: UAW, Lansing , Michigan Ford, Ford, United Auto Workers, Detroit, Chrysler, Mack Trucks, AutoForecast Solutions, Workers, Ford Explorer, Lincoln Aviator, Traverse, Buick, Marshall, General Motors, GM, Cornell University, Mercedes, Reuters, Thomson Locations: Chicago, Lansing , Michigan, DETROIT, U.S, Detroit, Lansing, Michigan, Marshall , Michigan, Alabama

☆ UAW to expand strike at Ford, General Motors
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

[1/3] Jeep Cherokee SUV's and Ram trucks fill the parking lot at the Stellantis plant that was idled in February 2023, in Belvidere, Illinois, U.S., June 27, 2023. REUTERS/Bianca Flowers Acquire Licensing RightsSept 29 (Reuters) - The United Auto Workers (UAW) union will walk off the job at an additional plant at General Motors and at Ford, President Shawn Fain said on Friday, as the first-ever simultaneous strike against the Detroit Three automakers enters its third week. The UAW had been planning to announce a new strike at Stellantis NV (STLAM.MI), but the company called moments before the scheduled 10 a.m. address and made significant changes in its contract proposal, Fain said. The strike will expand to Ford's (F.N) Chicago assembly plant and GM's (GM.N) Lansing, Michigan, assembly plant, covering about 7,000 workers. Here is a timeline of events beginning with the election of the Fain in March:Reporting by Ananta Agarwal and Priyamvada C in Bengaluru; Editing by Arun Koyyur, Shailesh Kuber and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bianca Flowers, Shawn Fain, Fain, Ananta Agarwal, Priyamvada, Arun Koyyur, Shailesh Organizations: REUTERS, United Auto Workers, UAW, General Motors, Ford, Detroit Three, Stellantis NV, Thomson Locations: Belvidere , Illinois, U.S, Chicago, Lansing , Michigan, Bengaluru

☆ VIEW UAW expands strikes against GM, Stellantis
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +3 min

The escalation comes as the labor group and the automakers remain apart on terms of a new contract covering 146,000 workers. DANIEL IVES, ANALYST AT WEDBUSH SECURITIES:"This becomes a full on tidal wave of strikes for GM and Stellantis. "This is like union 101 in terms of divide and conquer and put more pressure on GM and Stellantis. "I think GM and Stellantis are going to fight this. But I am less confident Stellantis can work it out because they are by far the worst of the three with labor relations."

Persons: Sheila McGee, Michael Swensen, BRANDON PIZZURRO, DANIEL IVES, Ford, ARTHUR WHEATON, TODD VACHON, Ankika Biswas, Peter Henderson, Bianca Flowers, Anil D'Silva Organizations: Ford, UAW, REUTERS, United Auto Workers, General Motors Co, Ford Motor, GM, Motors, RUTGERS, Thomson Locations: Louisville , Kentucky, U.S, Bengaluru

REUTERS/Michael Swensen Acquire Licensing RightsCHICAGO, Sept 21 (Reuters) - United Auto Workers (UAW) members rallied against the Detroit Three automakers in multiple U.S. states on Thursday afternoon as Friday's deadline loomed for a threatened expansion of the union's strikes. The UAW last week launched unprecedented, simultaneous strikes at one assembly plant each of General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis (STLAM.MI). UAW workers want to end a tiered wage structure that they say has created a large gap between newer and older employees, forcing some to work two jobs to make ends meet. On Thursday morning, Fain posted a video message on X, formerly known as Twitter, to UAW members about the Friday deadline, showing scenes from several Hollywood movies with the characters saying "tick tock." Fain has said Detroit automakers have not shared their huge profits with workers while enriching executives and investors.

Persons: Phaedra Grant, Michael Swensen, Ayanna Dixon, Shawn Fain, Fain, Ford, Stellantis, Joe Biden, Karine Jean, Pierre said, Ram, Morgan Stanley, Adam Jonas, Eikon, Mark Reuss, Reuss, Tesla, Bianca Flowers, Hyunjoo Jin, David Shepardson, Ben Klayman, Kannaki, Peter Henderson, Jamie Freed, Nick Zieminski, Matthew Lewis Organizations: Ford, UAW, REUTERS, Rights, United Auto Workers, Detroit Three, General Motors, Chrysler, Reuters, GM, GM's, Silverado, Detroit, Detroit Free Press, Toyota, Tacoma, EV, Thomson Locations: Louisville , Kentucky, U.S, Chicago, San Francisco, Louisville, Washington, Detroit, Bengaluru

REUTERS/Bianca Flowers Acquire Licensing RightsSept 22 (Reuters) - Jeffrey Aznavorian has already cut output about 6% at his small auto parts factory outside Detroit due to the United Auto Workers strike. If the strike expands, it would only be a matter of weeks before some smaller suppliers faltered, said Marick Masters, a professor of business at Wayne State University. He estimates 30% of smaller suppliers carry too much debt to survive a long strike. Other measures also point to a supply base that was strained even before the strike. RapidRatings calculates "core health scores" for privately owned auto parts companies - based on a 100-point scale - which looks at their returns, cost structures, and capital structure.

Persons: Bianca Flowers, Jeffrey Aznavorian, Pittsburgh steelmaker, Laurie Harbour, Marick, James Gellert, Gellert, Timothy Aeppel, Andrea Ricci Organizations: Ford UAW, Detroit, REUTERS, United Auto Workers, Ford, General Motors, Chrysler, GM, Anderson Economic, Auto, CIE, Spain’s CIE Automotive, . Steel, Pittsburgh, Reuters, Harbour, Inc, Wayne State University, Thomson Locations: Chicago , Illinois, U.S, Detroit, Michigan, Midwest, Illinois, Southfield , Michigan, Plymouth , Michigan

And now, Shawn Fain is representing nearly 150,000 auto workers in one of the biggest labor strikes in decades. Referring to Biblical scripture, Fain asked union members: "Are you willing to have faith and move that mountain? The Wednesday before contract expiration, he said UAW members must fight for a better contract "by any means necessary" - one of Malcolm X's most quoted phrases. That six-week strike cost GM $3.6 billion and stressed the finances of UAW members. Company executives have said the UAW's demands will make them uncompetitive as the shift to EVs offsets the profits delivered by the combustion trucks UAW members build.

Persons: Shawn Fain, Rebecca Cook, Malcolm X, Detroit carmakers, Fain, handshakes, Bernie Sanders, they’ve, “, ”, Darwin Segers, Mack, Malcolm X's, Garrett Nelson, Jim Farley, Joe White, Ben Klayman, Eric Cox, Bianca Flowers, David Shepardson, Matthew Lewis, Diane Craft Organizations: United Auto Workers, Ford Motor Michigan, REUTERS, Detroit, Ford Motor, General Motors, Detroit Three, Wall, UAW, GM, CFRA, Teamsters, United Parcel Service, UPS, Hollywood, Company, Ford, CNBC, Thomson Locations: Wayne , Michigan, U.S, Detroit, Hollywood, Chicago, Washington

The Friday walkout would start with targeted strikes designed to "create confusion," among automakers, Fain said, leaving the door open for last-minute agreements. Referring to Biblical scripture, Fain asked union members: "Are you willing to have faith and move that mountain? On Wednesday, he told UAW members they must fight for a better contract "by any means necessary" - one of Malcolm X's most quoted phrases. That six-week strike cost GM $3.6 billion and stressed the finances of UAW members. Like the Hollywood unions, the UAW members at the Detroit Three face threats from new technology that a richer contract will not resolve.

Persons: Shawn Fain, Fain, Malcolm X, they’ve, Sen, Bernie Sanders, Malcolm X's, Joe White, Ben Klayman, Bianca Flowers, David Shepardson, Matthew Lewis, Diane Craft Organizations: DETROIT, United Auto Workers, Detroit Three, automakers, General Motors, Ford, Stellantis, UAW, Wall, Detroit, GM, Teamsters, United Parcel Service, UPS, Hollywood, Thomson Locations: Hollywood, Detroit, Chicago, Washington

☆ Strike looms as talks between UAW, Detroit Three drag on
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

[1/4] Jeep Cherokee SUV's and Ram trucks fill the parking lot at the Stellantis plant that was idled in February 2023, in Belvidere, Illinois, U.S., June 27, 2023. REUTERS/Bianca Flowers Acquire Licensing RightsSept 12 (Reuters) - The United Auto Workers (UAW) union has warned of a coordinated strike against the Detroit Three automakers, if an agreement is not reached on a new contract covering some 150,000 workers. Negotiations over a new deal began in July but the three automakers - General Motors (GM.N), Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI) - and the UAW have made little headway on the terms of the contract. ET on Sept. 14 (0359 GMT the next day). Here is a timeline of events beginning with the election of the new UAW chief in March:Reporting by Ananta Agarwal in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bianca Flowers, Ananta Agarwal, Anil D'Silva Organizations: REUTERS, United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Chrysler, Thomson Locations: Belvidere , Illinois, U.S, Bengaluru

☆ UAW union embraces social media as labor talks toughen ahead of deadline
▼ + stars: | 2023-09-09 | by ( Bianca Flowers | Thomson Reuters | Bianca Flowers Is An Award-Winning Multimedia Journalist Based In Chicago Where She Reports On The Backbone Of The U.S. Labor Market. She Covers Agriculture | ) www.reuters.com time to read: +4 min

United Auto Workers President Shawn Fain greets UAW autoworkers, at the Stellantis Sterling Heights Assembly Plant, to mark the beginning of contract negotiations in Sterling Heights, Michigan, U.S. July 12, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSept 9 (Reuters) - The United Auto Workers union is leveraging the power of social media to attract public support in demanding substantial wage increases for hourly workers as a deadline looms with the Detroit Three automakers. On Friday, he said the UAW was prepared to strike all three companies if no deals are reached. "What we've seen is the new president of the UAW taking an offer from the automakers and throwing it in a wastebasket on social media. This week, the UAW released a video in an effort to save a shuttered Stellantis plant in the northern Illinois town of Belvidere.

Persons: Shawn Fain, Rebecca Cook, Shawn Fain hasn't, Daniel Ives, Fain, He's, Harley Shaiken, Brian Rothenberg, Tesla, there's, Matt Frantzen, he's, Bianca Flowers, Leslie Adler Organizations: United Auto Workers, UAW, Sterling Heights Assembly, REUTERS, Detroit Three, Motors, Ford, Facebook, Twitter, University of California, Auto, Thomson Locations: Sterling Heights, Sterling Heights , Michigan, U.S, Berkeley, Illinois, Belvidere, Stellantis, Chicago

This is because blast furnaces operate around the clock and need more workers. Goncalves is also betting that producing iron ore in-house for blast furnaces, rather than sourcing scrap steel for electric arc furnaces, will give Cliffs a competitive edge. While a few carmakers use aluminum for automotive bodies, most prefer high-grade steel from blast furnaces. Cliffs' devotion to blast furnaces, which are unionized unlike some electric arc furnaces, won it the support of United Steelworkers. The union's international president Thomas Conway said it's backing Cliffs' bid for U.S. Steel because of Goncalves' commitment to blast furnaces.

Persons: Lawrence Bryant, Lourenco Goncalves, Goncalves, Josh Spoores, Donald Trump, Phil Gibbs, Thomas Conway, Joe Biden's, Isla Binnie, Bianca Flowers, Greg Roumeliotis, Daniel Wallis Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Cliffs Inc, U.S, U.S . Steel Corp, AK Steel, CRU Group, Steel Dynamics, Steel, Reuters, United Steelworkers, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, CHICAGO, United States, Cleveland, North America, Asia, Toledo , Ohio, New York, Chicago

The Moline, Illinois-based company posted a 60% rise in quarterly profit, yet investors were seemingly unimpressed as shares slumped for the world's largest farm equipment maker. While it easily beat profit expectations, Deere's stock slump is consistent with other cyclical companies that have outperformed estimates. Deere expects 2023 net income between $9.75 billion and $10.00 billion, up from its previous outlook of $9.25 billion to $9.50 billion. Construction and forestry equipment sales increased 14% on solid demand backdrop fueled by U.S. President Joe Biden administration's $1 trillion infrastructure deal. Sales from equipment operations rose about to $14.28 billion compared to $13 billion a year ago.

Persons: Bianca Flowers, Deere, Kristen Owen, Owen, Jerry Revich, Goldman Sachs, Joshua Jepsen, Joe Biden administration's, Vinay Dwivedi, Elaine Hardcastle, Marguerita Choy Organizations: Deere, Co, REUTERS, Oppenheimer, Co Inc, Goldman, Deere's, U.S, Thomson Locations: Bondurant , Iowa, U.S, Moline , Illinois, Chicago, Bengaluru

☆ US Senator Vance asks US Steel to rule out foreign buyer
▼ + stars: | 2023-08-18 | by ( Bianca Flowers | Thomson Reuters | Bianca Flowers Is An Award-Winning Multimedia Journalist Based In Chicago Where She Reports On The Backbone Of The U.S. Labor Market. She Covers Agriculture | ) www.reuters.com time to read: +2 min

[1/2] Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. Vance on Thursday asked U.S. Steel (CLF.N) to rule out a foreign buyer, in a sign that the emerging bidding war for the iconic steel producer could run into political headwinds. Vance, a Republican, said potential U.S. buyers for the Pittsburgh-based company should have priority because domestic steel production is an important aspect of national security. "It appears to be political grandstanding from somebody out making a name for themselves more than any national security interest, said Spoores, principal analyst at CRU Group. Vance was elected to the Senate in 2022 after winning the endorsement of former President Donald Trump, a Republican who also pushed for greater domestic steel production.

Persons: Lawrence Bryant, J.D, Vance, David Burritt, David Sutherland, Josh Spoores, Spoores, Donald Trump, Bianca Flowers, Andy Sullivan Organizations: Steel, U.S . Steel, U.S . Steel Granite City, REUTERS, Thursday, Republican, . Steel, Reuters, Industry, CRU Group, The United Steelworkers Union, Senate, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Pittsburgh, Cleveland, Luxembourg, Ohio, Chicago

☆ Union leader: Cleveland-Cliffs is the best strategic buyer of U.S. Steel
▼ + stars: | 2023-08-14 | by ( Bianca Flowers | Thomson Reuters | Bianca Flowers Is An Award-Winning Multimedia Journalist Based In Chicago Where She Reports On The Backbone Of The U.S. Labor Market. She Covers Agriculture | ) www.reuters.com time to read: +1 min

Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS/Lawrence Bryant/File PhotoCHICAGO, Aug 14 (Reuters) - The United Steelworkers (USW) international president said on Monday that the union supports North American steel producer Cleveland-Cliffs' bid to acquire rival, United States Steel Corp (X.N), adding that the company is the best strategic buyer. "Cliffs is committed to the blast furnace segment of the steel market and U.S. Steel is not," the union's international president, Thomas Conway told Reuters in an interview. The United Steelworker's collective bargaining agreement with U.S. Steel outlines that the company has to take union leadership voices into account for acquisition bids. U.S. Steel has said that it received "multiple unsolicited proposals."

Persons: Lawrence Bryant, Thomas Conway, Conway, Bianca Flowers, Tomasz Janowski Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, United Steelworkers, United States Steel Corp, Steel, U.S, Reuters, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Cleveland, Chicago

☆ Gun laws or second amendment is a 'false choice,' Harris says in Chicago
▼ + stars: | 2023-08-11 | by ( Bianca Flowers | Thomson Reuters | Bianca Flowers Is An Award-Winning Multimedia Journalist Based In Chicago Where She Reports On The Backbone Of The U.S. Labor Market. She Covers Agriculture | ) www.reuters.com time to read: +4 min

Harris, who has embraced a more combative role as President Joe Biden's re-election campaign kicks into gear, took a swipe at Republicans who have blocked Democrats' proposed gun safety laws, saying such changes are no threat to Americans' constitutional gun rights. Gun rights groups have fought any legislative attempt to curb those rights, calling them an infringement on the Constitution, even as most Americans say they favor stronger gun laws. Harris was speaking at Everytown's "Gun Sense University" in Chicago, an annual event where activists and survivors of gun violence, many of them members of the 10 million-strong "Moms Demand Action" group, gather for training and political organizing. On Thursday, four major gun safety groups, including Everytown, endorsed Biden's 2024 re-election bid, which unlocks donations by the interest groups' political action groups. Makayla Jordan, a 19-year-old member of Students Demand Action, said mass shootings are just one part of the country's "everyday" gun violence epidemic.

Persons: Kamala Harris, Oyun, Kevin Wurm, Harris, Joe Biden's, Biden, Biden's, Michael Bloomberg, Makayla Jordan, Bianca Flowers, Trevor Hunnicutt, Heather Timmons, Rosalba O'Brien Organizations: Mongolia’s, White, REUTERS, Everytown, Safety, United, New, New York City, Democratic, Thomson Locations: Washington , U.S, Chicago, United States, New York

☆ Caterpillar warns of lower sales, margins in third quarter
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

Aug 1 (Reuters) - Caterpillar Inc (CAT.N) warned of a fall in third-quarter sales and margins on Tuesday as dealer inventories rose again, stoking worries that demand for its heavy machinery used in everything from construction to mining may have peaked. Caterpillar, seen as a proxy for global economic activity, said on Tuesday it was expecting third-quarter sales and operating profit margin to be higher than in the previous year, but lower compared to the second quarter. The manufacturer reported a $600 million increase in dealer inventory in the second quarter from a year earlier, primarily in its energy and transportation business, as drilling at North American rigs shows signs of weakening. Meanwhile, Caterpillar reported an adjusted profit of $5.55 per share in the second quarter, beating analysts' expectations of $4.58 per share. Sales rose 21.6% to $17.32 billion, above Wall Street estimates of $16.49 billion.

Persons: stoking, Ryan Keeney, Bianca Flowers, Shivansh, Anil D'Silva Organizations: Caterpillar Inc, Caterpillar, Thomson

☆ CNH profit rises on strong equipment demand, shares down as guidance held
▼ + stars: | 2023-07-28 | by ( Bianca Flowers | Thomson Reuters | Bianca Flowers Is An Award-Winning Multimedia Journalist Based In Chicago Where She Reports On The Backbone Of The U.S. Labor Market. She Covers Agriculture | ) www.reuters.com time to read: +3 min

CHICAGO, July 28 (Reuters) - Farm and construction equipment maker CNH Industrial (CNHI.MI), reported better-than-expected operating profit on Friday, though shares fell as much as 6% as an unchanged revenue forecast cast doubt on future growth potential. Globally, CNH, which houses brands such as Case IH and New Holland, was boosted by strong demand for its high-horsepower farm equipment and record construction sales. However, sales for both agriculture and construction equipment contracted in South America. CNH's profit margins have been propped up by price increases across its machinery segments to help offset inflated input costs and a choppy supply chain. He also noted that dealers won't continue to accept double-digit price increases as inflation starts to cool.

Persons: Eric Greaser, Kristen Owen, Scott Wine, CNH's, Bianca Flowers, Giulio Piovaccari, Alessandro Parodi, Jonathan Oatis, Kirsten Donovan Organizations: CNH, IH, South America . Company, Oppenheimer, Co, CNH's, North America . Revenue, Thomson Locations: American, Moody's, New Holland, South America, North America, Chicago

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