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☆ Automakers oppose Cleveland-Cliffs push to buy U.S. Steel
▼ + stars: | 2023-10-31 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

U.S. Steel Edgar Thompson Works is seen in Braddock, Pennsylvania, U.S. November 4, 2022. REUTERS/Quinn Glabicki/File Photo Acquire Licensing RightsWASHINGTON, Oct 31 (Reuters) - A group representing major automakers on Tuesday said the industry opposes steelmaker Cleveland-Cliffs' (CLF.N) proposed acquisition of U.S. Steel (X.N), saying it would increase auto industry costs and slow electric vehicle sales. U.S. Steel in August rejected Cleveland-Cliff's proposed $7.25 billion price. Cleveland-Cliffs CEO Lourenco Goncalves last week during an earnings call declined to discuss the issue, citing restrictions. In August, U.S. Steel said it had entered into confidentiality agreements with "numerous third parties" and started to review multiple unsolicited proposals ranging from partial acquisition to an entire buyout.

Persons: Steel Edgar Thompson, Quinn Glabicki, John Bozzella, Lina Khan, Jonathan Kanter, Cliff's, Lourenco Goncalves, David Shepardson, Nick Zieminski Organizations: REUTERS, Rights, U.S . Steel, Alliance, Automotive Innovation, General Motors, Toyota, Volkswagen, Hyundai, Federal Trade Commission, Justice Department Antitrust, . Steel, Cliffs, Steel, Thomson Locations: Braddock , Pennsylvania, U.S, Cleveland

☆ U.S. Steel says union cannot block company's sale
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Quinn Glabicki/File Photo Acquire Licensing RightsAug 17 (Reuters) - U.S. Steel (X.N) said on Thursday that its labor agreement with United Steel Workers (USW) does not afford the union the right to veto a sale of the company that may arise from its recently announced strategic review. The union said that "over the years, Cliffs has shown itself to be an outstanding employer to all of its workers." U.S. Steel, which rejected Cliffs' $7.8 billion cash-and-stock offer as inadequate, has said it is exploring "multiple unsolicited proposals". In a regulatory filing, U.S. Steel said its agreement with the union gives it the right to counter with its own acquisition offer for assets covered under their bargaining agreement. If the union does not make an offer its board deems superior, U.S. Steel can sell itself to the bidder of its choosing.

Persons: . Steel Edgar Thompson, Quinn Glabicki, USW, Ananta Agarwal, David Gregorio Our Organizations: ., REUTERS, . Steel, United Steel Workers, Cliffs Inc, U.S . Steel, Esmark Inc, ArcelorMittal SA, Steel, U.S, Thomson Locations: Braddock , Pennsylvania, U.S, Cleveland, Bengaluru

REUTERS/Quinn GlabickiA White House spokesperson said Biden "continues to support moving away from the use of private detention facilities in the immigration detention system." One facility evaluated as part of the Biden administration review was Stewart Detention Center, a Georgia lockup operated by the private prison company CoreCivic (CXW.N). The administration has scaled back immigration detention in some ways. ICE often pays to maintain a fixed number of beds at detention centers regardless of whether they are actually used. But just six months later, the company signed a contract to reopen the same complex as a 1,900-bed immigration detention center.

Persons: Quinn Glabicki PHILIPSBURG, Joe Biden, watchdogs, Alejandro Mayorkas, Biden, Donald Trump, Mayorkas, lockups, Quinn Glabicki, Stewart, Ryan Gustin, Winn, Quinn Glabicki Ruben Dario, didn't, Ryan Horvath, Richwood, BIDEN, Trump, Biden's, Jose Gordo, Angela Kelley, Kelley, Boy Sonkarlay, Erika Guadalupe Nunez, Ted Hesson, Mica Rosenberg, Kristina Cooke, Aurora Ellis Organizations: Processing, GEO Group, U.S . Immigration, Customs, REUTERS, Democratic, Immigration, Customs Enforcement, Biden, American Civil Liberties Union, ACLU, Reuters, ICE, Companies, Republican, Trump, White, U.S . Department of Homeland Security, Stewart Detention, Winn Correctional Center, LaSalle Corrections, Richwood Correctional, LaSalle, Reuters Graphics Reuters, BI, ICE Processing Center, GEO, Visitors, Thomson Locations: Philipsburg , Pennsylvania, U.S, Pennsylvania, Mexico, Georgia, Louisiana, Mississippi, LaSalle, Argentine, Spanish, California, Liberian, Philadelphia, Philipsburg, Washington, New York

☆ Lordstown Motors stalls on the road to a quick bankruptcy sale
▼ + stars: | 2023-07-27 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

[1/2] A Lordstown Motors Endurance electric pick-up truck is seen on display at Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. REUTERS/Quinn Glabicki/File PhotoNEW YORK, July 27 (Reuters) - Bankrupt Lordstown Motors (RIDEQ.PK) must face trial over a rival carmaker's claim that Lordstown vehicles include stolen technology, a U.S. judge ruled Thursday, dealing a blow to the company's hopes for a quick bankruptcy sale. California-based Karma Automotive sued Lordstown in 2020 for allegedly poaching its employees and stealing technology used in vehicle infotainment systems. "The California court ... should decide those issues." Walrath allowed Karma to proceed to trial on its claims against Lordstown, overruling bankruptcy protections that typically pause lawsuits against bankrupt companies.

Persons: Quinn Glabicki, Mary Walrath, Walrath, Lordstown, Karma, Lordstown's, Foxconn, Dietrich Knauth, Bill Berkrot Organizations: REUTERS, Lordstown Motors, U.S, Karma Automotive, Lordstown, Thomson Locations: Lordstown , Ohio, U.S, Ohio, Wilmington , Delaware, California, . California

☆ More than 100 million Americans at risk as Canadian wildfire smoke spreads
▼ + stars: | 2023-06-29 | by ( Brendan O'Brien | ) www.reuters.com time to read: +3 min

More than 100 million Americans were urged to limit prolonged outdoor activities, and, if needed, wear a mask if they suffer from pulmonary or respiratory diseases. People living in major U.S. cities such as New York, Chicago and Philadelphia may see murky skies and smell burning wood throughout the day. "The air quality in Chicago has been dreadful, giving me brutal migraines. The air-quality alerts were triggered by drifting smoke from wildfires burning in Canada, which is wrestling with its worst-ever start to wildfire season. An area of 8 million hectares (19.8 million acres), bigger than West Virginia, has already burned.

Persons: Quinn Glabicki CHICAGO, Eric Adams, Brendan O'Brien, Alison Williams, Mark Porter Organizations: U.S ., REUTERS, Midwest, National Weather Service, York City, Twitter, Thomson Locations: Mount Washington, U.S . Midwest, East, Pittsburgh , Pennsylvania, U.S, United States, Wisconsin, Illinois, Michigan, New York, East Coast, Chicago, Philadelphia, York, Canada, West Virginia, Pacific, Atlantic, Midwest, South

[1/2] Manufacturing equipment is seen during a tour of Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. The Domestic Manufacturing Conversion Grants for EVs program will provide cost-shared grants for making efficient hybrid, plug-in electric hybrid, fully electric, and fuel cell vehicles. The Department of Energy's Vehicle Technologies Office said the program will prioritize projects that refurbish or retool manufacturing plants that have recently stopped operations or were expected to close soon. The Biden administration, as part of its goal of decarbonizing the economy by 2050, is pushing the U.S. auto industry to accelerate a transition to EVs. The Alliance for Automotive Innovation, which represents General Motors (GM.N), Stellantis NV (STLAM.MI), Toyota Motor (7203.T) and others, on Wednesday called the EPA proposal a "de facto battery electric vehicle mandate" that was "neither reasonable nor achievable."

Persons: Quinn Glabicki, Joe Biden's, Biden, Shawn Fain, Stellantis, Timothy Gardner, Joe White, David Shepardson, David Gregorio, Grant McCool Organizations: REUTERS, WASHINGTON, United Auto Workers, UAW, Energy's Vehicle Technologies, Lordstown, Environmental Protection Agency, Alliance, Automotive Innovation, General Motors, Stellantis, Toyota, Energy Department, Thomson Locations: Lordstown , Ohio, U.S, DETROIT, Ohio, Michigan , Ohio , Illinois, Indiana, Belvidere , Illinois, Washington, Detroit

☆ Lordstown Motors loss widens on steep costs, delivery delays
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] Workers tend to an unfinished Lordstown Motors Endurance electric pick-up truck on the assembly line at Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. REUTERS/Quinn Glabicki/File PhotoMarch 6 (Reuters) - Lordstown Motors Corp (RIDE.O) on Monday posted a bigger loss for the fourth quarter, as the electric-vehicle (EV) maker struggled with production costs and missed its delivery target for the Endurance pickup truck. However, Lordstown suspended production last month due to performance and quality issues with some components and reported sales of only six vehicles. Net loss for the quarter ended Dec. 31 stood at $102.3 million, compared with $81.2 million a year earlier. The company had cash, cash equivalents and short-term investments of $221.7 million as of Dec. 31, up from $203.5 million in the preceding quarter.

For now, by building in Ohio, Foxconn can offer customers access to U.S. federal incentives under the Inflation Reduction Act, Daiwa Capital Markets analyst Kylie Huang said. That's a selling point as traditional automakers juggle building gasoline-powered vehicles with plans to build their own EV capacity. "If they don't get one this year, next year will be more difficult," Huang said of Foxconn's search for an EV contract with a traditional automaker. "Sooner or later, maybe the top, traditional (automakers) say, 'Hey, I want to become a product marketing company. Foxconn wants to build around 300,000 EVs at the plant, Ian Upton, director of production control at Foxconn Ohio, told Reuters.

By early Wednesday, Republicans had flipped six Democratic House seats, Edison Research projected, one more than the minimum they need to take over the chamber. But Republican hopes for a "red wave" of victories faded as Democrats showed surprising resilience in several key races. Pelosi said in a statement, "It is clear that House Democratic members and candidates are strongly outperforming expectations around the country." But television host and heart surgeon Mehmet Oz failed to win his Pennsylvania Senate race. In Pennsylvania, Republican gubernatorial candidate Doug Mastriano, who sought to overturn the state's election results after Trump lost, was defeated by Democrat Josh Shapiro.

In the House of Representatives, Republicans remained favored to win a majority that would allow them to halt Biden's legislative agenda. By early Wednesday, the party had flipped six Democratic House seats, Edison Research projected, one more than the minimum they need to take over the chamber. But Republican hopes for a "red wave" of victories faded as Democrats showed surprising resilience in several key races. The Democratic speaker of the House, Nancy Pelosi, said in a statement, "It is clear that House Democratic members and candidates are strongly outperforming expectations around the country." Voter anger over the Supreme Court's June decision to overturn the nationwide right to abortion helped Democrats to curb their losses.

"Salman will likely lose one eye; the nerves in his arm were severed; and his liver was stabbed and damaged." Stunned attendees helped wrest the man from Rushdie, who had fallen to the floor. The Iranian government said in 1998 it would no longer back the fatwa, and Rushdie has lived relatively openly in recent years. 1/25 A general view shows UPMC Hamot Surgery Center, where novelist Salman Rushdie is receiving treatment after the attack, in Erie, Pennsylvania, U.S., August 12, 2022. "I felt like we needed to have more protection there because Salman Rushdie is not a usual writer," said Anour Rahmani, an Algerian writer and human rights activist who was in the audience.

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