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☆ US Steel: Biden administration gives Nippon Steel more time to make case for purchase of steelmaker
▼ + stars: | 2024-09-18 | by ( Kayla Tausche | ) edition.cnn.com time to read: +2 min

President Joe Biden, Republican presidential nominee Donald Trump and Democratic nominee Vice President Kamala Harris have all voiced opposition to the deal. The United Steelworkers union, which has endorsed Harris for president, has also been a leading opponent of the acquisition. Earlier this month, US Steel said it would be forced to lay off workers and shutter mills without Nippon’s backing. US Steel put itself up for sale in 2023 after receiving an unsolicited $7 billion takeover offer from Ohio-based Cleveland Cliffs. The $14.9 billion deal with Nippon Steel, Japan’s largest steelmaker, resulted from that sale process.

Persons: Joe Biden, Donald Trump, Kamala Harris, Sen, Sherrod Brown of, John Fetterman of, Harris, Fumio Kishida, Janet Yellen Organizations: CNN — Nippon Steel, US Steel, CNN, Republican, Democratic, Foreign Investment, Steel, Sherrod Brown of Ohio, The United Steelworkers, Nippon Steel Locations: American, United States, Pittsburgh, Tokyo, John Fetterman of Pennsylvania, Ohio, Cleveland

☆ US Steel’s future as an American company is about to come to a vote. It may not matter
▼ + stars: | 2024-04-12 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

“It is important that we maintain strong American steel companies powered by American steelworkers,” he said. “US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”Experts said opposition from Biden and other politicians — both Republican and Democrats — make it unlikely the deal will win approval. “Six weeks ago, the United States gave Mitsui, a Japanese company, a $20 billion deal to build a crane factory here in the United States and replace all our port cranes throughout the United States. “If the administration has concerns about the Nippon Steel deal, it must seriously consider alternative outcomes. US Steel products, supported by significant capital investments from Nippon Steel, will remain mined, melted and made in America,” the company said.

Persons: Joe Biden’s, Biden, ”, —, “ It’s, Michael Leiter, Skadden, “, Kishida Fumio, ‘, ’, It’s, JD Vance, Phil Gibbs, KeyBank, Gibbs, it’s, Jeff Roberson, Nucor, hasn’t, ” “ Organizations: New, New York CNN, US Steel, Japan’s Nippon Steel, Justice Department, Foreign Investment, Treasury, Commerce, Defense, State, Homeland Security, American steelworkers, Steel, ”, Republican, Democrats —, Japanese, United States, Mitsui, United Steelworkers, steelworkers, Ohio, Nippon, Cleveland Cliffs, Nippon Steel, Cleveland, US Steel Granite City Works, AP, US Locations: New York, United States, Japan, American, Slate, United, Cleveland, US Steel Granite City, Arkansas, America

☆ North America's largest steel mill has a plan to reduce emissions and it's a perfect example of why carbon capture is so controversial
▼ + stars: | 2024-04-04 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +7 min

US Steel's plant in Gary, Indiana, aims to deploy carbon capture to reduce its carbon footprint by 2026. Climate groups and some scientists say carbon capture is unproven and will worsen global warming. If completed, the project would be the first commercial carbon capture at a steel plant. A 3D rendering of where CarbonFree's carbon capture technology will attach to US Steel's mill. "It's not a viable pathway to decarbonize GaryWorks," Inskeep said of carbon capture.

Persons: Erika Chan, It's, CarbonFree, Martin Keighley, Keighley, —, Ben Inskeep, Inskeep, GaryWorks, We've, hasn't, Chan, Joe Biden Organizations: Service, US Steel, Keighley, Citizens Action Coalition of Indiana, Steel, Cleveland Cliffs, Department of Energy, Nippon Steel, The United Steelworkers Locations: Gary , Indiana, Lake Michigan, GaryWorks, Indiana, Gary, East Arkansas, Cleveland, Ohio, Pennsylvania

☆ Cramer's week ahead: Fed meeting, labor report, Big Tech earnings
▼ + stars: | 2024-01-26 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Cramer warned that the volume of reports next week coupled with comments from the Fed will make it a tough time for any solid investing decisions. On Monday, Cramer said he will be watching as steelmakers Nucor and Cleveland-Cliffs report earnings. The day features earnings reports from Pfizer , General Motors , Microsoft , Alphabet , Starbucks and AMD . Thursday is another big earnings day, with morning reports from Honeywell and Merck and then Apple , Amazon and Meta after close. He said if the unemployment rate doesn't hit 4%, investors shouldn't expect a March rate cut from the Fed.

Persons: CNBC's Jim Cramer, Cramer, you've Organizations: Federal Reserve, Pfizer, General Motors, Microsoft, AMD, Mastercard, Boeing, Honeywell, Merck, Apple, Meta, Chevron, Exxon Locations: Cleveland, Meta, China

Service centers - facilities that play a crucial role in supplying manufacturing companies nearly finished steel products - had paused purchases ahead of the United Auto Workers (UAW) union's coordinated strike against the Detroit automakers. However, many of them were soon forced to place large orders as stocks ran low and operations resumed at the carmakers. Reuters Graphics Reuters GraphicsThe automotive segment makes up about 25% of the total U.S. sheet demand, with about 65% of that attributable to the Big Three Detroit automakers in any given year, CRU data showed. Nucor Corp (NUE.N) has raised HRC prices to $950/st while U.S. Steel (X.N) recently announced a $100/st price increase, without specifying a final rate. Meanwhile, automakers stare at higher costs for a key raw material if prices extend their upward trajectory for longer.

Persons: union's, Ryan McKinley, Morgan, Philip Gibbs, Gordon Lee Johnson, Ananta Agarwal, Nathan Gomes, Arpan Varghese, Sriraj Organizations: Detroit Three, CRU Group . Service, United Auto Workers, UAW, Detroit, CRU, Reuters Graphics Reuters, Big Three Detroit, Cleveland Cliffs, HRC, Nucor Corp, U.S . Steel, KeyBanc, GLJ Research, Thomson Locations: Bengaluru

☆ China objects to US proposal for APEC trade and investment policies -source
▼ + stars: | 2023-11-15 | by ( David Lawder | ) www.reuters.com time to read: +2 min

[1/2] U.S. Trade Representative Ambassador Katherine Tai speaks during an APEC Ministerial Meeting (AMM) Opening Session in San Francisco, California, U.S., November 15, 2023. REUTERS/Brittany Hosea-Small Acquire Licensing RightsSAN FRANCISCO, Nov 15 (Reuters) - China is objecting to a U.S. proposal for Asia Pacific Economic Cooperation members to incorporate sustainability and inclusivity into their trade and investment policies, a source briefed on the negotiations said on Wednesday. Talks on the issue were continuing at the APEC summit in San Francisco to try to find language that the group's 21 member states could agree on, the source said. U.S. Trade Representative Katherine Tai told a trade-focused plenary meeting she hoped the proposal, dubbed by the Biden administration as the "San Francisco Principles for Integrating Inclusivity and Sustainability into Trade and Investment Policy" could be still be finalized. Nonetheless, I remain optimistic that economies will finalize the San Francisco Principles soon."

Persons: Katherine Tai, Brittany Hosea, Biden, Tai, Joe Biden, Xi Jinping, David Lawder, Jonathan Oatis Organizations: . Trade, REUTERS, FRANCISCO, Asia Pacific Economic Cooperation, APEC, San Francisco, Trade, Investment, European Union, Thomson Locations: San Francisco , California, U.S, China, San Francisco

☆ Teck to sell majority stake in $8.9 bln coal business to Glencore - Globe & Mail
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Glencore will pay $6.9 billion for a 77% stake in Teck's coal unit, while Japan's Nippon Steel (5401.T) will pay $1.7 billion and swap its interest in one of Teck's coal operations for 20% of the coal business, the report said, citing sources. The Wall Street Journal first reported that Glencore and Teck were in advanced talks on a deal that would value Teck's coal assets at close to $10 billion. Glencore and Nippon Steel declined to comment. The Vancouver-based company has twice rejected an unsolicited $22.5 billion bid for the entire company from Glencore. The company in July said it had received offers from "various" interested parties for its coal business.

Persons: Lyle Stafford, Glencore, Korea's, Teck, Posco, Shubhendu Deshmukh, Shubham, Sonia Cheema Organizations: REUTERS, Teck Resources, Glencore Plc, Asian, Nippon Steel, Globe & Mail, Japan's Nippon Steel, Street Journal, Reuters, Thomson Locations: Teck, Vancouver , British Columbia, Canada, KS, Glencore, The Vancouver, Bengaluru

☆ China-Germany Cooperation Has Become More Solid and Dynamic - China's Xi
▼ + stars: | 2023-11-03 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

BEIJING (Reuters) - Cooperation between China and Germany has become more robust, solid and dynamic, Chinese President Xi Jinping told German Chancellor Olaf Scholz through a video link chat on Friday. In a wide-ranging discussion that touched on global trade, climate goals, the Israel-Hamas war and Ukraine crisis, the two leaders agreed that China-German relations are improving on several fronts. "China-Germany trade is developing steadily, two-way investment enthusiasm is high, and the cooperation between the two countries is becoming more stable, more solid and more dynamic," Xi was quoted as saying by state broadcaster China Central Television (CCTV). Xi said both countries must not only develop good bilateral relations, but also safeguard the international order and multilateralism and work together to address global challenges, according to state media. In their meeting last November, both leaders jointly condemned threats of using nuclear weapons as the Ukraine-Russia conflict escalated.

Persons: Xi Jinping, Olaf Scholz, Xi, Scholz, Ella Cao, Bernard Orr, Tomasz Janowski, William Maclean Organizations: China Central Television, European Union Locations: BEIJING, Cooperation, China, Germany, Israel, Ukraine, Russia, Palestinian

That fell to 21-22 million tonnes by 2021, and after Russia invaded last year, output hit 6.3 million in 2022. But even with consumption nearly doubling to 2.6 million tonnes between January and September, that is not enough to sustain a sector that used to export four fifths of its output. Zaporizhstal expects to export two thirds of its 2.4-2.5 million tonnes of iron ore and rolled steel production in 2023. Before the invasion, output was 4.2 million tonnes a year. "We can say that blackouts last winter (reduced) steel production by two to three times," Zinchenko said, citing production data for the months when blackouts were most regular.

Persons: Oleksandr Ratushniak, ZAPORIZHZHIA, Roman Slobodianiuk, Ukraine's, Oleksandr Kalenkov, Slobodianiuk, Stanislav Zinchenko, Medkov, Oleksandr Yasunas, Zinchenko, Mike Collett, White, Barbara Lewis Organizations: Steel, REUTERS, Staff, Reuters, GMK, Thomson Locations: Ukraine, Zaporizhzhia, Russia, Soviet, Ukrainian, Mariupol, Europe, Odesa, Kyiv, Romania, Bulgaria, Turkey, Russian

☆ Time is ripe for another push on carbon pricing
▼ + stars: | 2023-10-24 | by ( Hugo Dixon | ) www.reuters.com time to read: +8 min

Other technologies, such as green hydrogen and carbon capture, are still a long way from maturity. Around 50 countries have some form of carbon price, double the number 10 years ago, and another 23 countries are planning to introduce one. The snag is that China’s carbon price is low and the United States doesn’t have a federal levy. Others argue that governments should combine carbon pricing with financial support for the most vulnerable and targeted subsidies for fledgling technologies. To hit climate targets, the carbon price would need to be $135 a tonne in advanced economies and $45 a tonne in large emerging ones by 2030.

Persons: Jin Mao, Aly, Joe Biden’s, There’s, Rishi Sunak, Michael Jacobs, it’s, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Financial, REUTERS, Reuters, International Energy Agency, European Union, Global, International Monetary Fund, Reuters Graphics Reuters, British, Pew Research, University of Sheffield, IMF, Africa Climate, United, European, Climate Leadership Council, Thomson Locations: Shanghai, Pudong, China, United States, Paris, Africa, European Union, U.S

It was unclear what stake JFE was seeking or what price it was offering. Japan's Nippon Steel (5401.T) has previously said it was looking to buy a 10% stake in Teck's coal business for C$1.15 billion, valuing the overall business at about C$11.5 billion, with an option of increasing its stake to 17.5%. Glencore has said it will consider buying the coal business for about $8.5 billion. JFE Steel holds 15% equity in India's JSW Steel (JSTL.NS), which was also exploring an investment in Teck's coal business. Price said the company had two options -- a 100% sale of the coal business for cash or a partial sale of the coal business, with proceeds going to growing the copper business.

Persons: Chris Helgren, Glencore, Major steelmakers, Teck, JFE, Jonathan Price, Price, Divya Rajagopal, Neha Arora, Denny Thomas, Nick Zieminski, Rod Nickel Organizations: Teck Resources, Developers Association of Canada, REUTERS, Rights, JFE Steel Corp, Canada's Teck Resources, Reuters, Japan's Nippon Steel, JFE Steel, JSW, Thomson Locations: Teck, Toronto , Ontario, Canada, Canada's Teck, Russia, JFE, Tokyo, Australia, Swiss, Toronto, India

EU High Representative for Foreign Affairs and Security Policy Josep Borrell attends EU-China High-Level Strategic Dialogue at the Diaoyutai State Guest House in Beijing, China, on October 13, 2023. "Cooperation is very much important," Borrell told a press conference ending a three-day visit that had twice been postponed. During talks in Beijing last month, China's economy tsar, He Lifeng, asked EU Trade Commissioner Valdis Dombrovskis to "exercise restraint in the use of trade remedy measures". The EU plans to open an anti-subsidy investigation into Chinese steelmakers this month, the Financial Times has reported. The EU and China plan a summit by the end of the year, with Borrell's visit and those of a number of other top EU officials in recent months having paved the way.

Persons: Josep Borrell, Pedro Pardo, Borrell, Enrique Mora, Wang Yi, Lifeng, Valdis Dombrovskis, Laurie Chen, Joe Cash, William Mallard Organizations: EU, Representative, Foreign Affairs, House, REUTERS Acquire, EV, Financial Times, Thomson Locations: EU, China, Beijing, BEIJING, Brussels, Europe, United States, Ukraine, Israel, Gaza, Russia

Oct 13 (Reuters) - President Joe Biden will announce in Philadelphia on Friday the recipients of $7 billion in federal grants for the development of regional hydrogen hubs, advancing a key part of his administration's broader plan to decarbonize the U.S. economy. "The regional hydrogen hubs will kickstart a national network of clean hydrogen production, consumers and the connected infrastructure necessary, while supporting the production, storage and delivery and end use of clean hydrogen,” a senior administration official said. The hubs selected will serve the mid-Atlantic, Appalachian, Midwest, Minnesota and Plains states, the Gulf Coast, Pacific Northwest and California. The grants are expected to leverage over $40 billion in private investment, generate tens of thousands of jobs and create a national hydrogen economy. Most of the selected hubs include the use of natural gas to power hydrogen production, which administration officials said would need to install carbon capture technology to qualify.

Persons: Joe Biden, ”, Biden, Chris Hannan, Rachel Fakhry, Valerie Volcovici, Diane Craft Organizations: Industry, Administration, of, Treasury Department, Natural Resources Defense, Thomson Locations: Philadelphia, U.S, Pennsylvania, California, Appalachian, Midwest , Minnesota, Plains, Gulf Coast, Pacific Northwest, Texas, of California

[1/2] High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell speaks during an event at Peking University in Beijing, China October 13, 2023. REUTERS/Xiaoyu Yin Acquire Licensing RightsBEIJING, Oct 13 (Reuters) - The European Union's foreign policy chief, Josep Borrell, urged China on Friday to redress economic and trade imbalances or efforts by Europe to reduce its dependence on China may "accelerate far more than is good". Borrell is on a three-day visit to China and is expected to have discussions on thorny issues including trade, Ukraine and human rights. "It is ... in our interest to find common ground, to redress the imbalance in our economic and trade relations," Borrell told students at the capital's prestigious Peking University. The trip was initially postponed in April after Borrell tested positive for COVID-19, and was then cancelled in June by China without citing a reason.

Persons: Josep Borrell, Borrell, Wang Yi, Lifeng, Laurie Chen, Albee Zhang, Philip Blenkinsop, Jamie Freed, Robert Birsel Organizations: European Union for Foreign Affairs, Peking University, REUTERS, Rights, EU, China Summit, Global Times, Thomson Locations: Beijing, China, Rights BEIJING, Europe, Ukraine, Shanghai, Russia, Brussels, Taiwan, EU, United States, decouple, Taiwan Strait

☆ EU plans anti-subsidy probes to secure steel deal with US
▼ + stars: | 2023-10-10 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +4 min

A worker walks past steel rolls at the Chongqing Iron and Steel plant in Changshou, Chongqing, China August 6, 2018. Washington has asked Brussels to move against Chinese steel producers in particular in return for avoiding the re-imposition of Trump-era tariffs on EU steel and aluminium, with an end-October deadline to reach an agreement. Washington has said it wants to prevent "leakage" of Chinese steel and aluminium into the U.S. market. China's shipments have steadily fallen since 2015, when they made up 25% of EU steel imports in volume terms, to below 10% since 2018, according to EU steelmakers federation Eurofer. The extra annual emissions would by 2026 be more than the CO2 emissions of the entire EU steel sector, he said.

Persons: Damir Sagolj, Joe Biden, Ursula von der Leyen, Charles Michel, Washington, Axel Eggert, der Leyen, Nilutpal, Philip Blenkinsop, Amy Lv, Simon Cameron, Moore, Mark Potter, Matthew Lewis Organizations: Chongqing Iron, REUTERS, Rights, European, Trump, Financial Times, European Union, European Commission, EU, World Trade Organization, China's Ministry of Commerce, Thomson Locations: Chongqing, Changshou, China, Rights BRUSSELS, United States, European, EU, Brussels, Washington, U.S, East, North Africa, Bengaluru, Beijing

☆ EU plans anti-subsidy probe into Chinese steelmakers - FT
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

A worker walks past steel rolls at the Chongqing Iron and Steel plant in Changshou, Chongqing, China August 6, 2018. REUTERS/Damir Sagolj/File photo Acquire Licensing RightsOct 10 (Reuters) - The European Union is planning to announce anti-subsidy investigations against Chinese steelmakers at a summit with the U.S. this month, the Financial Times reported on Tuesday. Washington had asked Brussels to move against Chinese steel producers in return for avoiding the re-imposition of Trump-era tariffs on EU steel, the newspaper said. In September, Brussels launched an investigation into whether to impose punitive tariffs to protect EU producers against cheaper Chinese electric vehicle (EV) imports it says are benefiting from state subsidies. Additional reporting by Amy Lv in Beijing; Editing by Jacqueline Wong & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Damir Sagolj, Washington, Joe Biden, Ursula von der Leyen, Charles Michel, Nilutpal, Amy Lv, Jacqueline Wong, Simon Cameron, Moore Organizations: Chongqing Iron, REUTERS, European, U.S, Financial Times, Trump, China's Ministry of Commerce, EVs, Thomson Locations: Chongqing, Changshou, China, Brussels, Beijing, Bengaluru

☆ Ukrainian steelmakers who scared off Russian forces with decoy weapons made of trash are now supplying troops with hundreds of fake weapons
▼ + stars: | 2023-09-23 | by ( Lauren Steussy | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

Steelworkers in Ukraine are outsmarting Russian troops with realistic-looking decoy weapons. After fooling Russian radar, new decoy weapons are being given directly to Ukrainian troops. The workers at Metinvest, Ukraine's largest steel plant, have produced more than 250 decoy weapons for Ukrainian troops, tricking Russian forces into using up valuable ammunition on nothing more than trash, the Financial Times reported. The fakes cost about 1,000 Euros to create — a fraction of the $1.1 million missiles used by Russian troops to destroy them. Militaries have long used decoy weapons to outmaneuver their opponents, such as inflatable tanks in WWII and parachuting dummies meant to simulate an airborne invasion leading up to D-Day.

Persons: — Organizations: Steelworkers, Service, Financial Times, The steelworkers Locations: Ukraine, Wall, Silicon, Metinvest

☆ Britain in talks with Tata Steel over $630 million aid package -Sky News
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +1 min

The Tata Steel plant is seen in Port Talbot, south Wales, November 23, 2012. REUTERS/Rebecca Naden/File Photo Acquire Licensing RightsLONDON, Sept 2 (Reuters) - The British government is in advanced talks with Tata Steel, the country's biggest steel producer, to provide 500 million pounds ($629 million) of funding to help secure the long-term future of a key part of its steel industry, Sky News reported on Saturday. But the talks have faced difficulties over potential job losses because the new style furnaces require fewer staff. About 8,000 people are employed by Tata Steel in Britain and Sky News cited industry sources as saying the company had warned that it may need to make as many as 3,000 redundancies in the future. Tata Steel has in the past warned that without government support, it will need to consider closing its sites.

Persons: Rebecca Naden, Sarah Young, John Stonestreet, Ros Russell Organizations: Tata, REUTERS, British, Tata Steel, Sky News, Port, British Steel, government's Department for Business, Trade, Thomson Locations: Port Talbot, Wales, Britain

☆ Indian interlopers can disrupt global mining M&A
▼ + stars: | 2023-08-25 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

BENGALURU, Aug 25 (Reuters Breakingviews) - An Indian tycoon has a powerful motive to throw himself into some global mining M&A. Sajjan Jindal is looking to pull together a consortium to take a 75% stake in the coal unit of Canadian miner Teck Resources (TECKb.TO), according to Bloomberg. Such a move would pit his $23 billion Mumbai-listed JSW Steel (JSTL.NS) against a rival $8 billion bid by Swiss commodities giant Glencore (GLEN.L). In North America, JSW already has steel plants in Ohio and Texas, and coal mining facilities in West Virginia. Anchoring a consortium bid makes sense but if push comes to shove, Indian tycoons can afford to be aggressive interlopers.

Persons: Sajjan Jindal, Jindal, JSW, Una Galani, Thomas Shum Organizations: Reuters, Teck Resources, Bloomberg, Tata Steel, Steel Authority of India, South, JSW, Elk Valley Resources, Deloitte, Chamber of Commerce, Thomson Locations: BENGALURU, Teck, Mumbai, India, JSW, Australia, Ukraine, North America, Ohio, Texas, West Virginia, Teck Resources, Elk Valley, Elk

☆ US Steel, once a symbol of America’s economic might, is now for sale in the bargain bin
▼ + stars: | 2023-08-19 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

The Pittsburgh-based company formed in 1901 as a merger of the nation’s leading steel companies — including Carnegie Steel Corp. — and was engineered by financier J.P. Morgan. But, in recent years, US Steel’s fallen far below other American steel companies in steel output and stock market value. (Last year, US Steel shipped only 11.2 million tons of steel from its US operations and had just under 15,000 US employees.) That compares to 14.49 million metric tons from US Steel, including its operations in Europe, which rank 27th in the world for 2022, according to the World Steel Association. Bradford said all along the way, US Steel and other US integrated steelmaking rivals with storied names such as Bethlehem Steel, Inland Steel and LTV Steel underestimated the competitive challenge that they faced from overseas and mini-mills at home.

Persons: J.P, Morgan, Andrew Carnegie, eyeing, ”, Charles Bradford, “ It’s, ” Bradford, Nucor, Bradford, Walt, Joe Biden, Biden, what’s, he’s, Sen, J.D, Vance Organizations: New, New York CNN, US Steel Corp, US Steel, Steel, titans, Carnegie Steel Corp, United Nations, Homestead, US Steel's Carnegie, Illinois Steel Corp, Bettmann, Atlantic, Pittsburgh, Pittsburgh Post, Gazette, US, Fairfield Works, . Steel, World Steel Association . US Steel, Bethlehem Steel, Inland Steel, LTV Steel, Dow Jones, Walt Disney, JPMorgan, Co, Street, LTV, Reuters, Cliffs, The United Steelworkers, Ohio Republican Locations: New York, Pittsburgh, United States, Europe, Japan, Germany, Fairfield Works ., Charlotte, America, Bethlehem, steelmakers, China, India, Korea, Inland, Cleveland, Ohio

☆ U.S. to impose tariffs on tin mill steel from Canada, China, Germany -Commerce Dept
▼ + stars: | 2023-08-17 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, Aug 17 (Reuters) - The U.S. Commerce Department on Thursday said it will set preliminary anti-dumping duties on tin-plated steel from Canada, Germany and China, in a move to shield domestic steelmakers that will prompt warnings of higher prices for cans made from the steel and the foods, paint and other products they contain. The department said it will propose preliminary anti-dumping duties of 122.5% on tin mill steel imported from China, 7.02% on imports from Germany and 5.29% on imports from Canada. No duties will be imposed on the steel -- used in cans for food, paint, aerosol products and other containers-- imported from Britain, the Netherlands, South Korea, Taiwan and Turkey, Commerce added. A bipartisan letter from members of Congress in June also argued that high anti-dumping duties would raise costs for canned packaging for food, aerosol products and could help Chinese producers of canned goods, leading to increased canned food imports from China. Reporting by David Lawder and Susan Heavey; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: David Lawder, Susan Heavey, Chizu Organizations: U.S . Commerce Department, Commerce Department, Steel, Manufacturers Institute, steelmakers, Thomson Locations: Canada, Germany, China, Britain, Netherlands, South Korea, Taiwan, Turkey, Commerce, U.S, steelmaker, Cleveland

☆ US Steel rejects buyout offer from rival Cleveland Cliffs
▼ + stars: | 2023-08-14 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

Cleveland-Cliffs proposes paying $17.50 a share in cash, and 1.023 shares of Cliffs stock for each US Steel share. Based on Friday’s closing price, that would be worth $32.53 for each US Steel share, an increase of 43% from US Steel’s Friday closing price. Its letter said it will not exercise that right should Cleveland-Cliffs purchase the company, and that it would oppose any other potential purchase offer for US Steel. Cleveland-Cliffs produced 16.8 million tons of steel in 2022, while US Steel produced 11.2 million tons at its US operations and another 3.7 million tons in Europe. Cleveland-Cliffs and US Steel are the two US steelmakers that make most of their steel from raw materials, while Nucor makes its steel primarily from melting steel scrap to produce steel.

Persons: ”, Lourenco Goncalves, Nucor Organizations: New, New York CNN, US Steel, Cliffs, Cleveland Cliffs, United Steelworkers, US Steel . Locations: New York, Cleveland, US Steel . Cleveland, Europe

☆ US Steel receiving acquisition offers as company promises to maximize stockholder value
▼ + stars: | 2023-08-13 | by ( Jennifer Korn | ) edition.cnn.com time to read: +2 min

New York CNN —United States Steel Corp. (X) is considering a sale after fielding acquisition offers, according to a news release Sunday from the company. The steel producer is under a formal review process after “receiving multiple unsolicited proposals” for both specific assets and the entire firm, the release announced. The company and the rest of the domestic steel industry were supposed to get help from a 25% tariff on steel imports put in place in 2018 by the Trump administration. Prices retreated and problems returned to the industry thanks to stockpiling, as well as slowdowns in the auto, energy and construction sectors. The drop in demand, combined with the increased American production, caused a glut in supply and a sharp drop in prices leaving the steel industry hurting in the years since.

Persons: ” David Burritt, Goldman Sachs, Milbank, Wachtell, Lipton, Katz, Donald Trump, Trump, we’ve, Burritt Organizations: New, New York CNN — United States Steel Corp, “, Steel’s, CNN, Barclays Capital, Rosen, US Steel Corp, US Steel Locations: New York, China

☆ U.S. Steelmakers Are Still Expanding as Demand Slows
▼ + stars: | 2023-08-03 | by ( Bob Tita | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ SSAB profit hit flags EU steel's parlous state
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 21 (Reuters Breakingviews) - SSAB (SSABa.ST) has kicked off European steelmakers' quarterly earnings season with a profit drama. Poor demand in Europe, declining steel prices and severe rises in energy and production costs are to blame. With steel consumption expected to decrease further in the second half of the year, investors sent SSAB stock down more than 15%. Without a deal, trade tariffs, which have been temporarily frozen, would return in December along with retaliatory measures from the EU. For SSAB, whose heavy plate business in North America was relatively stable during the second quarter, that would take things from bad to worse.

Persons: SSAB, steelmakers, Valdis Dombrovskis, Pamela Barbaglia, whir, George Hay, Streisand Neto Organizations: Reuters, SSAB, European Central Bank, Union, Twitter, Thomson Locations: Europe, U.S, North America

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