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☆ 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

[1/2] Idled blast furnaces at U.S. Steel Corp's Granite City Works in Granite City, Illinois, U.S. on on July 5, 2017. Two other U.S. rivals, Nucor Corp (NUE.N) and Steel Dynamics Inc (STLD.O), trade at 6.9 times and 5.8 times, respectively, according to Refinitiv data. These two companies' offers both value U.S. steel at 6.2 times its 2024 EBITDA, according to RBC Capital Markets analysts. Unlike blast furnaces, EAFs do not have to be operated at constant rates, allowing them to adjust to fluctuations in steel demand. EAFs also release much less carbon dioxide than blast furnaces, reducing climate-warming emissions.

Persons: David Lawder, EAFs, Joe Biden, Jefferies, David Burritt, Donald Trump, Anirban Sen, David Carnevali, Greg Roumeliotis, Sonali Paul Organizations: . Steel, REUTERS, US Steel, . Steel Corp, Cliffs Inc, Esmark Inc, Reuters, ArcelorMittal SA, Cleveland Cliffs, Nucor Corp, Steel Dynamics Inc, Steel, RBC Capital Markets, U.S, ., Steel's, U.S . Steel, Donald Trump . Supply, Thomson Locations: Granite City, Granite City , Illinois, U.S, Pittsburgh, Cleveland, New York

☆ 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

☆ 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

☆ U.S. Steel shares jump after unsolicited bid from Cleveland-Cliffs
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. Despite the surge, shares of U.S. Steel were trading well below the offer price at $27.92, indicating some investors believe a deal may not happen at that price. Cleveland-Cliffs shares were down 6.1%. A combination between the two firms will create the largest steel producer in North America and the 10th largest steel producer in the world and will be a dominant supplier to the transportation sector, KeyBanc Capital Markets analyst Philip Gibbs said in a note. U.S. Steel said it has invited Cleveland-Cliffs to be a part of the review process.

Persons: Lawrence Bryant, steelmaker, Philip Gibbs, Gibbs, Priyamvada, Reshma George, Arpan Daniel Varghese, Saumyadeb Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Steel, KeyBanc Capital, Midwest, AK Steel, U.S, . Steel, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Cleveland, North America, China, ArcelorMittal, Bengaluru

☆ Thales cyber push meets investor shoulder shrug
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 25 (Reuters Breakingviews) - France's Thales (TCFP.PA) is doubling down on cybersecurity with its $3.6 billion purchase of U.S. firm Imperva. Thales's boss Patrice Caine briefly considered buying Atos's (ATOS.PA) cybersecurity arm last year, but didn’t go through with it. The purchase values the Thoma Bravo-backed group at 17 times forecast 2024 operating profit, according to Thales. Meanwhile Caine’s push into the racy cyber sector doesn’t seem to register in the group’s valuation. That means investors are sceptical that Thales’s efforts to crack the war against hacking will work out for shareholders.

Persons: Patrice Caine, Thoma, Caine’s, Refinitiv Datastream, Pamela Barbaglia, Liam Proud, Streisand Neto Organizations: Reuters, Thales, Thoma Bravo, BAE Systems, Twitter, Thomson Locations: U.S, Spain

☆ Chevron’s restraint paying off
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 24 (Reuters Breakingviews) - Chevron’s (CVX.N)second-quarter profit was cut nearly in half as production rose slightly, according to a surprise early release of the oil giant’s earnings on Sunday night. Chevron’s profit jumped, too. Each barrel Chevron was producing brought in about $20 of profit, some 40% less than it had in the quarter earlier. Oil prices have continued to fall, but the drop in profit per barrel is less dramatic than before – just 8%. As long as restraint holds the upper hand, so will Chevron’s profit.

Persons: Brent, Goldman Sachs, Robert Cyran, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Chevron, Reuters Graphics, Twitter, Thomson Locations: U.S, Spain

☆ Office landlord offers glimpse of what’s to come
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 24 (Reuters Breakingviews) - Piedmont Office Realty Trust (PDM.N) is sifting through the rubble. The $910 million owner of high-quality office buildings in Boston, Dallas and beyond just borrowed at 9.25%, more than twice the interest rate it’s replacing. It’s an ominous sign for U.S. office landlords facing $60 billion of debt maturing at the end of 2023 and 2024, per data miner RCA. Office prices have fallen so much that cap rates are approaching 10%, according to Jonathan Litt, founder of activist hedge fund Land and Buildings Investment Management. Pricier debt means less income, but if rents have stabilized and interest rates keep rising, Piedmont was wise to start reconstructing its balance sheet sooner rather than later.

Persons: Brent Smith, Jonathan Litt, Lauren Silva Laughlin, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Realty Trust, Refinitiv, RCA, Buildings Investment Management, Twitter, Thomson Locations: Boston, Dallas, Piedmont, Spain

☆ Spain vote stalemate requires winner to drop out
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 24 (Reuters Breakingviews) - After Sunday’s election, neither the conservative People’s Party nor the governing Spanish Socialist Workers’ Party are likely to have enough support to rule. But he could shorten the pain by declining to form a government, paving the way for another poll in the autumn. The snap election called by left-wing Prime Minister Pedro Sánchez in May failed to deliver either bloc the 176 parliamentary seats needed to govern. Since Sánchez is also unlikely to muster enough support, that would give Spaniards another chance to choose a leader in cooler conditions. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Alberto Núñez Feijóo, Pedro Sánchez, King Felipe VI’s, Mariano Rajoy, Francesco Guerrera, George Hay, Streisand Neto Organizations: Reuters, People’s Party, Spanish Socialist Workers ’ Party, El, Vox, PSOE, Spanish, Twitter, Thomson Locations: “ El Gobierno, el aire, El Pais

☆ 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

☆ Environmental activists protest at Dutch Tata Steel plant
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

[1/5] Protesters and environmental activists with a banner reading "STOP THE POLLUTION" take part in a protest 'People vs Polluters' led by Greenpeace Netherlands against Tata Steel, in Ijmuiden, Netherlands June 24, 2023. Tengbeh Kamara/Greenpeace/Handout via REUTERSAMSTERDAM, June 24 (Reuters) - Hundreds of environmental activists wearing red jumpsuits marched with flags and banners on Saturday into the grounds of Tata Steel's plant in the Dutch city of Ijmuiden to protest over air and soil pollution in the surrounding area. Led by Greenpeace, the activists were joined by local residents who say the Indian company's facility in the coastal city is responsible for high levels of heavy metals in nearby soils. One group of protesters used boats to hang a banner reading "Tata Steel, You Sicken Us" at the port where the facility receives coal and iron ore. The facility is under scrutiny by environmental agencies and prosecutors are investigating alleged intentional pollution of nearby groundwater, which Tata denies.

Persons: Polluters, Tengbeh Kamara, Tata, Toby Sterling, Helen Popper Our Organizations: Greenpeace Netherlands, Tata Steel, Greenpeace, Handout, REUTERS, Tata, Thomson Locations: Ijmuiden, Netherlands, REUTERS AMSTERDAM, Dutch

☆ Pot producer Canopy raises going concern doubts, shares tumble
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

June 23 (Reuters) - Shares of Canada's Canopy Growth (WEED.TO) fell 6.5% on Friday after the pot producer posted a wider quarterly loss over the previous year and raised doubts about the company's ability to continue as a going concern. Canopy said it identified certain trends in the booking of sales for BioSteel, leading it to launch an internal review. As a result of the review, Canopy said it has let go of several members of BioSteel's leadership team. Sarwat added that Canopy was still burning through cash and including going concern risk in the filing makes Canopy USA's rationale unclear, as cash won't flow back to the U.S. unit without federal legalization. Canopy is eyeing an entry into the U.S. cannabis market through Canopy USA.

Persons: David Klein, Klein, Bernstein, Nadine Sarwat, Sarwat, Sourasis Bose, Pooja Desai Organizations: Reuters Graphics, U.S, Canopy USA, Thomson Locations: Canada, Bengaluru

☆ How these start-ups plan on lowering steel's carbon footprint
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow these start-ups plan on lowering steel's carbon footprintCNBC’s Diana Olick joins 'Power Lunch' to discuss cleaning up coal by decarbonizing steel.

☆ British Steel proposes to close coking ovens in move that could cut 260 UK jobs
▼ + stars: | 2023-02-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

LONDON — Chinese-owned British Steel said it may eliminate up to 260 U.K. jobs as a result of the proposed closure of its coking ovens in Scunthorpe, as steelmaking in Britain remains "uncompetitive" despite cost cutting. British Steel employs 4,700 people, of whom 4,300 are based in the UK. The British administration has been in talks to agree a long-term solution with British Steel over recent months. The Unite union called on British Steel must provide further disclosure over Scunthorpe or face potential industrial action. "Unite will pursue every avenue, including industrial action, to defend members' jobs at British Steel."

☆ GOP Rep. Michelle Steel wins re-election in contentious House race between 2 Asian Americans
▼ + stars: | 2022-11-15 | by ( Kimmy Yam | Kimmy Yam Is A Reporter For Nbc Asian America. | ) www.nbcnews.com time to read: +3 min

After a contentious race in Orange County, California, Republican incumbent Michelle Steel will represent the redrawn 45th Congressional District. Steel defeated Democrat Jay Chen in a rare matchup between two Asian American candidates. Prior to serving in Congress, Steel was a supervisor and chairwoman of the Orange County Board of Supervisors. The political shift has been driven by the growth of the Asian American and Pacific Islander population in the area. On Monday, dozens of Asian American organizations, including Asian Americans Advancing Justice — AAJC and the Orange County Asian and Pacific Islander Community Alliance, condemned candidates “using sinophobia, a fear or dislike of China” in a letter.

Rep. Michelle Steel is running against Democrat Jay Chen in California's 45th Congressional District. The 45th District is home to Little Saigon, which contains the largest Vietnamese population in the nation. 2022 General EmbedsCalifornia's 45th Congressional District CandidatesSteel sits on the Committee on Transportation and Infrastructure and the Committee on Education and Labor. Voting history for California's 45th Congressional DistrictCalifornia's 45th Congressional District straddles Los Angeles County and Orange County — the third largest in the state — and includes Little Saigon, home to the largest Vietnamese population in the United States. The pro-Republican Congressional Leadership Fund has alone accounted for more than half of that spending, with the National Republican Congressional Committee accounting for much of the rest.

☆ In California's conservative Little Saigon, a progressive unravelling among Vietnamese Americans switches up Orange County politics and raises the stakes for Republicans
▼ + stars: | 2022-11-07 | by ( Hanna Kang | ) www.businessinsider.com time to read: +15 min

The race in California's 45th House district has put a spotlight on its conservative Vietnamese American voter bloc in Little Saigon. Vietnamese American voters have long leaned conservative while the Asian American vote nationwide for decades trended Democratic. Westminster is the first city in the nation to have a Vietnamese American majority on the council, she added. "But what we've seen pretty clearly is that the Vietnamese community is home to diverse political perspectives." From a larger perspective, Joe said, Steel's strategy is short-sighted because it only reaches the immigrant Vietnamese conservative subgroup.

☆ Republican Rep. Michelle Steel faces off against Democrat Jay Chen in California's 45th Congressional District election
▼ + stars: | 2022-11-02 | by ( Hanna Kang | ) www.businessinsider.com time to read: +5 min

Rep. Michelle Steel is running against Democrat Jay Chen in California's 45th Congressional District. The 45th District is home to Little Saigon, which contains the largest Vietnamese population in the nation. California's 45th Congressional District CandidatesSteel sits on the Committee on Transportation and Infrastructure and the Committee on Education and Labor. Voting history for California's 45th Congressional DistrictCalifornia's 45th Congressional District straddles Los Angeles County and Orange County — the third largest in the state — and includes Little Saigon, home to the largest Vietnamese population in the United States. The pro-Republican Congressional Leadership Fund has alone accounted for more than half of that spending, with the National Republican Congressional Committee accounting for much of the rest.

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