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Search resuls for: "steelmakers"


4 mentions found


☆ Ukraine minister: GDP contraction of 39% expected in 2022 vs earlier forecast of 35%
  + stars: | 2022-11-09 | by ( Andrea Shalal | ) www.reuters.com   time to read: +3 min
WASHINGTON, Nov 9 (Reuters) - Ukrainian economy minister Yulia Svyrydenko said Russia’s destruction of civilian infrastructure in recent weeks was expected to result in a 39% contraction of gross domestic product in 2022, down from an earlier forecast of a 35% drop. Asked about recent comments from Republican leaders in Congress suggesting they would curtail U.S. aid to Ukraine, Svyrydenko said Ukraine's fight against Russia was an existential one, and that the entire world order would change if it lost. She said Ukraine is also seeking a yearlong extension of the suspension of U.S. steel tariffs to help Ukrainian steelmakers, which have been hit hard by Russian missile attacks. Svyrydenko said she discussed the issue with U.S. Trade Representative Katherine Tai during a meeting in Washington earlier on Wednesday. She also met on Tuesday with U.S. Commerce Secretary Gina Raimondo, who pledged continued strong support for Ukraine, including efforts by the U.S. government and private sector to help rebuild Ukraine's civilian infrastructure.
☆ Sanctioned Russian Oligarch Alexey Mordashov Finds Safe Harbor for Yacht in South Africa
  + stars: | 2022-10-25 | by ( Gabriele Steinhauser In Johannesburg | Stu Woo In London | Gabriele Steinhauser | ) www.wsj.com   time to read: 1 min
South Africa will allow sanctioned Russian steel magnate Alexey Mordashov to pull his superyacht into Cape Town, making it the latest port stop on a controversy-laden voyage that shows the limits of Western sanctions. The journey of the 465-foot Nord—from the Seychelles to Vladivostok in Russia, Hong Kong and now en route to Cape Town—has become a closely watched barometer for the effectiveness of U.S. and European sanctions on its owner, Mr. Mordashov, one of Russia’s richest men and the largest shareholder of Severstal PAO, among the world’s biggest steelmakers.
☆ S.Korea's POSCO Holdings sees steel demand remaining weak; Q3 profit tumbles
  + stars: | 2022-10-24 | by ( Joyce Lee | Heekyong Yang | ) www.reuters.com   time to read: +2 min
SEOUL (Reuters) -South Korea’s POSCO Holdings on Monday forecast weak steel demand would persist into the first half of next year after a price slump and a production halt at its second-biggest plant led to a 71% fall in third-quarter operating profit. FILE PHOTO: The logo of POSCO is seen at the company's headquarters in Seoul, South Korea, July 20, 2016. The fall in earnings comes as global steel demand is weakening amid surging inflation, interest rates and a property market slump in China, the world’s biggest steel market. Global steel demand is expected to grow by about 1% next year, while demand in South Korea is expected to remain flat, POSCO said. The company’s head of marketing strategy, Eom Gichen, said steel demand was expected to remain to weak in the first half of next year because of economic factors like austerity measures.
☆ Steelworkers Union Approves Contract With Cleveland-Cliffs
  + stars: | 2022-10-13 | by ( Bob Tita | ) www.wsj.com   time to read: 1 min
The United Steelworkers union has ratified a four-year contract with steelmaker Cleveland-Cliffs while it remains divided with United States Steel Corp. over wages and other major issues, the union said. United Steelworkers, which represents more than 20,000 hourly workers at the two companies, said the contract with Ohio-based Cleveland-Cliffs delivers improved wages, insurance and pension benefits, issues that workers are also pushing for in talks with U.S. Steel at a time when profits for steelmakers have boomed.
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