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☆ Trump repeats vow to 'block' Nippon Steel's bid for U.S. Steel
▼ + stars: | 2024-12-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

U.S. President-elect Donald Trump has pledged to block Japanese company Nippon Steel's planned purchase of U.S. Steel. Nippon Steel, the fourth largest global steelmaker, reached an agreement to acquire U.S. Steel last December. U.S. Steel has an annual production capacity of around 20 million metric tons, while Nippon Steel is the leading steel producer in Japan. Nippon Steel and U.S. Steel did not immediately respond to CNBC's requests for comment on Trump's latest remarks. A spokesperson for Nippon Steel previously said the acquisition would revitalize the American Rust Belt and enhance U.S. national security "in a way no alternative can."

Persons: Donald Trump, Trump, Joe Biden, Takahiro Mori, David Burritt Organizations: Nippon, U.S . Steel, Nippon Steel of, U.S, Steel, Nippon Steel, United Steelworkers, Foreign Investment, Nippon Steel's, Trump, . Steel Locations: Nippon Steel of Japan, American, Japan, LSEG

☆ U.S. Steel sale to Nippon Steel an issue of national defense, critical supply chains: USW president
▼ + stars: | 2024-10-02 | 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 EmailU.S. Steel sale to Nippon Steel an issue of national defense, critical supply chains: USW presidentDavid McCall, President of USW, joins 'The Exchange' to discuss why McCall's thoughts on the U.S. Steel sale to Nippon Steel, if Nippon Steel's operations are superior, and McCall's thoughts on the general election more broadly.

Persons: David McCall Organizations: U.S, Steel, Nippon Steel, U.S . Steel, Nippon

☆ U.S. Steel CEO defends planned sale to Japan's Nippon, believes deal will ‘close on its merits'
▼ + stars: | 2024-09-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. Steel CEO David Burritt on Tuesday defended the company's planned sale to Japan's Nippon Steel, expressing confidence that the deal will "close on its merits" despite President Joe Biden's vocal opposition. "We strongly believe the deal closes on its merits," Burritt said in an interview on CNBC's "Money Movers." "It strengthens national security, it strengthens economic security and it strengthens job security." CFIUS told Nippon that the sale could "lead to a reduction in domestic steel production capacity," according to a letter obtained by Reuters earlier this month. The committee said supply chains could be disrupted in sectors critical to national security such as transportation, infrastructure, construction and agriculture.

Persons: David Burritt, Joe Biden's, Burritt, Biden, Kamala Harris, Donald Trump, CFIUS Organizations: . Steel, Japan's Nippon Steel, Steel, NBC News, Nippon, U.S, Foreign Investment, Reuters Locations: American, Nippon North America, U.S, United States

☆ Stocks making the biggest moves premarket: General Mills, U.S. Steel, V.F. Corp., ResMed, and more
▼ + stars: | 2024-09-18 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

United States Steel — Shares advanced more than 3% after Reuters reported the Committee on Foreign Investment in the United States granted a request to push back a review of Nippon Steel's bid for U.S. Steel until after the November election. General Mills — Shares were 1% lower after profit for the packaged foods company dropped 14% last quarter on lighter margins due to higher input costs. Intuitive Machines — Shares of the space exploration company surged more than 52% after it received a nearly $5 billion space network contract from NASA . ResMed - Shares slipped 2.7%, on light trading volume, following a downgrade at Wolfe Research to underperform from peer perform. Corp to overweight from equal weight , saying the risk-reward for the apparel company behind The North Face and Vans is attractive.

Persons: Mills, Eli Lilly's GLP, — CNBC's Michelle Fox, Sarah Min Organizations: United States Steel, Reuters, Foreign Investment, Nippon, U.S . Steel, Casella Waste, NASA, Wolfe Research, —, Barclays upgra ded, Corp, Microsoft, BlackRock Locations: United States

☆ U.S. decision on Nippon's bid for U.S. Steel pushed back until after election
▼ + stars: | 2024-09-17 | by ( ) www.cnbc.com time to read: +1 min

A tugboat pushes a barge near the United States Steel Corp. Clairton Coke Works facility in Clairton, Pennsylvania, US, on Monday, Sept. 9, 2024. CFIUS, the Committee on Foreign Investment in the United States, needs more time to understand the impact of national security and engage with the parties, the person added. Refiling sets a new 90-day clock to review the proposed tie-up and make a decision. President Joe Biden, Democratic presidential candidate Kamala Harris and Republican presidential hopeful Donald Trump have said they want U.S. Steel to remain in American hands. CFIUS, U.S. Steel and Nippon Steel did not immediately respond to requests for comment from Reuters.

Persons: Joe Biden, Kamala Harris, Donald Trump Organizations: United States Steel Corp, Clairton Coke, Nippon, U.S, Biden, Foreign Investment, Democratic, Steel, U.S . Steel, Nippon Steel, Reuters Locations: Clairton , Pennsylvania, United States, U.S

US Steel and Nippon Steel both indicated in statements that they’re open to legal fights to get the deal approved, no matter what actions is announced by Biden. Shares of US Steel (X) closed down 17.5% on the news at $29.37, well below the $55 a share that Nippon Steel agreed to pay for the stock back in December when the deal was announced. US Steel said the future of this and other union-represented plants at the company are at risk unless it gets approval to be purchased by Nippon Steel. US Steel says it has more than 3,000 employees in the state in its remaining steel mills along the Monongahela River just outside of Pittsburgh. The union says it doesn’t believe in the promises made by Nippon Steel so far and that it remains opposed to the purchase.

Persons: Joe Biden, Biden, “, Biden’s, Kamala Harris, Donald Trump, JD Vance, Harris, David Burritt’s “, Gene J, Philip Gibbs, ” Gibbs, ”, Gibbs, “ You’re, you’re, CFIUS, Michael Leiter, Skadden’s CFIUS, ” – CNN’s Matt Egan Organizations: Washington DC CNN, Nippon, US Steel, White, Foreign Investment, White House, Treasury, Steel, Nippon Steel, “ Nippon Steel, Washington Post, Labor, United Steelworkers, Justice, KeyBanc, CNN, steelworkers, “ Nippon, National Security Locations: United States, Japan, American, Pittsburgh, shoring, Gary , Indiana, “, Clairton , Pennsylvania, Pennsylvania, Monongahela, America

☆ Chinese excess capacity in steel is a 'key concern' for us, says JSW Steel's CEO
▼ + stars: | 2024-07-23 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese excess capacity in steel is a 'key concern' for us, says JSW Steel's CEOJayant Acharya, Joint Managing Director & CEO of JSW Steel, continues to see "very strong" steel demand in India but says that the international outlook remains "weak".

Persons: JSW, Jayant Acharya Organizations: JSW Locations: JSW Steel, India

☆ Wednesday's analyst calls: Stifel gets bullish on Tesla, FedEx seen rallying 40%, Citi boosts Nvidia
▼ + stars: | 2024-06-26 | by ( Alex Harring | ) www.cnbc.com time to read: +10 min

(This is CNBC Pro's live coverage of Tuesday's analyst calls and Wall Street chatter. Stifel opened coverage on Tesla with a buy rating and an ambitious price target as it sees multiple growth opportunities for the company. Crockett also increased his price target by $64 to $260, which now suggests shares can rally 24.4% from Tuesday's closing price. Goldman also hiked his price target by $7 to $52, now reflecting upside potential of 17.7% over Tuesday's close. Analyst Stephen Gengaro initiated the electric vehicle maker at a buy rating with a $265 price target.

Persons: Rosenblatt, Barton Crockett, Crockett, — Alex Harring, Atif Malik, Malik, Blackwell, Wolfe, Robinhood, Steven Chubak, Chubak, Jason Warnick, That's, Keith Gill, Katja Jancic, Jancic, Brian Ossenbeck, Ossenbeck, Campbell, Ken Goldman, hasn't, Goldman, underperformance, Stifel, Stephen Gengaro, Gengaro, Alex Harring Organizations: CNBC, Federal Express, JPMorgan, FedEx, Apple, Apple Intelligence, Android, Meta, Microsoft, Nvidia, Citi, Wolfe Research, . Steel, BMO Capital Markets, U.S, Steel, Nippon Steel, Nippon, US, U.S . Steel, CPB, Tesla Locations: Tuesday's, Japan, U.S

A chipmaker was among Monday's biggest analyst calls along with a hospital stock. Morgan Stanley upgraded Micron Technology and raised its price target on the stock — though it sees only limited gains ahead. U.S. Steel shares have dropped more than 26% year to date. The bank upgraded the computer memory stock to equal weight from underweight and increased its price target to $130 per share from $98. He also raised hi 12-month price target to $226 from $189, implying upside of 27% from Friday's close.

Persons: Morgan Stanley, Dell, Samik Chatterjee, Bernstein, Toni Sacconaghi, DELL, — Brian Evans, Jefferies, Christopher LaFemina, LaFemina, Stifel, Ruben Roy, Baird, Tristan Gerra, Tom O'Malley, Brian Evans, Micron Technology Morgan Stanley, Morgan Stanley's, Joseph Moore, Moore, AJ Rice, Rice, Fred Imbert Organizations: CNBC, Micron Technology, UBS, Universal Health Services, JPMorgan, Dell, Jefferies, U.S, Steel, U.S . Steel, Nippon Steel's, Wall, TAM, Nvidia, Barclays Locations: U.S, Friday's

6:41 a.m.: Morgan Stanley raises Carvana price target Morgan Stanley likes what it sees from Carvana after its "operational turnaround." The bank reiterated an underweight rating on the used car retailer but raised its price target to $75 per share from $45. "Throughout 2023, CVNA transitioned from a distressed equity into an operational turnaround with a restructured interest burden," Morgan Stanley analyst Adam Jonas said. The firm downgraded the HVAC stock to neutral from buy and lowered its price target to $68 per share from $74. MU YTD mountain MU year to date — Brian Evans 5:45 a.m.: Morgan Stanley upgrades U.S. Steel There's a big buying opportunity in U.S. Steel after a recent pullback this year, according to Morgan Stanley.

Persons: Morgan Stanley, Baird, Morgan Stanley's, CVNA, Adam Jonas, — Brian Evans, Wells, Mike Mayo, Mayo, Brian Evans, Johnson, Damian Karas, " Karas, Tristan Gerra, Gerra, Carlos De Alba, Alba, De Alba, Fred Imbert Organizations: CNBC, U.S, Steel, Micron Technology, Wells Fargo, Citi, UBS, Johnson, JCI, Micron, MU, Nippon Steel, U.S . Steel, . Steel Locations: Carvana, Wells Fargo, Friday's, U.S

☆ Biden and Japan's Kishida forge new partnership, eyeing China and Russia
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida on Wednesday unveiled plans for military cooperation and projects ranging from missiles to moon landings, strengthening their alliance with an eye on countering China and Russia. U.S. President Joe Biden and Japanese Prime Minister Fumio Kishida on Wednesday unveiled plans for military cooperation and projects ranging from missiles to moon landings, strengthening their alliance with an eye on countering China and Russia. "Regarding Russia's aggression of Ukraine ... Ukraine today may be East Asia tomorrow," Kishida said. Biden also vowed to keep open lines of communication with China and said the U.S.- Japan alliance was defensive in nature. He spoke to Chinese President Xi Jinping last week.

Persons: Joe Biden, Fumio Kishida, Biden, Kishida, Xi Jinping Organizations: Japanese, Nippon Steel's, U.S . Steel, U.S . Locations: China, Russia, Japan, United States, Gaza, Israel, Ukraine, North Korea, South, East China, Taiwan, Beijing, U.S, East Asia

☆ 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

☆ Here are the 6 California Republicans up for reelection whose competitive districts could determine the House majority in 2024
▼ + stars: | 2024-03-31 | by ( John L. Dorman | Brent D. Griffiths | ) www.businessinsider.com time to read: +7 min

And it is in these districts, from the Central Valley to the outskirts of Los Angeles and down to Orange County, where the House majority will likely be won or lost in 2024. Republicans currently hold a slim 218-seat majority, a precarious position for the party as the 213-member House Democratic Caucus works to flip the chamber this year. Tom Williams/CQ-Roll Call, Inc via Getty ImagesKen Calvert, 41st DistrictFirst elected to the House: 1992AdvertisementCalvert is the longest-serving California Republican in Congress. Calvert won most of his races by large margins before redistricting, and he last faced a truly competitive reelection fight in 2008. Valadao's return to Congress was overshadowed by his decision to become one of 10 House Republicans to vote to impeach President Donald Trump in the aftermath of the Capitol riot.

Persons: —, Kevin McCarthy —, Joe Biden, Young Kim, Bill Clark, Kim, Ed Royce, Gil Cisneros, McCarthy, Cisneros, Biden, She'll, Joe Kerr, Michelle Steel, Harley Rouda, Rouda, Dana Rohrabacher, Steel, Jay Chen, Derek Tran, Mike Garcia, Tom Williams, Garcia, Katie Hill, Christy Smith, Smith, George Whitesides, Ken Calvert, Calvert, he's, Will Rollins, Rollins, John Duarte, Duarte isn't, Duarte, Jim Jordan's, Jordan, Mike Johnson of, Democrat Adam Gray, Gray, David Valadao, Valadao, TJ Cox, Valadao's, Donald Trump, Rudy Salas, Salas Organizations: Service, Golden State, Business, Republicans, Democratic Caucus, Inc, Getty, California State Assembly, GOP, Democratic, Navy, Biden, NASA, onetime Virgin Galactic, District, California Republican, Republican, House Democrats, Democrat, Trump, Democratic Rep, Capitol Locations: California, Bakersfield, Golden, Los Angeles, Orange County, Orange, Riverside, San Bernardino, Steel, Los Angeles County, Riverside County, Congress, Inland, Corona, Mike Johnson of Louisiana

☆ Cleveland-Cliffs CEO: Have full conviction a Nippon Steel-USW deal 'will never happen'
▼ + stars: | 2024-03-19 | 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 EmailCleveland-Cliffs CEO: Have full conviction a Nippon Steel-USW deal 'will never happen'Cleveland-Cliffs CEO Lourenco Goncalves joins 'Squawk on the Street' to discuss Nippon Steel's proposed deal to buy U.S. Steel, why he believes Nippon Steel will not reach an agreement with the United Steelworkers union, whether Cleveland-Cliffs would consider a bid for U.S. Steel's asset if the Nippon deal fell apart, and more.

Persons: Lourenco Goncalves, Nippon Steel's Organizations: Cliffs, Nippon Steel, Nippon, . Steel, United Steelworkers, U.S Locations: Cleveland

☆ USW President David McCall on Nippon-U.S. Steel deal: Doesn't work for us in any meaning
▼ + stars: | 2024-03-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUSW President David McCall on Nippon-U.S. Steel deal: Doesn't work for us in any meaningDavid McCall, United Steelworkers Union international president, joins 'Squawk Box' to discuss Nippon Steel's acquisition of U.S. Steel, the potential impact on American steelworkers, and more.

Persons: David McCall Organizations: Nippon, U.S . Steel, United Steelworkers Union, American steelworkers

☆ Faber Report: U.S. Steel deal scrutiny
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFaber Report: U.S. Steel deal scrutinyCNBC's David Faber reports on the latest developments on Nippon Steel's deal with buy U.S. Steel.

Persons: CNBC's David Faber Organizations: . Steel, Nippon, U.S . Steel

☆ Nippon Steel's takeover of U.S. Steel is highly politicized, says Timna Tanners
▼ + stars: | 2024-03-14 | 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 EmailNippon Steel's takeover of U.S. Steel is highly politicized, says Timna TannersTimna Tanners, Metals and Mining Analyst at Wolfe Research, discusses Nippon Steel's takeover proposal of U.S. Steel.

Persons: Timna Organizations: Nippon Steel's, U.S . Steel, Metals, Mining, Wolfe Research, Nippon

☆ Biden to raise concern over Nippon Steel's deal for U.S. Steel: Reuters
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: +2 min

This picture taken on Feb. 16, 2024 shows a logo of Nippon Steel Corp. at the company's Kyushu manufacturing base in Kitakyushu city of Fukuoka Prefecture. U.S. President Joe Biden plans to express concern over Nippon Steel's proposed $14.9 billion purchase of U.S. Steel, a person familiar with the matter said on Wednesday, pushing the U.S. company's stock nearly 13% lower on bets the deal could face greater political opposition. U.S. President Joe Biden plans to express concern over Nippon Steel's proposed $14.9 billion purchase of U.S. Steel, a person familiar with the matter said on Wednesday, pushing the U.S. company's stock nearly 13% lower on bets the deal could face greater political opposition. In December, Nippon Steel clinched a deal to buy the 122-year-old iconic U.S. steelmaker for a hefty premium, betting that U.S. Steel would benefit from the spending and tax incentives in Biden's infrastructure bill. The White House declined to comment on Wednesday, but a person familiar with the matter said Biden would issue a statement about the planned acquisition before Kishida arrives for his state visit.

Persons: Joe Biden, Biden, Fumio Kishida, Donald Trump, Kishida Organizations: Nippon Steel Corp, Nippon Steel's, U.S . Steel, U.S, Japanese, Nippon Steel, Steel, Democratic, Republican U.S Locations: Kyushu, Kitakyushu, Fukuoka Prefecture . U.S

☆ Faber Report: Pres. Biden to weigh in on U.S. steel deal
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFaber Report: Pres. Biden to weigh in on U.S. steel dealCNBC’s David Faber reports on the latest developments on Nippon Steel's deal to buy U.S. Steel.

Persons: Pres, Biden, CNBC’s David Faber Organizations: Nippon, . Steel

☆ Stocks making the biggest moves premarket: Citigroup, Under Armour, MicroStrategy and more
▼ + stars: | 2024-03-14 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Under Armour — Shares dropped 5.3% on news that founder Kevin Plank is returning as chief executive to the sportswear company. Dollar General — The discount retailer popped 5.8% on the back of a stronger-than-expected earnings report for the fourth quarter. After the market closed Wednesday, SentinelOne posted stronger-than-expected quarterly results. Dick's Sporting Goods -- Shares moved 3.6% higher after the sporting goods retailer posted an earnings and revenue beat for its fourth quarter. MicroStrategy — Shares gained 1.6% after MicroStrategy said it's raising $500 million to buy additional bitcoin , and to use for other general corporate purposes.

Persons: Armour, Kevin Plank, Evercore, LSEG, Joe Biden, SentinelOne, Dick's, Goldman Sachs, MicroStrategy, —, Alex Harring, Sarah Min, Michelle Fox Organizations: United States Steel, Nippon Steel Corp, Wall Street Journal, Dick's Sporting Goods, Citigroup —, Citi

WASHINGTON (AP) — President Joe Biden is coming out in opposition to the planned sale of U.S. Steel to Nippon Steel of Japan, saying in a statement to be released Thursday that the U.S. needs to "maintain strong American steel companies powered by American steel workers.”In a statement obtained in advance by The Associated Press, Biden adds: “U.S. 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." Thursday's announcement, coming as Biden is campaigning in the Midwest, could have ripples in his race against the GOP presumptive nominee, Donald Trump. Nippon Steel announced in December that it planned to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. More than half the steel produced globally comes from China, according to the World Steel Association.

Persons: Joe Biden, Biden, Donald Trump, Trump, Fumio Kishida, Jill Colvin Organizations: WASHINGTON, Steel, Nippon Steel of, Associated Press, GOP, Democratic, AFL, Nippon Steel, Pittsburgh, Foreign Investment, Teamsters, U.S . Steel, Japan, Trump, Biden, United Steelworkers, Nippon, White, World Steel Association . India Locations: U.S, Nippon Steel of Japan, American, Midwest, United States, Saginaw , Michigan, Pennsylvania, Japan, Asia, China

☆ Australian steelmaker discusses growth outlook after earnings report
▼ + stars: | 2024-02-19 | 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 EmailAustralian steelmaker discusses growth outlook after earnings reportMark Vassella, BlueScope Steel's managing director and CEO, discusses Nippon Steel's potential acquisition of U.S. Steel and how it might affect its U.S. business.

Persons: Mark Vassella, BlueScope Organizations: Nippon, U.S . Steel

☆ JSW Steel's CEO explains why he is positive on the growth momentum in steel demand
▼ + stars: | 2024-01-30 | 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 EmailJSW Steel's CEO explains why he is positive on the growth momentum in steel demandJayant Acharya of JSW Steel discusses the company's Q3 earnings, business outlook and increased competition due to the surge in China steel imports.

Persons: JSW Steel Organizations: JSW Locations: China

The settlement with environmental groups Clean Air Council and PennEnvironment and the Allegheny County Health Department was filed in federal court Monday for a judge to review, the groups said. PennEnvironment and the other plaintiffs accused the steel producer of more than 12,000 violations of its air pollution permits. The rest is a $5 million penalty that U.S. Steel agreed to pay to fund clean air efforts. It is one of the largest-ever fines nationally in a citizen-enforced lawsuit under federal clean air laws, Clean Air Council and PennEnvironment said. ___This story has been corrected to show the number of alleged air pollution permit violations is more than 12,000, instead of more than 1,200.

Persons: PennEnvironment, polluters, David Masur, ”, Kurt Barshick, U.S . Steel Organizations: —, Steel, Clean Air Council, PennEnvironment, Allegheny County Health Department, U.S . Steel, Valley Works, U.S, U.S . Locations: HARRISBURG, Pa, Pittsburgh, Allegheny County, U.S

☆ Tata Steel to close UK blast furnaces with loss of up to 2,800 jobs
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +1 min

Tata Steel said on Friday it will close its two blast furnaces in Britain by the end of this year, resulting in up to 2,800 workers potentially losing their jobs at its steelworks plant in Wales. Tata Steel said it would start a consultation process as part of its restructuring plan. "The course we are putting forward is difficult, but we believe it is the right one," Tata Steel Chief Executive T V Narendran said. Tata Steel employs more than 8,000 people in the UK, but the warning that as many as 3,000 of those jobs could go came in September when the government announced a funding package to help safeguard 5,000 jobs. The electric arc furnaces are operated by fewer workers compared to the blast furnaces.

Persons: Tata Steel, V Narendran Organizations: Tata, Tata Steel Locations: Britain, Wales, India

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