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TOKYO — Lawmakers in Japan voted Monday to retain the embattled Shigeru Ishiba as prime minister despite his long-governing party’s dismal showing in parliamentary elections last month. Ishiba, a straight-talking former defense minister, received 221 votes compared with 160 for Yoshihiko Noda, leader of the opposition Constitutional Democratic Party. Many Japanese officials assume Trump is going to be “more straightforwardly anti-China,” and that Japan will be “somehow miraculously left off the hook,” he said. Though Japan has already pledged to double defense spending to 2% of gross domestic product by 2027, “that’s probably not going to be enough to satisfy Trump,” Boling said. While Abe was “extraordinarily skillful” in dealing with Trump, Ishiba has a different personality, Boling said.
Persons: Shigeru Ishiba, Ishiba, Donald Trump, Yoshihiko Noda, ” Ishiba, Yuichi Yamazaki, Trump, Koichi Nakano, Shinzo Abe, ” Nakano, David Boling, “ that’s, ” Boling, Joe Biden, Kamala Harris, Takahiro Mori, Abe, Boling, , I’m, Jeff Kingston, ” Kingston, Arata Yamamoto, Jennifer Jett, Peter Guo Organizations: Lawmakers, Liberal Democratic Party, Constitutional Democratic Party, Getty, Trump, Japan Relations, NBC News, U.S, Eurasia Group, Nippon, Pittsburgh, . Steel, Democratic, Nippon Steel, United Steelworkers, , Japan Locations: TOKYO, Japan, Washington, Tokyo, China, Russia, North Korea, U.S, York, Japanese, Pittsburgh, ” Japan, United States, Temple, Hong Kong
Pittsburgh CNN —In the years that Pennsylvania Senate candidate Dave McCormick led one of the world’s largest hedge funds, the firm bet millions of dollars against some of the state’s biggest and most iconic companies, financial filings show. For financial institutions, short positions can be lucrative. The fund shorted about four dozen companies from Pennsylvania during McCormick’s tenure, the records show. The fund did invest in stocks of some of the same Pennsylvania companies it shorted in other years, and overall, it reported spending more money buying stocks of Pennsylvania companies than shorting them in four of the five annual reports reviewed by CNN. She argued that the short positions Bridgewater took in Pennsylvania companies didn’t negatively impact employees because they represented a small fraction of each company’s overall value.
Persons: Dave McCormick, McCormick, , , Kevin Boltz, Democratic Sen, Bob Casey –, Casey, Luke Sharrett, Elizabeth Gregory, Dave, ” Gregory, Bridgewater, ” McCormick wasn’t, Andrew Jennings, Dan Mallinson, “ They’re, ” Mallinson, “ That’s, ” Eric Talley, Talley, I’m, Justin Merriman, McCormick’s, Biden, Bernie Hall, ” Hall, Gregory, Michael M, Eric Hovde of, Tim Sheehy, Bernie Moreno, dogging McCormick, Mallinson Organizations: Pittsburgh CNN —, Bridgewater Associates, The Hershey Company, US Steel, CNN, US Department of Labor, Republican, Hershey, Democratic, Bridgewater, Bloomberg, Getty, McCormick’s, Bridgewater Equity Fund, Labor, Securities and Exchange Commission, Comcast, Penn National Gaming, Emory University School of Law, Penn State, Columbia University, Steel, Japan's, Nippon Steel, Keystone, Nippon, Pennsylvania, United Steelworkers, Senate, Penn Locations: Pennsylvania, Bridgewater, Harrisburg, Pittsburgh, China, Eric Hovde of Wisconsin, Montana, Ohio
But the strike could pose several issues for Vice President Harris in her presidential campaign. AdvertisementThere's a labor storm a-brewing off the East Coast — but don't expect to see President Joe Biden stepping in anytime soon. MATTHEW HATCHER/AFP via Getty ImagesThe strike throws another wrench into the 2024 raceThe strike has the potential to further upend what has already been a dizzying presidential race. Vice President Kamala Harris is now carrying the banner of the Biden administration's pro-union policies as the Democratic presidential nominee. But Harris' union ties are not as deep as those enjoyed by Biden.
Persons: Joe Biden, Harris, , dockworkers, it's, Biden, Taft, George W, Bush, Hartley, Cathy Creighton, Creighton, Hamilton Nolan, Nolan, USMX, Hurricane Helene, Independent Sen, Bernie Sanders of, Kamala Harris, Donald Trump, MATTHEW HATCHER, Trump, they're Organizations: Service, Gulf Coasts, International Longshoremen's Association, US Maritime Alliance, Workers, Cornell University's Industrial, Labor Relations Buffalo Co, Labor, ILA, , Independent, Getty, Biden, Democratic, Teamsters, Trump, AFL, United Auto Workers, United Steelworkers, Republicans, Republican Party Locations: East Coast, Gulf of Mexico, East, West Coast, Taft, Hurricane, Bernie Sanders of Vermont, Michigan , Nevada, Pennsylvania
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
TOKYO — U.S. opponents of a Japanese steelmaker’s $14.9 billion bid for U.S. Steel cite concerns about national security and a reluctance to relinquish a storied American company. That could complicate efforts to strengthen ties with Japan, a key U.S. ally, in an effort to counter China’s growing influence in the Asia-Pacific and around the world. Washington has also been pushing Tokyo to align itself with U.S. export controls that limit China’s ability to produce advanced semiconductors. The opposition to the deal “also places Japan in the unenviable company of China in terms of Washington’s politicization of economic issues,” Kingston said in an email. Other U.S. Steel employees have rallied in support of the deal, which was announced last December.
Persons: Joe Biden, Jeff Kingston, , ” Kingston, Donald Trump, Kamala Harris Organizations: U.S, Steel, Nippon Steel, NBC, Temple University Japan, Rust Belt, Biden, U.S . Steel, The United Steelworkers Locations: TOKYO, U.S, American, Japan, Asia, Pacific, Washington, Tokyo, China, Pennsylvania
New York CNN —US Steel is threatening to shutter a number of mills if the Biden administration blocks its sale to would-be Japanese buyer Nippon Steel. But another rival, Cleveland Cliffs, is offering to buy those mills from US Steel if President Joe Biden stops the deal. But those objections could be lessened if the alternative to Cleveland Cliffs buying the mills was their closure. Cleveland Cliffs said it has the financing in place to buy the threatened intergrated steel mills, which make steel from raw materials. Cleveland Cliffs CEO Lourenco Goncalves praised those reported plans to block the deal, even though they are not yet confirmed.
Persons: Biden, Joe Biden, Kamala Harris, Donald Trump, J.D, Lourenco Goncalves, , ” Goncalves, Organizations: New, New York CNN, Nippon Steel, Steel, United Steelworkers, Nippon, CNN, Cleveland Cliffs, US Steel, United, Commonwealth Locations: New York, Cleveland, Vance, Pittsburgh, United States, Pennsylvania
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
AdvertisementAccording to The Washington Post, top union leaders have privately expressed concerns about Biden's ability to beat Trump in November. AdvertisementLosing support from laborAccording to Politico's Jonathan Martin, support from the unions is likely Biden's only path to survival against Trump. The AFL-CIO told the Associated Press on Thursday that Biden's "fighting spirit" was on full display during his meeting with union leaders this week. He "wasn't even the Joe Biden of 2020," said Clooney. AdvertisementIf union leaders join the chorus of voices asking Biden to step down, other key supporters may quickly follow.
Persons: , Joe Biden, Biden, Sara Nelson, Shawn Fain, Biden's, David McCall, Politico's Jonathan Martin, Anita Dunn, Sen, Peter Welch of, George Clooney, wasn't, Clooney, Chuck Schumer, Axios, Nancy Pelosi Organizations: Service, NATO —, AFL, America's, Business, The Washington Post, Trump, Association of Flight, United Auto Workers, The Association of Flight, Democratic, United Steelworkers International, Politico, Blacks, Associated Press, CBS, The New York Times Locations: Peter Welch of Vermont
Washington CNN —President Joe Biden is increasing tariffs on $18 billion in Chinese imports across a handful of sectors deemed strategic to national security – an attempt to cripple Beijing’s development of critical technologies and instead prioritize US production. The increases will apply to imported steel and aluminum, legacy semiconductors, electric vehicles, battery components, critical minerals, solar cells, cranes and medical products. That same trade law also requires the effectiveness of such tariff programs to be evaluated every four years, and the Biden administration decision is the result of that study. “China can’t be the only country that produces clean technology for the world we need,” a senior administration official said. The Chinese government, Biden argued, is providing state money to Chinese steel companies to make more steel than the economy demands, pushing down the price and making it impossible for other companies to compete.
Persons: Joe Biden, , , Lael Brainard, “ China’s, Donald Trump, Biden, Wang Wenbin, Trump, Janet Yellen, Antony Blinken, “ They’re, ” Biden, Sam Fossum Organizations: Washington CNN, White, National Economic Council, CNN, Biden, Trade Organization, Brookings Institute, United Steelworkers, Trump, China’s Ministry, Commerce Locations: China, Beijing, Europe, Brazil, Turkey, Pittsburgh, Midwest
President Joe Biden on Wednesday choked up as he blasted Donald Trump, saying the presumptive Republican presidential nominee "doesn't deserve to be the Commander-in-Chief for my son." "They asked him to go visit American grave sites. Because they were all suckers and losers," Biden said, citing the reports about Trump's rationale. That man doesn't deserve," Biden said, pausing for several seconds as he choked up before adding, "to be the Commander-in-Chief for my son." Beau Biden died in 2015, when his father was vice president in the administration of former President Barack Obama.
Persons: Joe Biden, Donald Trump, doesn't, Beau Biden —, Trump, Biden, Beau Biden, General's, Barack Obama, Trump's, John Kelly, Jeffrey Goldberg, Goldberg Organizations: Wednesday, Delaware Army National Guard, Democrat, United Steelworkers, General's Corp, National Guard, Guard, White House, CNN, U.S . Locations: Pittsburgh, Paris, Iraq, Aisne
President Joe Biden is calling on the U.S. Trade Representative to triple the China tariff rate on steel and aluminum imports as he makes the rounds in the key battleground state of Pennsylvania. Biden's demand to raise the current 7.5% average tariff on steel and aluminum is an effort to make clear that his administration's recent warnings about China's trade practices are not empty threats. In an interview with CNBC's Sara Eisen, Yellen said that tariffs were not off the table if those overcapacity qualms went unaddressed. As China shrugs off the overcapacity concerns, the Biden administration is doubling down on what it perceives as the threat to global trade. "China's policy-driven overcapacity poses a serious risk to the future of the American steel and aluminum industry," National Economic Council Director Lael Brainard said on a call with reporters on Tuesday.
Persons: Joe Biden, Xi Jinping, Janet Yellen, CNBC's Sara Eisen, Yellen, China shrugs, Biden, Lael Brainard Organizations: Economic Cooperation, U.S . Trade, United Steelworkers, Economic Locations: Asia, San Francisco, China, Pennsylvania, Pittsburgh
President Biden on Wednesday called for major increases to some tariffs on steel and aluminum products from China, speaking to members of a national steelworkers union in Pittsburgh as he vies with former President Donald J. Trump for votes in Northern industrial states. “These are strategic and targeted actions that are going to protect American workers and ensure fair competition,” Mr. Biden told a crowd of about 100 union members at the United Steelworkers, which endorsed him last month. “Meanwhile, my predecessor and the MAGA Republicans want across-the-board tariffs on all imports, from all countries, that could badly hurt American consumers.”The Biden administration has argued that a flood of low-cost exports from China is undermining American-made products — jeopardizing Mr. Biden’s push to expand U.S. manufacturing, a central focus of his economic agenda. In his speech, Mr. Biden said he would ask the U.S. trade representative, Katherine Tai, to increase tariffs to what White House officials said would be 25 percent on certain Chinese products that now face tariffs of 7.5 percent, or none at all, pending the outcome of an administration review of the China tariffs initially imposed under Mr. Trump.
Persons: Biden, Donald J, Trump, ” Mr, MAGA, , Biden’s, Katherine Tai Organizations: steelworkers union, United Steelworkers, MAGA Republicans, White, Mr Locations: China, Pittsburgh, Northern, American, U.S
CNN —President Joe Biden called on his administration to ratchet up pressure on the Chinese steel industry as he brings his economic competition pitch to Pittsburgh, the heart of the American steel industry, on Wednesday, part of a three-day campaign trail swing through battleground Pennsylvania. The trip comes after Biden last month publicly opposed a controversial $14 billion deal for Japan’s Nippon Steel to purchase US Steel. President Biden will not impose ineffective, across-the-board tariffs that would increase costs and harm hundreds of thousands of jobs,” the official said. The United Steelworkers, a key union representing workers in the steel industry, endorsed Biden’s reelection campaign last month. Trump made tariffs against China a central feature of his global economic strategy, and Biden has largely maintained them, despite external criticism.
Persons: Joe Biden, ” Biden, Biden, Donald Trump, Katherine Tai, , Tai, Lael Brainard, ” Brainard, “ They’re, ” , , Biden’s, he’s, Trump, Xi Jinping, Lloyd Austin, CNN’s Chris Isidore, Arlette Saenz, Kevin Liptak Organizations: CNN, United Steelworkers, United States Trade, National Economic, of, Japan’s Nippon Steel, US Steel . US Steel, Justice Department, Foreign Investment, US Steel, , American, steelworkers, Biden, Trump Locations: Pittsburgh, Pennsylvania, China, America, Scranton, Philadelphia, New York City, United States, American
Travelers — Shares fell nearly 5% after the insurance company reported an earnings and revenue miss for its first quarter. Revenue was $10.18 billion compared with the $10.51 billion expected. J.B. Hunt Transport Services — Shares sank 8% a day after the transportation and logistics company reported an earnings and revenue miss for its first quarter. ASML Holding — U.S.-listed shares sank 5% after the Dutch semiconductor company posted revenue and new bookings that came in below consensus estimates. Omnicom — The stock added nearly 3% a day after the communications company reported an earnings and revenue beat for its first quarter.
Persons: Eli Lilly, ResMed, Eli Lilly's, Zepbound, J.B, Hunt, Joe Biden, TD Cowen, Ferrari, Bernstein, , Dealbook, Kate Spade, Jesse Pound, Hakyung Kim, Sarah Min, Fred Imbert Organizations: LSEG, Revenue, Travelers, United Airlines, Hunt Transport, ASML, Urban, Jefferies, Autodesk, Alcoa, United Steelworkers, Ferrari, Abbott, Abbott Laboratories, New York Times, Federal Trade Commission Locations: J.B, China, Pittsburgh
The tariffs Mr. Biden will propose raising on Wednesday were initially imposed by Mr. Trump when he was president. Mr. Biden’s stop in Pittsburgh is part of a three-day swing through Pennsylvania, a crucial battleground state that he narrowly won in 2020 and has visited more than any other. The president’s campaign is hoping to mobilize support from organized labor, a traditionally Democratic constituency from which Mr. Trump has pulled some support. On Tuesday, Mr. Biden spoke at the local union of the United Brotherhood of Carpenters and Joiners in Scranton, Pa., his hometown. “Donald Trump looks at the world differently than you and me,” Mr. Biden said in a speech that signaled his campaign’s intention to make the 2024 election a referendum on Mr. Trump.
Persons: Biden, Katherine Tai, Mr, ” Lael Brainard, Janet L, Yellen, , Lloyd J, Austin III, Biden’s, Donald J, ” Mr, Trump, “ Donald Trump, ” Alan Rappeport, Michael D, Shear Organizations: United Steelworkers Union, U.S, Economic Council, International Monetary Fund, Trump, CNBC, Mr, Democratic, United Brotherhood of Carpenters Locations: China, Pittsburgh, U.S, Mexico, America, Beijing, United States, Biden’s, Japan, Philippines, South China, Pennsylvania, Joiners, Scranton, Pa, Mar
President Biden on Wednesday will call on his trade representative to more than triple some tariffs on steel and aluminum products from China, as part of a series of moves meant to help cushion American manufacturers from a surge of low-cost imports. Speaking to the United Steelworkers Union in Pittsburgh, Mr. Biden will ask the U.S. trade representative, Katherine Tai, to increase tariffs to 25 percent on certain Chinese products that currently face tariffs of 7.5 percent — or no tariffs at all — U.S. officials said. Mr. Biden will also announce a new trade representative investigation into China’s aggressive support for shipbuilders and other related industries, in response to a union complaint. And he will announce new initiatives to work with Mexican officials to block China from evading American steel tariffs by routing its exports through Mexico. The moves represent an escalating effort by Mr. Biden and his aides to stop a flood of low-cost Chinese exports from undermining made-in-America products — and jeopardizing a central focus of Mr. Biden’s economic agenda.
Persons: Biden, Katherine Tai, Mr Organizations: United Steelworkers Union, U.S Locations: China, Pittsburgh, U.S, Mexico, America
In an unprecedented trial, Mr. Trump is spending most of this week, and much of the coming month or two, in a Manhattan courtroom facing criminal charges. In 2020, he narrowly defeated Mr. Trump in Pennsylvania by about 80,000 votes. “I went to school here, right?” Mr. Trump, a graduate of the Wharton School of the University of Pennsylvania, reminded his audience. They say it is imperative that Mr. Biden campaign in western Pennsylvania, as well as swing areas like Erie County, which Mr. Biden flipped in 2020. Mr. Trump said last week that he would not, reversing a position he held during his term in the White House.
Persons: Biden, Donald J, ” Michael Tyler, Trump, Mr, , Trump’s, Michael Gold Organizations: Trump, Biden, Affordable, Mr, Wharton School, University of Pennsylvania, Scranton, Pittsburgh, United Steelworkers . Unions, Democrats, U.S . Steel, steelworkers, Democratic National Committee, Democratic Locations: Pennsylvania, Scranton, Manhattan, Israel, Michigan, Wisconsin, Philadelphia, Erie County, Arizona, Schnecksville, Pa
Philadelphia CNN —Bilal Motley, utilities manager at a former Philadelphia oil refinery, was working the graveyard shift when a massive explosion broke out in the early morning hours of June 21, 2019. “This oil refinery was talked about and passed down through generations,” Sanders said. Rachael WarrinerPES is no longer functioning as a refining company, but Sunoco, whose subsidiary Evergreen owned the former PES site, did not respond to requests for comment. The PES refinery complex was the largest source of particulate air pollution in Philadelphia. Hilco Redevelopment PartnersBut UPenn’s Neises said given the scale and history of the property, Hilco will need to take its time to redevelop the area of redevelopment.
Persons: Philadelphia CNN — Bilal Motley, I’m, ” Motley, , , Motley, trekked, Hilco, Ellen Neises, they’ll, Sonya Sanders, Sanders, ” Sanders, , Rachael Warriner, Rachel Ramirez, Phil Rinaldi, Matt Rourke, Mike Smith, ” Roberto Perez, Amelia Chasse Alcivar, UPenn’s Neises, Neises, she’s, you’re, Philly Thrive’s Sanders, there’s Organizations: Philadelphia CNN, Philadelphia Energy Solutions, US Chemical Safety, Hazard Investigation, Hilco, Partners, CNN, University of Pennsylvania’s Weitzman, of Design, longtime, Evergreen, PES, Environmental Protection Agency, Drexel University, University of Pennsylvania’s School of Medicine, Philadelphia International Airport, City of, City of Philadelphia Refinery Advisory, Hilco Redevelopment Partners, Industrial Realty, ., Philadelphia Energy Solutions Refining, United Steelworkers Union, Oil Bargaining, EPA, Locations: Philadelphia, East, Schuylkill, New York City, Chicago, longtime South Philadelphia, South Philadelphia, Grays Ferry, Breeze, City of Philadelphia, New York, Delaware, Pennsylvania, Bellwether District, , Bellwether
“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
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
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
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
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
CHARLESTON, W.Va. (AP) — Cleveland-Cliffs announced Thursday that it is shutting down a northern West Virginia tin production facility indefinitely and plans to lay off 900 workers after the International Trade Commission voted against imposing tariffs on tin imports. The trade commission also voted to stop a duty investigation into tin products shipped from South Korea. Cleveland-Cliffs said it will offer either severance packages or opportunities for workers in Weirton to be relocated to its other facilities. The trade commission ruling was shocking and made it “impossible for us to viably produce tinplate.”Goncalves added that the trade commission’s decision “is a travesty for America, middle-class jobs, and our critical food supply chains. Cleveland-Cliffs' tin facility in Weirton was once a nearly 800-acre property operated by Weirton Steel, which employed 6,100 workers in 1994 and filed for bankruptcy protection in 2003.International Steel Group bought Weirton Steel in federal bankruptcy court in 2003.
Persons: , Lourenco Goncalves, , , ” Goncalves, ” Sen, Joe Manchin, ” Manchin, Sen, Shelley Moore Capito Organizations: Cliffs, International Trade Commission, U.S . Department of Commerce, United Steelworkers, Weirton, International Steel Group, Weirton Steel, Commerce Locations: CHARLESTON, W.Va, — Cleveland, West Virginia, Canada, China, Germany, United States, South Korea, Cleveland, Weirton, Ohio, Pittsburgh . Cleveland, America, West Virginia’s, Follansbee . Cleveland, Luxembourg,
U.S. President Joe Biden attends a meeting with Israeli Prime Minister Benjamin Netanyahu (not pictured), as he visits Israel amid the ongoing conflict between Israel and Hamas, in Tel Aviv, Israel, October 18, 2023. Biden noted at the start of the meeting that the EU and the U.S. were standing together to support Israel and Ukraine, but would also discuss ways to address "unfairly traded steel and aluminum imports" and talks about critical minerals. Trade negotiators had scrambled on Thursday to avoid the U.S. resuming import tariffs on EU steel and aluminum imposed by then-President Donald Trump in 2018, ultimately agreeing to keep the tariffs at bay while they keep talking. "We look forward to continuing to make progress on these important objectives in the next two months," it said. The joint statement cited progress toward a "targeted" deal, and said the leaders looked forward to continuing negotiations in the coming weeks.
Persons: Joe Biden, Benjamin Netanyahu, Evelyn Hockstein, Washington, Charles Michel, Ursula von der Leyen, Biden, Michel, Donald Trump, Andrea Shalal, Jeff Mason, Jarrett Renshaw, Heather Timmons, Jonathan Oatis, Alistair Bell, Marguerita Choy Organizations: Israeli, Hamas, REUTERS, Rights, European Union, White, Senior U.S, European, European Commission, Ukraine, EU, ., Trade, United Steelworkers, Biden, Trump, Washington, World Trade Organization, U.S, Thomson Locations: Israel, Tel Aviv, U.S, Ukraine, China, Brussels, Washington, North America, Europe
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