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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
(Reuters) -United States Steel Corp on Sunday launched a formal review of its strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs Inc. FILE PHOTO: Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS/Lawrence Bryant/File PhotoThe unsolicited cash-and-stock offer from Ohio-based Cliffs values U.S. Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday. Cliffs said its offer to acquire U.S. Steel had received the support of the United Steelworkers union, which is North America’s largest steel industry union. In a separate statement later Sunday, U.S. Steel confirmed it received an offer from Cliffs and other interested parties.
Persons: rebuffing, steelmaker, Lawrence Bryant, , Lourenco Goncalves, Davis Polk, Milbank, Lipton, Katz Organizations: Reuters, United States Steel Corp, Sunday, Cliffs, U.S . Steel, U.S . Steel Granite City, REUTERS, Steel, U.S, China . U.S . Steel, AK Steel Holding Corp, United Steelworkers, Company, UBS, Wardwell, . Steel, Barclays Capital, Goldman Sachs Group, Milbank LLP, Wachtell, Rosen Locations: steelmaker Cleveland, U.S . Steel Granite, Granite City , Illinois, U.S, Ohio, China . U.S, steelmaker, North, Wells Fargo, J.P.Morgan, Cleveland
"I told you when I ran for president, I'd have your back, and I have," Biden told the approximately 2,000 union members in attendance. [1/7] U.S. President Joe Biden turns towards a cheering crowd during a labor union event at the Pennsylvania Convention Center in Philadelphia, Pennsylvania, U.S., June 17, 2023. White working-class union voters were divided on Biden in 2020, but he now has their support, according to some union leaders. "There is not one labor leader worth their salt in Philadelphia that hasn't recognized just how much President Biden has supported men and women in labor. Union voters helped Biden win critical election battleground states including Pennsylvania, Wisconsin and Michigan in 2020.
Persons: Joe Biden, Biden, Kamala Harris, I'd, you've, Donald Trump, They're, Tom Brenner, White, Trump, Ryan Boyer, Boyer, Seth Harris, Harris, Nandita Bose, Jarrett Renshaw, James Oliphant, Will Dunham, Heather Timmons, Bill Berkrot Organizations: PHILADELPHIA, AFL, CIO, Democratic, Republican, Republicans, Center, REUTERS, Trump, Biden, boilermakers, steelworkers, Union, Labor, Edison Research, United Auto Workers, White, Northeastern University, Thomson Locations: Philadelphia, U.S, Washington, Pennsylvania, Philadelphia , Pennsylvania, Wisconsin, Michigan, United States, Boston
White working-class union voters were divided on Biden in 2020, but some union leaders say he now has their support. Some building trades unions, whose members traditionally vote Republican, did not endorse any candidate in 2020 after local leaders couldn't agree over backing Biden or Donald Trump. "There is not one labor leader worth their salt in Philadelphia that hasn't recognized just how much President Biden has supported men and women in labor. Biden won 57% of union households nationwide in 2020 compared with 40% for Trump, according to Edison Research. In December, some unions criticized Biden for signing legislation preventing a nationwide rail strike.
Persons: Joe Biden, Biden, Kamala Harris, Trump, couldn't, Donald Trump, Ryan Boyer, wasn't, Seth Harris, Harris, Nandita Bose, Jarrett Renshaw, Heather Timmons, Bill Berkrot Organizations: AFL, CIO, Biden, Republican, boilermakers, steelworkers, Union, Democratic, Trump, Edison Research, United Auto Workers, Northeastern University, White, Thomson Locations: Philadelphia, Washington, Pennsylvania, Wisconsin, Michigan, Michigan , Wisconsin, Georgia, Arizona
Workers at a rural Georgia factory that builds electric school buses under generous federal subsidies voted to unionize on Friday, handing organized labor and Democrats a surprise victory in their hopes to turn huge new infusions of money from Washington into a union beachhead in the Deep South. The company, Blue Bird in Fort Valley, Ga., may lack the cachet of Amazon or the ubiquity of Starbucks, two other corporations that have attracted union attention. But the 697-to-435 vote by Blue Bird’s workers to join the United Steelworkers was the first significant organizing election at a factory receiving major federal funding under legislation signed by President Biden. “This is just a bellwether for the future, particularly in the South, where working people have been ignored,” Liz Shuler, president of the A.F.L.-C.I.O., said Friday evening after the vote. “We are now in a place where we have the investments coming in and a strategy for lifting up wages and protections for a good high-road future.”The three bills making up that investment include a $1 trillion infrastructure package, a $280 billion measure to rekindle a domestic semiconductor industry and the Inflation Reduction Act, which included $370 billion for clean energy to combat climate change.
HOUSTON, March 11 (Reuters) - The United Steelworkers union (USW) said in a letter to members it was misled by Lyondell Basell Industries (LYB.N) about possible buyers for the company’s Houston refinery, which the company has set for permanent closure late this year. The letter was sent on Friday to members who work at the Lyondell refinery. According to the letter, the union said it would contact government officials about the would-be buyers of the refinery and take further actions involving union members in the future. Offers made on the refinery when Lyondell was weighing a possible sale in 2021 fell short of the refinery's value, he said. Sources familiar with the matter said Kinder Morgan Inc (KMI.N), which operates a terminal near the refinery, approached Lyondell about a possible sale.
Right to work laws allow employees to work in union-represented workplaces and be covered by collective bargaining agreements without joining a union or paying dues. American products, he vowed, would be made with union labor. Union labor. Many of the jobs created will be union jobs, the official added. "It's not a favorable environment, but we can still organize," Samantha Smith, senior adviser for clean energy jobs at the AFL-CIO, said in an interview.
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."
WASHINGTON, Jan 20 (Reuters) - Major unions and public interest and environmental groups are urging President Joe Biden to reject efforts by the European Union and other foreign governments to revise U.S. electric vehicle tax incentives. Foreign governments have been pressing the Biden administration to do more to expand credit eligibility. The letter rejected the suggestion from foreign governments that the EV tax incentives violate World Trade Organization and free trade rules. The EU in December praised the U.S. Treasury Department decision to allow EVs leased by consumers to qualify for up to $7,500 in commercial clean vehicle tax credits. South Korea, Europe and some automakers in December had sought approval from Treasury to use the commercial electric vehicle tax credit to boost consumer EV access.
A plant worker uses a crane to lift a cask of molten aluminum a Century Aluminum Company plant in Hawesville, Ky. in 2017. Of the five remaining facilities, only the Century Aluminum Sebree plant in Robards, which employs 625 workers, and a smaller Alcoa plant in Massena, New York, run at full capacity. Phillip McKenna/NBC NewsSteinsen, of Century Aluminum, said the company has no plans to shut down its Sebree facility in Robards. In 2015, when the U.S. aluminum production was in steep decline, the EPA ended its industry partnership. In 2019, 7,510 metric tons of PFCs were emitted from global aluminum production, according to a study published last year in the Journal of Geophysical Research — Atmospheres.
In written testimony submitted to the U.S. International Trade Commission in 2017, Century Aluminum executives said aluminum producers were being "decimated" by "unfair practices of Chinese aluminum producers." "The continued viability of the aluminum industry outside of China, and especially in the United States, is dependent upon a prompt and effective solution to China's overcapacity and overproduction." Steinsen, of Century Aluminum, said the company has no plans to shut down its Sebree facility in Robards. A spokesperson for the agency said, "EPA continues to track facility specific emissions from the aluminum industry through the Greenhouse Gas Reporting Program." In 2019, 7,510 metric tons of PFCs were emitted from global aluminum production, according to a study published last year in the Journal of Geophysical Research — Atmospheres.
HOUSTON, Oct 20 (Reuters) - Exxon Mobil Corp (XOM.N) on Thursday agreed to sell its Billings, Montana, refinery and related pipeline properties to Par Pacific Holdings Inc (PARR.N) for $310 million. "This acquisition expands our fully integrated downstream network in the western United States," said Par Pacific Chief Executive Officer William Pate. Since 2013, Houston-based Par Pacific has purchased refineries in Hawaii, Wyoming and Tacoma, Washington. Par Pacific shares jumped 8.7% to $21.62 on Thursday, their highest level in two and a half years. Under the deal, Par Pacific will continue supplying fuel to Exxon and Mobil-branded stations in the region.
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.
Sept 28 (Reuters) - BP Plc laid off most contractors at the 185,000 barrel per day Toledo, Ohio, refinery it owns with Cenovus Energy (CVE.TO), according to sources familiar with the matter on Wednesday, indicating the plant will experience a prolonged shutdown following last week's explosion and fire. The explosion killed two United Steelworkers members, the company said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Laura Sanicola; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.
Sept 28 (Reuters) - BP Plc laid off most contractors at the approximately 160,000 barrel-per-day Toledo, Ohio, refinery it owns with Cenovus Energy Inc (CVE.TO), according to sources familiar with the matter on Wednesday, indicating that the plant will experience a prolonged shutdown following last week's explosion and fire. The more than 100-year-old refinery has been offline since the middle of last week following the explosion and could be shut for several months. Leaking fumes from a crude unit may have caused the ignition in another unit at the facility, a source told Reuters. In August, Cenovus said it would buy the remaining 50% stake it does not already own in the BP-Husky Toledo Refinery. In 2008, Husky Energy Inc formed a joint venture with BP by acquiring a 50% stake in the Toledo refinery.
U.S. President Joe Biden speaks to reporters as he departs for Boston from Joint Base Andrews in Maryland, U.S., September 12, 2022. U.S. President Joe Biden's tendency to ad-lib in impromptu press situations is often referred to in Washington as his "gaffe" problem. After Biden spoke on defending Taiwan in a CBS News "60 Minutes" interview this month, officials quickly said that U.S. policy towards Taiwan is unchanged. His apparent willingness to commit U.S. forces to a battle in Taiwan clears up a long-standing disconnect in U.S. policy towards Taiwan. While Biden's off-the-cuff remarks sometimes reveal deeper truths about his policy or opinions, other times they are simply misleading.
Major League Baseball players union joins the AFL-CIO
  + stars: | 2022-09-07 | by ( Chris Isidore | ) edition.cnn.com   time to read: +4 min
New York CNN Business —The Major League Baseball Players Association is joining the AFL-CIO, the nation’s largest labor federation that includes unions representing a total of 12.5 million members. Recently, it announced plans to add about 5,400 minor league players, the majority of whom have signed cards requesting union representation. The announcement was made Wednesday by Tony Clark, a retired Major League player and executive director of the players union, and Liz Shuler, president of the AFL-CIO. The union also won the right to binding salary arbitration for players who haven’t yet qualified for free agency. The MLBPA will join several other sports unions in the AFL-CIO, including the National Football League Players Association, the National Women’s Soccer League Players Association, the United Soccer League Players Association, the US Women’s National Team Players Association and the United Football Players Association, which was recently organized by the United Steelworkers, another AFL-CIO affiliate, to represent members of the upstart US Football League.
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