Category: Steel
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Biden’s Decision on US Steel Deal Followed Divide in His Orbit
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Breadcrumb Trail Links PMN Business Two weeks after the US election, hundreds of allies gathered at the White House to soothe Joe Biden in defeat. Tracking the closed-door bash for clues was a group rarely interested in the routine preening of Washington: arbitrage traders. Author of the article: Bloomberg News…
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Steel industry urges government to choose British in offshore wind expansion
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The UK steel industry is urging the government to commit to buying British steel as part of the country’s planned offshore wind boom. Wind power now accounts for almost a third of UK electricity generation, yet less than 2% of steel used in offshore wind projects over the past five…
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Trump’s Ex-Secretary Of State Mike Pompeo Backs Nippon Steel’s $14.9B Acquisition Of US Steel Citing National Security Concerns
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Trump’s former Secretary of State Mike Pompeo supports Nippon Steel’s $14.9 billion takeover of the US steel company over national security concerns. President-elect Donald TrumpFormer US Secretary of State Mike Pompeo He threw his support behind him Nippon Steel Company(OTC:NPSCY) (OTC:NISTF) proposed a $14.9 billion acquisition United States Steel Corporation…
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Ministers consider renationalising British Steel to save thousands of jobs
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The UK government is considering renationalizing British Steel in a bid to protect thousands of jobs at its Scunthorpe site, amid stalled negotiations with its Chinese owner, Jingyi, over a £1bn investment plan. Business Minister Jonathan Reynolds is leading discussions with Jingye to determine a financing agreement for the company’s…
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People underestimate AI the same way everyone underestimated steel in the 1800s, tech CEO says
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Our world is in the midst of an AI revolution, and as the technology matures, we will see how companies learn to leverage it and grow with it. Zig Serafin, CEO of management software company Qualtrics, told an old saying in… luck’Q The Global Forum conference will be held in…
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Thyssenkrupp steel head prepares staff for ‘tough’ cuts By Reuters
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FRANKFURT (Reuters) – ThyssenKrupp’s (ETR:) steel division’s new head told a German newspaper that its 27,000 steelworkers should prepare for deep cuts, paving the way for a large number of layoffs. “Strict cuts are necessary. We have to become more profitable,” said Dennis Grimm, spokesman for the executive board of…
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White House officials signal delay in U.S. Steel takeover decision, Washington Post reports By Reuters
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(Reuters) – White House officials have signaled a delay in making a decision on Japan’s Nippon Steel Corp.’s acquisition of U.S. Steel, the Washington Post reported on Friday. The Committee on Foreign Investment in the United States, Nippon and U.S. Steel declined to comment. The White House did not immediately…
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Factbox-Nippon Steel rebuts CFIUS’s case against its bid for US Steel-letter By Reuters
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WASHINGTON (Reuters) – Nippon Steel Co. defended its $14.9 billion bid for U.S. Steel Inc., saying it would boost the U.S. steel industry and that politics were driving U.S. opposition to the deal, according to a strongly worded letter first reported by Reuters. Here is a summary of some of…
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Steel Dynamics files petition for duties on corrosion resistant steel imports
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Kapook2981/iStock via Getty Images Steel dynamics (NASDAQ:STLDBritish Steel said on Thursday it had applied to the U.S. Department of Commerce and the U.S. International Trade Commission to apply anti-dumping duties on imports of corrosion-resistant flat-rolled steel, claiming that increased imports were harming the domestic steel industry. The company These duties…
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Exclusive-US warns against Nippon merger with US Steel, citing China steel glut By Reuters
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Written by Alexandra Alper WASHINGTON (Reuters) – Nippon Steel Corp.’s proposed $14.9 billion takeover of U.S. Steel would create national security risks because it could hurt steel supplies needed for vital transportation, construction and agricultural projects, the United States said in a letter to the companies seen by Reuters. The…
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Exclusive-US warned Nippon its US Steel bid poses a national security risk, sources say By Reuters
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By Alexandra Alper and David Shepardson WASHINGTON (Reuters) – The Biden administration told Nippon Steel Corp in a letter on Saturday that its $14.9 billion takeover of U.S. Steel would pose a national security risk by hurting the U.S. steel industry, three people said, adding to evidence that the United…
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Kamala Harris says US Steel should remain independent (NYSE:X)
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Juicecack Update at 6:30pm: Harris adds comments. Vice President Kamala Harris said that U.S. Steel (New York Stock Exchange:X) must remain locally owned and operated during a visit to Pittsburgh on Monday, a potential issue for Nippon Steel’s (OTCPK: NISTF) planned $14 billion deal. Harris made Comments made at a…
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US Steel Industry Sees Economy Reviving Demand in 2025
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Breadcrumbs Path Links PMN Business U.S. steel industry executives say they are optimistic that demand for the industrial material will rebound next year, recovering from weak demand and low prices that hobbled the industry in 2024. Article author: Bloomberg News Sana Pashankar Published on August 31, 2024 • Read for…
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Canada to Hit China With Tariffs on Electric Vehicles, Steel
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Breadcrumbs Path Links PMN Business Canada plans to impose new tariffs on Chinese-made electric cars, aluminum and steel, in a move to back its Western allies and protect domestic manufacturers. Article author: Bloomberg News Brian Platt Published on August 26, 2024 • Read for 3 minutes You can save this…
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British steel to cut 2,500 jobs despite £600m taxpayer-funded green initiative
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British Steel is set to close its blast furnaces in Scunthorpe by the end of the year, putting 2,500 jobs at risk. The move comes as the Chinese-owned company seeks to accelerate its transition to green steel production, despite receiving £600m in taxpayer support. The company is in talks with…
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Trump to reiterate he will stop US Steel sale to Nippon By Reuters
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By Gram Slattery and David Shepardson YORK, Pa. (Reuters) – Republican presidential candidate Donald Trump will confirm on Monday that he will block Nippon Steel Corp.’s planned purchase of U.S. Steel and move to roll back power plant pollution rules put in place by the Biden administration. Trump had signaled…
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Tata Steel workers and suppliers receive £13.5 million in emergency funding amid Port Talbot restructuring
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The UK government has announced £13.5m of emergency funding to support supply chain companies and workers affected by Tata Steel’s restructuring plans at its Port Talbot site in South Wales. The funding represents the first allocation from a transitional board set up to manage the impact of Tata’s switch from…
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British Steel nears £600m Government bailout as Labour signals intent to break deadlock
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The UK government is close to approving a £600m bailout for British Steel, with the money set to be used to secure the future of the company’s Scunthorpe plant. The move comes as Labour has shown renewed determination to resolve long-standing issues with Chinese company Jinji, owner of British Steel,…
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Thyssenkrupp shuts down steel unit’s funding request By Reuters
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FRANKFURT (Reuters) – Thyssenkrupp said on Saturday its steel division must be restructured to finance investment needs from its own earnings but the parent company has secured financial security for the next two years. Thyssenkrupp CEO Miguel Lopez’s comments came after the steel division’s chief said the company needed to…
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Nippon Steel hires Mike Pompeo to advise on U.S. Steel deal By Reuters
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TOKYO (Reuters) – Japan’s largest steelmaker Nippon Steel Corp said on Saturday it has hired former U.S. Secretary of State Mike Pompeo to help in its efforts to acquire U.S. Steel. “We look forward to working with him to further emphasize the ways in which Nippon Steel’s acquisition of U.S.…