All articles tagged with #steel industry
Canadian steel industry leaders, including billionaire Barry Zekelman, are calling for aggressive protectionist measures and the termination of trade agreements to shield against US tariffs and Chinese steel dumping, warning that without such actions, Canada's steel sector could be devastated by US policies and global overcapacity.
Nippon Steel plans to mass-produce high-grade steel specifically for US data centers, aiming to support the growing demand for advanced infrastructure in the tech sector.
A steel CEO credits Trump's tariffs for benefiting the steel industry, but critics and economic data suggest the broader U.S. manufacturing sector is still struggling, and public opinion remains skeptical about the tariffs' overall benefits ahead of the 2026 midterms.
The US government blocked US Steel's plan to cease production at its Illinois plant, using a 'golden share' scheme linked to Nippon Steel's takeover, ensuring continued operation and supply of slabs, amid political and economic negotiations.
US Steel is shutting down its Granite City, Illinois mill in October but will retain 800 workers until at least 2027 due to a deal with the Trump administration that provides job protections and production guarantees, although the plant will only maintain ancillary operations and not produce steel during this period.
The explosion at U.S. Steel's Clairton Coke Works, which resulted in fatalities and reduced capacity, highlights ongoing challenges in the saturated global steel market, including overcapacity, depressed prices, and uncertain tariffs, potentially marking a turning point for the Mon Valley Works and the company's future.
Cleveland-Cliffs reported strong Q2 earnings driven by cost-cutting and record shipments, benefiting from Trump tariffs that reduced imports. The company hinted at potential asset sales or acquisitions, highlighting the attractiveness of the U.S. steel market amid ongoing trade tensions. Its stock surged, reflecting investor optimism, while other steel stocks also gained.
Cleveland-Cliffs stock rose over 4.5% after reporting a better-than-expected Q2 2025 earnings, with revenue beating estimates despite a year-over-year decline, and provided optimistic guidance for cost reductions and capital expenditures, though analysts remain cautious with a hold rating and a target price suggesting potential downside.
Nippon Steel has completed a $14.2 billion acquisition of U.S. Steel, including a 'golden share' arrangement that gives the U.S. government influence over key decisions, marking a significant deal in the global steel industry and raising discussions about government control and national security.
Nippon Steel has finalized a nearly $15 billion deal to acquire U.S. Steel, creating the world's fourth-largest steelmaker, after addressing national security concerns through a 'golden share' provision and expanding capital commitments to U.S. Steel facilities.
Nippon Steel has completed its $15 billion acquisition of US Steel after securing approval from President Trump, who was persuaded by commitments to invest $11 billion in the US company and a government veto power through a 'golden share'. The deal, which faced political opposition during the US presidential campaign, aims to strengthen the American steel industry and protect jobs, with US Steel's headquarters remaining in Pennsylvania and key leadership positions held by US citizens.
Nippon Steel's shares rose after U.S. President Trump approved its $14.9 billion bid for U.S. Steel, clearing a major hurdle in the acquisition that aims to expand Nippon Steel's U.S. market access and increase production capacity, with the deal including significant investments and governance commitments.
Nippon Steel's $14.1 billion acquisition of US Steel has received conditional US approval after negotiations involving national security measures, a 'golden share' for the US government, and commitments to invest an additional $14 billion, culminating a complex process influenced by political and trade considerations, and creating one of the world's largest steel companies.
US Steel workers and political figures are reacting to the recent developments in the acquisition deal between US Steel and Japan's Nippon Steel, which was initially blocked by President Biden but later supported by President Trump, who announced tariffs and a partnership, highlighting the complex interplay of industry, politics, and job security in Pennsylvania.
President Donald Trump announced that the US will double its steel import tariffs from 25% to 50% to support the domestic steel industry and reduce reliance on China, amid ongoing trade tensions and a court battle over tariffs. He also highlighted a $14 billion investment in US steel production through a partnership with Japan's Nippon Steel, and claimed that the tariffs have helped save US Steel, with no layoffs or outsourcing expected. The move intensifies the US-China trade conflict, which has seen reciprocal tariffs and accusations of violations of trade agreements.