Steel
US President Joe Biden plans to triple the US tariffs on certain steel and aluminium imports from China. He has asked his trade representative to take the appropriate steps to achieve this, the White House announced in Washington on Wednesday. US workers are exposed to unfair competition due to the import of Chinese products, the statement said. The products are also among the most emission-intensive in the world. The current average tariff rate is 7.5%, a rate that dates back to the presidency of Biden's predecessor, Republican Donald Trump. Also on Wednesday, the office of US Trade Represent...
DPA Breaking News
Forcing the UK to rely on foreign steel to build wind turbines could increase the cost burden and slow down projects, according to a report by Newton Consultancy Group. As part of the government's plan to decarbonise the economy, it is currently seeking to deliver 50GW of offshore wind power by 2030. To do this, UK steel supply needs to rise by a fifth between 2025 and 2027, the report said. An additional 3.8 million metric tons, equal to 23% of the UK's annual steel production, will therefore be needed within the period, the group explained. "It is imperative that UK industry and government c...
Euronews (English)
Washington (AFP) - President Joe Biden said Thursday he is against the proposed sale of US Steel to Japan's Nippon Steel, as election year considerations appeared to outweigh the risk of angering key ally Japan. Biden's intervention in the planned $14.1 billion acquisition comes less than a month before he hosts Japan's Prime Minister Fumio Kishida for a state visit to the White House aimed at boosting ties and countering an increasingly assertive China. But Biden's eye is seemingly on November's presidential election against Donald Trump, with lawmakers from both sides having joined with unio...
AFP
By Ella IDE Rome (AFP) - Depuis des décennies, les patients de la docteure Maria Grazia Serra "respirent, mangent et boivent" les toxines émanant de l'aciérie de Tarente, dans le sud de l'Italie, aujourd'hui propriété d'ArcelorMittal. Une situation qui pourrait changer à la faveur d'une conversion écologique du site dont l'avenir se joue ces jours-ci. Le gouvernement d'extrême droite de Giorgia Meloni doit en effet décider cette semaine une éventuelle mise sous administration par l'Etat de l'usine sidérurgique en difficulté, pour maintenir la production et des milliers d'emplois dans la région...
AFP (Français)
Washington (AFP) - A proposed deal that would see US Steel Corp bought by Japan's Nippon Steel should be closely investigated by American authorities, the White House said Thursday, warning it could have national security implications. Unveiling the planned transaction this week, the two companies depicted the deal as a marriage of the holders of top technologies that would boost steel output and accelerate efforts toward decarbonization. But US Steel's possible sale abroad has triggered furious criticism in Washington and from trade unions. President Joe Biden "believes the purchase of this i...
AFP
New York (AFP) - US Steel Corp and its potential buyer Nippon Steel of Japan are requesting a federal review of their proposed deal following congressional criticism that the transaction threatens US national security, US Steel said Thursday. The companies asked the Committee on Foreign Investment in the United States -- an interagency body established to review foreign takeovers of US companies -- to evaluate Nippon's $14.1 billion takeover of Pittsburgh-based US Steel. "We look forward to a successful review," said a statement from US Steel's press office. "Japan is an important ally to the...
AFP
Washington (AFP) - Japan's Nippon Steel agreed to buy US Steel Corp for $14.1 billion, the companies announced on Monday, sparking criticism about the firm's ownership in an industry crucial to US national security. A major US steelworkers' union and a top US politician came out against the Japanese conglomerate's all-cash agreement to acquire the US firm for $55 per share. The deal price marks a 40 percent premium on US Steel's closing price on Friday and represents an equity value of about $14.1 billion, the companies said in a statement. Nippon will also assume the US firm's debt, taking...
AFP
New York (AFP) - United States Steel has launched a strategic review after receiving several unsolicited offers for a partial or total takeover, and has already rebuffed one "unreasonable" offer. But others potential suitors are pressing ahead. "The board of directors has decided to initiate a formal review process," in order to "evaluate strategic alternatives for the company," U.S. Steel announced in a recent statement. The reason? The board had received "multiple unsolicited proposals that ranged from the acquisition of certain production assets to consideration for the whole company," chie...
AFP
Tokyo (AFP) - Japanese and US officials held top-level trade talks in Tokyo on Monday after Washington said it was ready to discuss reducing steel and aluminium tariffs imposed under former president Donald Trump. US Trade Representative Katherine Tai and Commerce Secretary Gina Raimondo have made the Japanese capital the first stop on their separate trips to several countries in Asia. Raimondo held talks with Japan's Trade Minister Koichi Hagiuda, with the pair stressing the importance of cooperation between the world's top and third-largest economies. "The relationship between the United Sta...
AFP
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