steel
Chile’s only steel mill, Huachipato, is set to shut down indefinitely by September, marking a significant setback for the country’s industrial sector. The mill, operated by CAP, has struggled to compete with an influx of cheap Chinese steel imports, leading to more than $500 million in losses over the past two years. Despite government efforts, including the imposition of tariffs on Chinese steel, the mill’s closure underscores the challenges faced by domestic industries in the face of global competition. The impact of Chinese imports on Chile’s steel industryThe Huachipato mill, located in Ch...
Invezz
Management officials at the German industrial conglomerate ThyssenKrupp are meeting on Friday to talk through a spin-off of the company's steel unit. Around 27,000 people work in the affected division and 13,000 of them are employed in Duisburg - a city in the west of Germany, north of Cologne. It is not yet clear exactly how many jobs will be lost in the restructuring process, although positions in Duisburg are protected until March 2026. On Thursday evening, employees gathered in front of the Duisburg steel headquarters to protest against the firm's reorganisation. Demonstrators held candles...
Euronews (English)
China’s Ministry of Commerce (MOFCOM) has announced an expiry review of the anti-dumping measures on stainless steel billets and hot-rolled stainless steel plates and coils imported from the European Union (EU), the United Kingdom (UK), the Republic of Korea (ROK), and Indonesia. This review is set to commence on July 23, 2024. The announcement follows the imposition of these duties five years ago to protect the domestic market from unfair trade practices. Background and purpose of the reviewThe anti-dumping measures, initially enforced on July 23, 2019, targeted imports of stainless steel pro...
Invezz
ArcelorMittal, the global leader in steel and mining, has successfully ended a 55-day blockade at one of its Mexican sites. The resolution follows the approval of a new settlement by workers, which includes an 8% pay increase and a review of their collective bargaining agreement. Workers’ protest and blockadeThe protest, which began in late May, was driven by dissatisfaction with the company’s decision regarding the annual profit distribution for 2023. The blockade resulted in a complete halt of all activities at the site, impacting both direct and indirect suppliers and their workers. Arcelor...
Invezz
The newly elected Labour government in the UK is likely take a tough stance towards Tata Steel UK, ensuring the steelmaker protects local jobs at its Port Talbot plant before the government approves the 500 million pounds ($635 million) support package agreed upon by the previous administration for building a low-carbon facility, The Economic Times reported on Wednesday. “Decarbonisation does not mean deindustrialisation,” new UK business secretary Jonathan Reynolds told ET in emailed responses. I will be working to safeguard jobs as part of negotiations, securing the future of steel-making co...
Invezz
American Steel manufacturer Cleveland Cliffs on Monday announced its decision to acquire Canadian steelmaker Stelco Holdings for an enterprise value of approximately $2.5 billion, the company said, in a move that will expand the company’s steelmaking footprint. The acquisition follows its failed bid to acquire US Steel last year for $7.3 billion. US Steel had called the bid “unreasonable” and decided to merge itself with Japanese steel major Nippon Steel. Stelco shares surged by 74% at 64.84 CAD at 11:30 am in Toronto. “The acquisition confirms Cliffs’ commitment and leadership in integrated s...
Invezz
By John BIERS Braddock (États-Unis) (AFP) - Le projet de Nippon Steel de racheter United States Steel provoque le malaise à Pittsburgh, où l'industrie métallurgique dominait autrefois l'économie et reste toujours majeure dans l'esprit collectif. Des opposants, comme le syndicat United Steelworkers (USW), considèrent ce rapprochement comme la dernière menace en date d'un long combat pour maintenir cette activité après les fermetures d'usines des années 1970 et 1980. "L'histoire est tellement présente ici et beaucoup de fierté va avec", explique Bernie Hall, quatrième génération de sa famille da...
AFP (Français)
Braddock (United States) (AFP) - Nippon Steel's proposed acquisition of United States Steel has been a source of unease in Pittsburgh, where the metal once dominated the economy and still looms large in the collective psyche. Critics such as the United Steelworkers (USW) see the transaction as the latest threat to come along in a years-long struggle to keep the industry alive after plant closures in 1970s and 1980s battered the American rustbelt. "There's just so much history here and a lot of pride that comes with that," said the USW's Bernie Hall, a 4th generation metals worker. "It wouldn't...
AFP
Pittsburgh (AFP) - Working class voters in Rust Belt cities like Pittsburgh used to favor Democrats overwhelmingly, but years of economic hardship and the rise of social issues favoring Republicans have made them a swing constituency again in 2024. President Joe Biden has cleared one key hurdle, winning endorsements from union presidents, including the United Steelworkers (USW), a key player in the US Steel takeover battle that has loomed over the 2024 campaign in Pennsylvania. But just how many rank-and-file workers ignore union chiefs and vote for Donald Trump could have a decisive impact in...
AFP
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
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