U.S. Steel posted slightly lower Q1’24 earnings as stronger earnings from its sheet mills were partially offset by a weaker performance from it tubular division. All told, the Pittsburgh-based steelmaker reported Q1’24 earnings of $171 million. That's down 14.1% from $199 million in Q1’23 on sales that fell 6.9% to $4.16 billion in the same comparison.
Cleveland-Cliffs Inc. would still be interested in acquiring some or all of U.S. Steel’s assets, if the proposed deal by Nippon Steel stumbles, according to an article in Bloomberg.
Cleveland-Cliffs Inc. continued to lose money in the first quarter, with the steelmaker blaming the loss in part on the idling of its tinplate facility in Weirton, W.Va.
Last week gave us a glimpse into the effect of the 2024 election campaign on trade policy. In a major announcement, the Biden administration pressed the US Trade Representative (USTR) to triple certain Section 301 tariffs on steel and aluminum. It’s a lot to unpack. You can find the full text of the announcement here. […]
The Biden administration on Wednesday announced measures to support the domestic steel industry.
U.S. Steel Corp.’s impending sale to Japan’s Nippon Steel Corp. (NSC) has cleared one hurdle: USS stockholders voted overwhelmingly in favor of the nearly $15 billion merger.
For something that wasn’t on the agenda in Washington this week, the proposed Nippon Steel deal for U.S. Steel is getting a lot of attention.
The United Steelworkers (USW) union is calling out Nippon Steel for already prioritizing its Japanese operations at the expense of American workers despite forging ahead with its proposed plan to purchase U.S. Steel.
U.S. Steel Corp. will hold a special shareholder meeting on Friday, April 12, to vote on whether to approve or deny Japan’s Nippon Steel Corp.’s (NSC) nearly $15-billion acquisition of the Pittsburgh-based steelmaker.
Cleveland-Cliffs’ Lourenco Goncalves said the company is still interested in acquiring U.S. Steel, though no bid is currently on the table, according to a local report.
I can’t really define “Bidenomics” because it is so filled with contradictions. It seems to aim to increase manufacturing output in the United States. But not all increases are created equal.
The Department of Energy (DOE) announced on Monday six projects that will receive up to $1.5 billion in funding to further decarbonize the iron and steel industry.
There’s that concept from Adam Smith we all learn about in our Econ 101 classes: The Invisible Hand. A simple Google search will provide a refresh, but if memory serves I would classify it as something akin to “the market is magic” or “the market’s gonna market.” Today, obviously, we live in a mixed environment. There are a lot of hands out there, and they’re not too difficult to see. In this election year of 2024, one of the most visible hands out there probably belongs to the federal government.
The United Steelworkers (USW) union has endorsed President Joe Biden for a second term in office.
As uncertainty swirls around Nippon Steel Corp.’s (NSC) proposed buy of U.S. Steel, the Japanese steelmaker continues to make assurances that it has the best interests in mind for running the iconic Pittsburgh-based steelmaker.
Happy St. Patrick’s Day. “To govern is to choose.” Those words, reportedly first uttered by the late French Premier Pierre Mendes-France in the 1950s, resonate vividly in our time. It means that choices have consequences and that priorities must be set based on goals. Interested parties, in and out of government, raise their voices in […]
Nippon Steel has reaffirmed the value of its deal for U.S. Steel a day after President Biden issued a statement opposing the sale.
President Biden said on Thursday that it’s “vital” for U.S. Steel to remain an American steel company.
At the request of Nippon Steel Corp. (NSC), the United Steelworkers (USW) union met with the Japanese steelmaker in person today to discuss Nippon's proposed acquisition of U.S. Steel.
United Steelworkers (USW) union members in Canada have reached a tentative labor agreement with CN Rail.
The failure of the trade remedy actions against imported steel tin mill products (TMPs) continues to resonate. Cleveland-Cliffs and the United Steel Workers Union (USW) lost the case at the International Trade Commission (ITC) last month. A few days ago, the ITC released its final report explaining the decision against imposing antidumping and countervailing duties […]
Cleveland-Cliffs CEO Lourenco Goncalves said he blames U.S. Steel’s lack of participation in the tin mill products trade case for an unfavorable US International Trade Commission (ITC) decision.
The United Steelworkers union expressed a lack of trust in assurances from Japan’s Nippon Steel Corp. (NSC) regarding its proposed buy of U.S. Steel.
The International Trade Commission (ITC) voted earlier this month against imposing antidumping and countervailing duties on imports of tin mill products from four countries. When Cliffs filed trade cases on tin mill products in early 2023, the company claimed that the failure to get massive duties on imports would result in the closure of its mill in Weirton, W.Va. We don’t know the reasoning behind this decision, only that all four sitting Commissioners voted not to impose duties. We do know that Cliffs plans to close Weirton.
Leadership of the United Steelworkers (USW) and U.S. Steel met on Friday to discuss the steelmaker’s pending sale to Nippon Steel Corp. (NSC).
Cleveland-Cliffs Inc. announced on Thursday, Feb. 15, that it will indefinitely idle tinplate production at its mill in Weirton, W.Va.
Last week, steel consumers prevailed in a rare victory over US petitioners in trade cases on tin mill steel products. The US International Trade Commission (ITC) voted 4—0 that Cleveland-Cliffs, the sole remaining domestic producer of tin mill products (used to make containers such as “tin cans”) was neither injured nor threatened with injury by imports of competing products from Canada, China, and Germany. Imports from South Korea were found to be “negligible,” and the investigation on Korean imports was terminated.
More supply coming online and an unchanging demand environment – two key themes for 2024 – could soon bring the steel sheet storm to a market near you.
At the final hour, the trade case investigating unfairly traded imports of tin mill products has been terminated.
While President Biden may have its back, the United Steelworkers (USW) union remains concerned about the proposed sale of U.S. Steel to Nippon Steel Corp. (NSC).