UK’s Final Coal Plant, Steel Furnace Close
Britain's last coal-fired power station and penultimate steelworks closed today. This is the result of the government's strong push for decarbonization, even at the expense of affordable energy and domestic steel production capacity, which is critical to the defense industry. Although they are hundreds of miles apart from each other, two of the last bastions […]
Nippon Steel’s acquisition of US Steel clears arbitration hurdle amid union opposition
American steelworkers spoke to FOX Business' Lydia Hu in suburban Pittsburgh, where U.S. Steel's headquarters may soon be turned over to Japan-based Nippon Steel. An arbitration panel ruled Wednesday that Nippon Steel Corp.'s proposed $14.9 billion takeover of U.S. Steel complies with the requirements of the company and its labor agreements. United Steelworkers (USW)This removed […]
Federal decision on Nippon-US Steel takeover to be pushed back
Nippon Steel Corp., Japan's largest steelmaker, is asking for its takeover bid for U.S. Steel to be resubmitted, a person familiar with the matter told The Hill, which would delay a decision on approving the deal until after the presidential election. The Committee on Foreign Investment in the United States (CFIUS), an interagency group that […]
Rubio leads call to reimpose Trump steel tariffs on Mexico
A bipartisan group of senators is urging President Biden to reinstate tariffs on Mexican steel to prevent China from gaining backdoor access to the U.S. market. In a letter led by Sen. Marco Rubio (R-Fla.), the lawmakers urge President Biden to impose a 25% tariff on all steel imports from Mexico after a 2019 deal […]
Steel Giant May Have To Bail On $500 Million Biden-Harris Admin Green Grant, CEO Says
The Biden-Harris administration awarded the major steelmaker $500 million in environmental protections in March, but the company may be forced to give up the money, its CEO told Politico. Department of Energy (DOE) Announced In March, it was announced that Cleveland-Cliffs had been selected to receive $500 million in funding to help make “green” low-carbon […]
Business groups warn Treasury of 'political interference’ in Nippon Steel review
Washington business groups warned in a letter on Wednesday that “political interference” could derail Japanese steelmaker Nippon Steel's proposed takeover of U.S. Steel, which is opposed by lawmakers across the political spectrum and across presidential candidates. “Unfortunately, there have been continued recent attempts from across the political spectrum to politicize the committee's work, allowing politics […]
GOP Reps. Young Kim, Michelle Steel prep for fight to defend seats in highly competitive SoCal districts
ORANGE, Calif. – Republican Reps. Young Kim and Michelle Steele are optimistic. It is a species that is in danger of extinction, but scientifically California RepublicanThe Orange County-based lawmakers are confident voters will elect them to Congress for a third term this fall. First elected in 2020, both districts have been hot targets of campaigning […]
U.S. Steel Shares Fall as Biden Prepares to Block Sale to Nippon Steel
U.S. Steel shares fell after reports that President Joe Biden plans to block Nippon Steel's takeover of U.S. Steel. U.S. Steel shares were reported to have ended the day down 17.5%. According to of The Washington Post. Three people familiar with the matter spoke He told the outlet “on the condition of anonymity” that Biden […]
US Steel warns jobs could be lost if sale falls through
U.S. Steel warned Wednesday that it may cut jobs and move its headquarters out of Pittsburgh if a planned sale to Japanese steelmaker Nippon Steel Corp. falls through. Nippon Steel announced in December that it would buy U.S. Steel, sparking outrage from lawmakers of all political parties who said the deal could undermine national security […]
Biden to block sale of US Steel to Japanese company Nippon: report
The Biden-Harris administration reportedly plans to block the planned sale of U.S. Steel to Japanese conglomerate Nippon Steel for $14.9 billion. The reported move came despite U.S. Steel CEO David Barritt warning that the company would likely close steel mills and move its headquarters out of Pittsburgh if the federal government intervened to block the […]