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...Discussions with the company continue.”...
...Soaring steel imports are a particular sore spot for the Brazilian government as the Latin American nation is one of the world’s largest exporters of iron ore — a primary ingredient in steel production....
...The Horizon report says Nippon has been instrumental in helping the Chinese steel industry to develop, including through one joint venture involving Baosteel, the largest Chinese steel company....
...Community, the steel union, criticised Tata’s decision as a “bad deal for steel”....
...In the 2000s, industry competitors such as Australian groups BHP and Rio Tinto seized on China’s rising appetite for commodities, making bumper profits from the iron ore that fed the country’s steel industry...
...BHP has proposed an all-share takeover of Anglo American in a deal that would reshape the mining industry and bolster the presence of the world’s largest mining company in copper, iron ore and fertilisers...
...The Swiss company has coal mines in South Africa and has long toyed with building an iron ore business. The company trades the metal but does not mine it....
...The London-listed company said that the valuation was not the only issue, calling the proposed structure that would require Anglo to demerge its South African iron ore and platinum divisions “highly unattractive...
...The two companies could perhaps share infrastructure for their metallurgical coal mines in Queensland Australia. Both have iron pellet businesses in Brazil....
...A person with knowledge of Nippon Steel’s thinking said the company does not plan to give up its bid for US Steel even if Biden publicly expresses opposition to the takeover....
...Demand is falling from all the sectors that have been the largest buyers of steel: property developers, carmakers and home appliance companies....
...BHP has proposed a £31bn deal to buy Anglo American, one of its largest rivals, in a deal that would mark the mining sector’s biggest on record....
...They also suggest the new plant will struggle to make the most demanding grades of steel from scrap alone, without adding imported pure iron or virgin steel....
...Analysts from Westpac, the Australian bank, said that steel industry exports have been an important “release valve” for overcapacity, noting that China is approaching record levels from 2015 in steel exports...
...“It is important that we maintain strong American steel companies powered by American steel workers,” Biden said in a statement on Thursday....
...Nippon offered $55 a share in cash for US Steel in December, months after the American company had rebuffed a lower offer from US-based Cleveland-Cliffs....
...In the near-term, the company plans to import semi-finished steel from its bases in the Netherlands and India....
...But that requires clear rules of the road for “friendshoring”, which have yet to be worked out, as evidenced by the Biden administration’s recent pushback against Nippon Steel’s attempt to acquire US Steel...
...Port Talbot’s blast furnaces are used for primary steelmaking, in which iron ore is reduced to molten iron that is then turned into steel....
...“It is important that we maintain strong American steel companies powered by American steel workers,” Biden said....
...Nippon Steel has agreed to buy US Steel in a $14.9bn deal, as the Japanese group targets the American market with its largest-ever acquisition....
...Brazil, which is also using industrial policy in an attempt to finally achieve the world-beating manufacturing sector it’s always wanted, has experienced a big surge of iron and steel imports from China....
...In raising concerns over the deal Biden did not refer to national security, speaking only of the need to maintain “strong American steel companies powered by American steel workers”....
...India’s biggest integrated steel manufacturing plant was founded a quarter of a century ago on arid land above a belt of iron ore....
...From 2016 he ran the company’s Australian operations, including its flagship iron ore business. Since rising to chief executive, Henry has retained a low profile....
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