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...The American steel industry has become a political issue in the 2024 presidential election after Nippon Steel last year launched a $14.9bn takeover of US Steel, headquartered in Pittsburgh, a city in the...
...Futures for iron ore have been sliding last week in Singapore, as have Chinese futures and steel contracts in Shanghai....
...India’s biggest integrated steel manufacturing plant was founded a quarter of a century ago on arid land above a belt of iron ore....
...“It is important that we maintain strong American steel companies powered by American steel workers,” Biden said in a statement on Thursday....
...Nippon Steel announced the controversial acquisition in December, leading Biden to pick a side between a powerful union and its voters, and a critical American ally....
...“It is important that we maintain strong American steel companies powered by American steel workers,” Biden said....
...As a result, steel prices have fallen as China has flooded the market. But prices of iron ore, of which China is by far the biggest buyer, have jumped at the same time....
...If Nippon Steel’s deal is approved, it will draw a mid-ranked American company under the umbrella of one of the world’s top three steelmakers, none of which is American....
...The writer is director of economic policy studies at the American Enterprise Institute Nippon Steel and US Steel reached a deal in December for the Japanese steelmaker to acquire its iconic US competitor...
...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....
...On Thursday, President Joe Biden threw cold water on Nippon Steel’s pending $15bn acquisition for US Steel, once a national icon. He said US-steel should remain American....
...Iron and steel manufacture directly employs about 80,000 people in the US, 0.06 per cent of the total workforce and comfortably less than half the number of American pedicurists and manicurists....
...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....
...Activist investor Cevian Capital has taken a €1.2bn stake in UBS, and Nippon Steel has agreed to buy US Steel in a $14.9bn deal....
...Desmond LachmanSenior Fellow, American Enterprise Institute, Washington DC, US...
...The US iron ore miner-turned- steel-consolidator kicked off merger and acquisition fireworks in August with a much lower unsolicited bid for US Steel....
...Chinese steel mills appear to be losing money when producing basic steel for construction. Both coking coal and iron ore are relatively expensive....
...Reduce iron ore where green power is cheap, and then ship this to steel mills. In an era of snarled-up supply chains and reshoring, this may not appeal to all....
...Designers Handelsmann + Khaw leaned into the hard materials of the decade, inspired by the adaptation of American Psycho....
...Nippon Steel has agreed to buy US Steel in a deal that values its American rival at $14.9bn, in the Japanese group’s biggest ever acquisition....
...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....
...Stausholm said the demand outlook was improving for copper and aluminium, while China’s appetite for iron ore, which is the crucial ingredient for steel making, was undimmed....
...American jobs....
...The closures are the latest chapter in decades of decline for Britain’s steel industry and will leave the UK as the only major economy without the ability to make primary steel from iron ore and coal....
...pro-union US president in decades and a champion of American jobs....
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