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...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....
...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....
...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....
...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....
...“It is important for us to get ahead of China’s new export surge and their continued pressure on prices that make it hard for American steel companies to compete,” said a senior US official, who added that...
...“It is important that we maintain strong American steel companies powered by American steel workers,” Biden said in a statement on Thursday....
...The Supreme Court ruled unanimously for the private company. Iron Bar is now relying heavily upon Leo Sheep....
...Longer term, too, demand is forecast to be roughly flat as increased steel requirements will largely be met by the increased availability of scrap....
...In the near-term, the company plans to import semi-finished steel from its bases in the Netherlands and India....
...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....
...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...
...“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....
...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”....
...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....
...Steel producers are already seeking to pivot to hydrogen, both as an energy source and to replace the use of coal in reducing iron ore....
...India’s biggest integrated steel manufacturing plant was founded a quarter of a century ago on arid land above a belt of iron ore....
...Companies: Abbott Laboratories and infrastructure company Kinder Morgan are scheduled to report first-quarter earnings. Five more top stories 1....
...An American president opposing investment by a staunch ally in a US manufacturing company is a sign that protectionism has run amok....
...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....
...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....
...The decision is expected to lead to up to 2,800 job losses across the company’s heavily lossmaking UK operation, which employs about 8,000 people....
...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....
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