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...He cited the example of the US, where the Biden administration’s landmark Inflation Reduction Act offers generous subsidies for companies investing in green energy and clean technology....
...A joint venture between iron-ore miner LKAB, steelmaker SSAB and power group Vattenfall has also unveiled plans for “green” steel free of fossil fuel; as did the start-up H2 Green Steel, founded by the same...
...US President Joe Biden is pushing for tariffs to triple on Chinese steel and aluminium, as he seeks to boost union support in the swing state of Pennsylvania....
...Personally, I hold Michael Douglas wearing a chunky bottle green jumper over a bare chest in 1992’s Basic Instinct as the pinnacle of V-neck wearing....
...The White House is wary even of Nippon Steel of Japan, a US ally, taking over America’s third-largest steelmaker, US Steel. So will the UK plan one day look foolish?...
...Essentially it’s just the old green steel club in a new wrapping....
...This is because green steel production involves switching to cleaner electric arc furnaces that melt down 100 per cent of scrap....
...T V Narendran, Tata Steel’s chief executive, told the Financial Times the status quo was “not sustainable”....
...In a bold development in Sweden, H2 Green Steel says it plans to decarbonise by incorporating hydrogen in both these ways, targeting 2.5mn tonnes of green steel production annually....
...Thyssenkrupp Steel alone is set to receive €2bn from federal and local authorities for its green steel plans....
...The US trade representative Katherine Tai didn’t help by making some strange remarks that adopting the green steel arrangement would be “very difficult for Brussels on an emotional level”....
...On Wednesday, Joe Biden said he would triple tariffs on Chinese steel imports — a pure election gimmick since they only cover 0.6 per cent of total US steel demand....
...Biden, is not keen on the takeover of US steel by Nippon Steel, Japanese company....
...The US’s move to greener steel production has also had the effect of shifting production south, to states with less organised labour....
...Washington and Brussels have suspended a trade war while they negotiate the establishment of a green steel club....
...The efforts EU companies are making in green steel, for example, could become competitive with domestic “dirty” steel given the EU’s high domestic carbon tax, but would be undercut by carbon-intensive imports...
...The company said about 2,800 jobs would be cut across its heavily lossmaking UK operation as part of a four-year transition to green steel, with the bulk of the redundancies at Port Talbot....
...“Trade has nothing to do with that,” he said in an interview at the World Trade Organization’s biennial conference, where governments are discussing how to green trade flows and abolish subsidies for overfishing...
...[MUSIC PLAYING] Japan’s Nippon Steel has agreed to buy the American company US Steel in a deal worth close to $15bn....
...Biden has shielded US steel producers from import competition — though with nothing like the sweeping tariffs imposed by Donald Trump — and tried to build a US semiconductor industry through the Chips Act...
...Europe’s leading green steel start-up is contemplating new projects in the US, Canada, Brazil and Portugal after raising the continent’s biggest private placement this year to build its first factory in...
...Fatih Birol of the International Energy Agency reminds us to pay attention to progress on clean energy technology. Does the Biden administration’s response to the US Steel deal go too far?...
...“It was really important for him to know how important this is for us and for me personally,” Reynolds said after the meeting, claiming that a transition to less carbon-intensive steel production could be...
...steel and gigafactories....
...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...
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