Latest news with #CLF
Business Insider
12 hours ago
- Business
- Business Insider
X, CLF, NUE: Canada to Raise Steel and Aluminum Counter-Tariffs
Canada is threatening to raise its counter-tariffs on imports of U.S. steel and aluminum products starting on July 21. Confident Investing Starts Here: Canadian Prime Minister Mark Carney said his government will place tariffs on steel and aluminum products that are 'consistent' with U.S. duties that currently sit at 50%. The move will coincide with the end of the 30-day trade deal deadline announced after Carney and U.S. President Donald Trump met at a recent G7 meeting. Prime Minister Carney also said that his government's procurement policies will favor Canadian suppliers and 'reliable trading partners' moving forward. Finally, his government will unleash new, retroactive tariff quota rates at 100% of 2024 levels on imports of steel products from non-free trade agreement countries. Higher tariffs from Canada are likely to impact major steel producers such as U.S. Steel (X), Cleveland-Cliffs (CLF), and Nucor Corp. (NUE). Tit-for-Tat The announcement of more tit-for-tat tariffs comes as Canada's industrial sector strains under pressure from President Trump's tariffs on steel and aluminum imports. Earlier in June, the president hiked existing metals tariffs from 25% to 50% in a move aimed at protecting American workers. Since the first Trump tariffs were introduced in April, layoffs have risen and investments fallen in Canada's metals sector, says the Canadian Steel Producers Association, which has previously said that, 'At a 50 per cent tariff rate, the U.S. market is effectively closed to Canadian steel.' Now, Prime Minister Carney says that new counter tariffs unveiled in coming weeks will combat symptoms of 'persistent global overcapacity.' Is CLF Stock a Buy? average CLF price target of $8.34 implies 13.78% upside from current levels.
Time of India
a day ago
- Business
- Time of India
Is the Nippon Steel and US Steel merger a threat to American workers?
Nippon Steel 's 2023 announcement that it would buy US Steel , the linchpin of American steelmaking, sparked political and union opposition in the United States before being finally sealed Wednesday under strict conditions. This is how the saga developed: August 2023 The struggling US Steel launches a strategic review after receiving several unsolicited partial or total buyout offers. It rejects an offer from its American competitor, Cleveland-Cliffs (CLF), despite potential support from the steelworkers' union USW. December 2023 Nippon Steel announces an agreement to buy US Steel for $14.1 billion, plus $800,000 in debt -- unanimously approved by both boards of directors -- with finalisation expected by the third quarter of 2024. But the USW fiercely opposes the deal, saying it will not support anyone other than CLF. Days later, US President Joe Biden calls for "serious scrutiny" in terms of supply chain reliability. The United States is the world's leading steel-importing country. The US government agency responsible for assessing foreign investment risks, CFIUS, scrutinises the project. March 2024 Biden, campaigning for a second term, opposes the buyout in defence of American "workers", saying it is vital for US Steel "to remain an American steel company that is domestically owned and operated". US Steel, however, asserts that the deal can "combat the competitive threat from China", the sector's global leader. April 2024 US Steel shareholders overwhelmingly approve the buyout at an extraordinary general meeting. July 2024 Japanese media outlets reveal that Nippon Steel has hired Mike Pompeo, former US Secretary of State under Donald Trump, to advocate for its cause. September 2024 Kamala Harris, now the Democratic presidential candidate, states that US Steel should "remain American-owned and American-operated". Nippon Steel asserts that it will remain "a US company" with a majority of the board being American citizens. Trump, the Republican candidate, pledges to oppose the buyout proposal. US Steel threatens to shutter facilities in Pennsylvania -- perhaps the most critical swing state in the election between Harris and Trump -- if the sale is blocked. December 2024 Trump, now President-elect, confirms he will "block this deal from happening". He vows on social media to "make U.S. Steel Strong and Great Again" through tax incentives and tariff hikes. Nippon Steel condemns the opposition as "inappropriate" influence of politics. In mid-December, CFIUS fails to reach a decision owing to a lack of consensus within its ranks. January 2025 Biden blocks the acquisition on national security grounds. The issue escalates into a diplomatic dispute: Japanese Economy Minister Yoji Muto deems the decision "incomprehensible and regrettable". US Steel and Nippon Steel threaten legal action over "illegal interference" before eventually obtaining a Washington-granted extension until June to formally abandon their project. They express continued commitment to seeing it through. February 2025 Trump suggests an alternative to a merger: an investment from Nippon Steel. April 2025 Trump orders a new review of the project by CFIUS to determine whether "further action in this matter may be appropriate", reopening the door to the buyout. The review will involve "identifying potential national security risks associated with the proposed transaction and providing adequate opportunity to the parties to respond to such concerns". May 2025 Following the release of a new CFIUS advisory, Trump approves a partnership between the steelmakers through an unspecified agreement allowing US Steel to "REMAIN in America". Nippon Steel says it "applauds" the bold action taken by Trump but USW warns of a "disaster for American steelworkers". June 15, 2025 Trump removes the final regulatory hurdle by signing an executive order designed to eliminate all national security risks following the buyout. The US government will hold a perpetual non-economic "golden share" allowing it veto power over significant decisions affecting American jobs. Beyond the previously agreed acquisition price of $14.1 billion excluding debt, an additional $14 billion in investments by Nippon Steel will be required, $11 billion of which must be completed by 2028. June 18, 2025 Nippon Steel and US Steel announce their merger agreement, with the American group subsequently requesting the New York Stock Exchange to delist its stock.
Yahoo
2 days ago
- Business
- Yahoo
Cleveland-Cliffs (CLF) Jumps, Benefits From UK Steel Imports
Cleveland-Cliffs Inc. (NYSE:CLF) is one of the . Cleveland-Cliffs rallied by 4.92 percent on Tuesday to finish at $7.67 apiece as investor sentiment was boosted by President Donald Trump's decision to keep tariffs on UK steel imports. At the sidelines of the G7 summit in Canada, President Donald Trump threatened to keep 25 percent duties on some or all of its steel imports from the UK unless it gives specific guarantees over the Indian-owned steelmaking plant at Port Talbot in South Wales. 'There's further work to do in relation to steel, but we're getting on and doing that work,' said UK Prime Minister Keir Starmer. A welder in a hardhat soldering steel plates to a blueprint plan. Duties on imported steel and aluminum products make domestic manufacturers such as Cleveland-Cliffs Inc. (NYSE:CLF) more appealing to customers as it may bolster demand for their products, support competitive pricing for locally-produced goods, and further reduce competition with international producers. Cleveland-Cliffs Inc. (NYSE:CLF) is a US-based steel and iron ore manufacturer based in Cleveland, Ohio. While we acknowledge the potential of CLF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
Cleveland-Cliffs Inc. (CLF): 'I Wanted It To Win,' Says Jim Cramer
We recently published a list of . In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against other stocks that Jim Cramer discussed. Cleveland-Cliffs Inc. (NYSE:CLF) has featured several times on Cramer's morning show in 2025. Most of these appearances have surrounded Japan's Nippon Steel's purchase of US Steel. The deal has created quite a bit of controversy, particularly surrounding the ownership of American firms in key industries in foreign hands. Cleveland-Cliffs Inc. (NYSE:CLF) has ardently opposed the deal, and Cramer has speculated that the firm might end up buying US Steel instead. His previous remarks about the firm have remained appreciative of the firm's CEO and asserted that the firm has been hurt by cheap Chinese steel flooding the US market. His recent comments about Cleveland-Cliffs Inc. (NYSE:CLF) surrounded the US Steel deal after co-host David Faber pointed out that the deal was going to close and Nippon was going to own US Steel: "Well I think that I wanted it [CLF] to win because I have been very suspicious of Nippon Steel which has had a history I believe of dumping in our country. And that is I'm getting that Dan DiMicco, the former CEO of Nucor who has continually told me the kind of dumping that we've seen around the world. In his previous remarks, Cramer commented on some problems: 'I think the problem [with] Cleveland- it's two problems, one is the balance sheet's not that good, and two, there's got to be demand. If the auto companies are really cutting back – and I think you're gonna have to after the initial spur – that is going to make it so that the the numbers have to go lower. If the numbers go lower, Cleveland Cliffs and the stock's going to go to 65.' Overall, CLF ranks 7th on our list of stocks that Jim Cramer discussed. While we acknowledge the potential of CLF as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None. This article is originally published at . Related Content NYSE Sign in to access your portfolio
Yahoo
12-06-2025
- Health
- Yahoo
Group claims wastewater permit would let Manchester dump PFAS into Merrimack River
The Conservation Law Foundation (CLF) is arguing that the state's approval of a permit allows the Manchester Wastewater Treatment Facility to discharge toxic chemicals into the Merrimack River. An appeal filed Thursday with the New Hampshire Water Council claims the New Hampshire Department of Environmental Services approved the Manchester facility's National Pollutant Discharge Elimination System permit renewal on May 13 without evaluating or determining whether 'in light of discharges and emissions of per- and polyfluoroalkyl substances (PFAS) from the Manchester WWTF' the treatment facility's permitted activities will comply with New Hampshire's water quality standard for toxic substances and the Merrimack River's designated use for fish consumption. Merrimack River The Merrimack River in Manchester 'People deserve safe, clean water, and state regulators have a critical role to ensure that's what we have in New Hampshire,' Tom Irwin, the Conservation Law Foundation (CLF)'s vice president for New Hampshire, said in statement. 'By failing to consider whether PFAS chemicals are violating important safeguards intended to protect water and people from toxic pollutants, regulators are putting our environment and health at risk.' A request for comment from Manchester officials was not immediately returned Thursday. PFAS chemicals, known as "forever chemicals" because they do not break down in the environment or in human bodies, have been linked to several health problems like cancer; fertility issues; child-development disorders; hormonal dysfunction; and damage to the thyroid, kidney and liver. CLF says the chemicals are found in wastewater from industrial users sent to Manchester's treatment facility, the largest such plant in northern New England and the only one in New Hampshire that incinerates its sewage sludge. CLF's appeal argues the state agency failed to evaluate whether releases of PFAS chemicals from the facility — both in wastewater discharged into the Merrimack River, and emitted into the air from the facility's sludge-burning incinerator — violate water quality standards, including regulations aimed at protecting people who consume fish. In its appeal, CLF claims that the WWTF discharges 'treated' wastewater into the Merrimack River but the WWTF's treatment process does not address or remove PFAS. Manchester wastewater treatment plant stack The air emissions pipe from the Manchester wastewater treatment plant, as seen from Gay Street. 'The WWTF has detected PFAS in its influent and 'treated' effluent (wastewater) on a monthly basis since at least 2019,' the appeal says. 'In addition to discharging PFAS into the Merrimack River through wastewater discharges, the WWTF releases PFAS into the air through sludge incineration, as confirmed by data published in a peer-reviewed study in 2023 (the Seay Study).' The Manchester facility receives wastewater from at least 88 industrial users, 14 of which (including the city's closed landfill) are classified as Significant Industrial Users under EPA and local rules, the appeal says. 'The City of Manchester applied for a new (National Pollutant Discharge Elimination System) permit in 2019 and, in that application, did not disclose that its discharges contain PFAS,' the appeal says. When waste departs industrial sites in Manchester or surrounding communities like Bedford and Londonderry, it eventually winds up in the city's wastewater treatment facility, where a strainer removes debris. Solids settle at the bottom of a chamber until burned or put in a landfill, and bacteria eat any organic matter in the mix. The water is chlorinated, de-chlorinated, and put back into the Merrimack River. Leachate, a liquid found at landfill sites, is also handled at the Manchester facility. During the permit renewal process, CLF lawyers sent comments to the Department of Environmental Services in June 2024 that sources of PFAS — like wastewater treatment plants, landfills and manufacturing facilities — often disproportionately impact communities of color due to inequitable siting. 'Two U.S. Census Tracts that are located roughly two miles away from the WWTF and its incinerator are overburdened by environmental pollution,' the CLF wrote. 'One of these communities has a population that is 56 percent people of color, 62 percent low income ... another has a population that is 41 percent people of color, 43 percent low income. These two communities are located north and northeast of the facility, exposing them to health risks from breathing contaminated air when wind blows from the south. 'Manchester residents that fish near or downstream of the WWTF are also likely disproportionately impacted by the WWTF's PFAS pollution in water and air.' CLF lawyers claim PFAS pollution from the WWTF also threatens the health of residents in downstream communities that source their drinking water from the Merrimack River.
