Latest news with #steelindustry
CNA
12 hours ago
- Business
- CNA
CNA938 Rewind - Done deal between Nippon Steel, US Steel ends 18-month saga
CNA938 Rewind Nippon Steel has closed its US$14.1 billion acquisition of US Steel, bringing an end to a bruising 18-month takeover battle that was embroiled in American politics for months until finally gaining support from US President Donald Trump. Andrea Heng and Susan Ng take a closer look at the terms and implications for the steel industry, and impending tariffs, with Professor Lim Tai Wei, Department of Business Administration, Soka University and Japan expert.
Bloomberg
13 hours ago
- Business
- Bloomberg
Xi's Giant Iron Ore Trader Is Shaking Up a $130 Billion Market
By and Alfred Cang Save Just three years after its founding, a Chinese government-run trader has become the single biggest force in the country's $130 billion market for iron ore imports. The rise of China Mineral Resources Group Co. has allowed it to tame one of the world's wildest commodities markets — sending volatility in iron ore futures to a record low. It's also playing a role in negotiations with global mining companies, potentially shifting the balance of power between China's vast steel industry and major suppliers like Rio Tinto Group and BHP Group.
National Post
14 hours ago
- Business
- National Post
Canada to retaliate against U.S. steel, aluminum tariffs if Carney, Trump can't reach deal
OTTAWA — The Canadian Steel Producers Association and United Steelworkers Union are panning Prime Minister Mark Carney's response to U.S. President Donald Trump's punishing tariffs. Article content Their response came hours after Carney announced a tariff countermeasure plan Thursday that includes retaliation against Trump's steel and aluminum tariffs a month from now — depending on how much progress the two world leaders make in their trade discussions. Article content Article content Article content The two steel organizations issued a joint statement late Thursday saying Carney's plan 'falls short of what the industry needs at this most challenging time.' Article content Article content 'We will continue to review the details of the measures and work constructively with the federal government to get a plan that works for Canadian steel producers and the thousands of workers that make up our sector,' Catherine Cobden of the steel industry association and Marty Warren, the union's national director, said in the joint statement. Article content Carney said that while he and Trump are pursuing a deal to end tariffs within the next 30 days, Canadian counter-tariffs will be adjusted on July 21 to 'levels consistent with progress made in the broader trading agreement with the U.S.' Article content 'We must reinforce our strength at home and safeguard Canadian workers and businesses from the unjust U.S. tariffs,' Carney told a press conference on Parliament Hill following a federal cabinet meeting. Article content The announcement came just a few hours before Canadian steel industry representatives were set to publicly call on the government to take immediate action in response to the U.S. tariffs. The steel producers instead held off and scrubbed their press conference. Article content Article content Jean Simard, head of the Aluminium Association of Canada, said in a media statement Thursday that the measures Ottawa announced 'strike the right balance.' Article content Article content He said the government needs to carefully balance 'sending a strong signal towards focused and accelerated negotiations and using a measured approach through adaptive counter-tariffs and reciprocal procurement policies.' Article content 'In this rapidly evolving situation, with potentially high financial impacts due to uncontrollable market reactions, we will need and seek agility and speed for government interventions should we reach the 30-day deadline without a positive resolve,' Simard added.
CTV News
17 hours ago
- Business
- CTV News
LIVE: Steel workers unions call for action against U.S. tariffs
Live Canadian Steel Producers Association and the United Steel Workers officials outline their urgent call for action in the face of U.S. tariffs. Watch LIVE here
Yahoo
19 hours ago
- Business
- Yahoo
Joly promises quick decision on help for steel, aluminum industries rocked by tariffs
OTTAWA — Industry Minister Mélanie Joly says Canada's steel and aluminum industries are in a state of emergency due to U.S. tariffs and the federal government will "take a decision very quickly" on how it can help. Joly says she was in contact with CEOs in both sectors this morning and she understands workers are anxious. Her comments come as the heads of the Canadian Steel Producers Association and the United Steel Workers are visiting Parliament Hill. The groups are set to hold a press conference later this afternoon. U.S. President Donald Trump imposed a 25 per cent tariff on all steel and aluminum imports back in March. On June 3, Trump doubled the tariffs to 50 per cent in a move that industry analysts say threatens to cripple Canada's steel industry. This report by The Canadian Press was first published June 19, 2025. The Canadian Press Sign in to access your portfolio
