Sunday, October 20

Tag: Steel Production

Xenophobia Drives Foes of Nippon Steel’s Deal
1Jan By adminNo Comments
Health

Xenophobia Drives Foes of Nippon Steel’s Deal

Election-year jitters have the Biden administration and a few swing-state members of Congress from both parties parroting union concerns about Nippon Steel’s takeover of U.S. Steel. The United Steelworkers union favored Cleveland-Cliffs’s offer, which was almost 50% lower than Nippon’s $14.1 billion bid. There is no real cause for concern other than xenophobia and the damage it could do to Cleveland-Cliffs’s position as the sole U.S. producer of electrical steel for transformers and electric vehicles. The rest is imported.Nippon’s steelmaking is at least as advanced as U.S. Steel’s, so technology export control isn’t an issue. National security could be a concern if American mills were shutting down due to unfairly subsidized Japanese exports to the U.S. But Nippon never used gimmicks to ...
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The Nippon Steel Deal Is Good for America
29Dec By adminNo Comments
Health

The Nippon Steel Deal Is Good for America

Democrats and Republicans alike are assailing Nippon Steel’s prospective purchase of U.S. Steel as a threat to national security. The complaints are misplaced. Essential to national security is economic competitiveness, which is strengthened by global connections such as inward foreign direct investment.A more competitive economy is better able to fund the military and ameliorate the inevitable guns-for-butter trade-offs. Consider the Cold War. Fast labor-productivity growth after World War II expanded America’s tax base to fund investments in defense, science and space exploration. America eventually won the Cold War largely because the Soviet empire couldn’t deliver the goods. The Berlin Wall fell in part because people behind the Iron Curtain yearned for Mercedes sedans rather than Tra...
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India’s steel production grows 11 pc to 11.7 MT in Nov; global output at 145.5 MT: world steel
24Dec By adminNo Comments
Business

India’s steel production grows 11 pc to 11.7 MT in Nov; global output at 145.5 MT: world steel

NEW DELHI: India has registered an increase of 11.4 percent in its crude steel production at 11.7 million tonnes (MT) in November this year, according to the World Steel Association (World Steel). During January-November, the country's production was 12.1 percent higher year on year (y-o-y) at 128.2 MT, the global body said in its latest report.The global steel production in November was at 145.5 MT, 3.3 percent up over the same month in 2022.The world output rose marginally by 0.5 percent to 1,715.1 MT in January-November 2023, World Steel said.China produced 76.1 MT of steel in November, up 0.4 percent over November 2022. It produced 952.1 MT in January-November, higher 1.5 per cent y-o-y.In November, Japan's output fell 0.9 per cent to 7.1 MT, while the overall production was 2.8 per c...
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Biden’s Foolish Snub of Nippon Steel
23Dec By adminNo Comments
Health

Biden’s Foolish Snub of Nippon Steel

Nippon Steel’s proposed $15 billion acquisition of U.S. Steel “appears to deserve serious scrutiny,” the White House said Thursday. The statement came after an outcry from protectionist lawmakers, including Sen. John Fetterman (D., Pa.), who have cited union and national-security concerns and vowed to block the sale. The anti-Japanese business rhetoric is reminiscent of the 1980s, when U.S.-Japan trade tensions threatened to undermine a critically important bilateral alliance during the Cold War.U.S. politicians’ unjustified criticisms of the deal could strain relations between the U.S. and Japan and weaken their collaboration on trade and economic security. The White House should work with allies on economic and military cooperation, not criticize them.Copyright ©2023 Dow Jones & Com...
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The Nippon Steel Protectionists – WSJ
23Dec By adminNo Comments
Health

The Nippon Steel Protectionists – WSJ

The news that Japan’s Nippon Steel will purchase U.S. Steel has sent much of Washington into a political fit, and President Biden is now registering his great concern, teeing up a government investment committee to review the sale. Public service reminder: Japan is arguably America’s most important ally as a bulwark against China.The White House on Thursday dispatched national economic adviser Lael Brainard to float a review of the deal by the Committee on Foreign Investment in the United States, or Cfius. The statement called U.S. Steel “a core component” of domestic steel production that is “critical to our national security.” Ms. Brainard also tossed an encomium to the United Steelworkers union: “President Biden believes union workers are the best workers in the world.”Copyright ©2023 ...
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Rept Battero Energy Shares Rise in Hong Kong Trading Debut
18Dec By adminNo Comments
World

Rept Battero Energy Shares Rise in Hong Kong Trading Debut

Dec. 17, 2023 11:19 pm ETShares of Chinese lithium-ion battery maker Rept Battero rose in their Hong Kong trading debut, indicating that investor demand for companies associated with electric-vehicle space remains buoyant.Rept Battero climbed as much as 7.4% on Monday from its initial public offering price of 18.30 Hong Kong dollars (US$2.34).Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Basic Materials Roundup: Market Talk
17Oct By adminNo Comments
World

Basic Materials Roundup: Market Talk

Updated Oct. 17, 2023 12:34 pm ETThe latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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