steel
By John BIERS Braddock (États-Unis) (AFP) - Le projet de Nippon Steel de racheter United States Steel provoque le malaise à Pittsburgh, où l'industrie métallurgique dominait autrefois l'économie et reste toujours majeure dans l'esprit collectif. Des opposants, comme le syndicat United Steelworkers (USW), considèrent ce rapprochement comme la dernière menace en date d'un long combat pour maintenir cette activité après les fermetures d'usines des années 1970 et 1980. "L'histoire est tellement présente ici et beaucoup de fierté va avec", explique Bernie Hall, quatrième génération de sa famille da...
AFP (Français)
Braddock (United States) (AFP) - Nippon Steel's proposed acquisition of United States Steel has been a source of unease in Pittsburgh, where the metal once dominated the economy and still looms large in the collective psyche. Critics such as the United Steelworkers (USW) see the transaction as the latest threat to come along in a years-long struggle to keep the industry alive after plant closures in 1970s and 1980s battered the American rustbelt. "There's just so much history here and a lot of pride that comes with that," said the USW's Bernie Hall, a 4th generation metals worker. "It wouldn't...
AFP
Pittsburgh (AFP) - Working class voters in Rust Belt cities like Pittsburgh used to favor Democrats overwhelmingly, but years of economic hardship and the rise of social issues favoring Republicans have made them a swing constituency again in 2024. President Joe Biden has cleared one key hurdle, winning endorsements from union presidents, including the United Steelworkers (USW), a key player in the US Steel takeover battle that has loomed over the 2024 campaign in Pennsylvania. But just how many rank-and-file workers ignore union chiefs and vote for Donald Trump could have a decisive impact in...
AFP
German conglomerate Thyssenkrupp, which specialises in industrial engineering and steel production, reported downbeat financial results on Wednesday. For the second time in three months, the firm cut its annual forecasts for sales and net profit, citing lower demand and prices at its Materials Services and Steel Europe divisions. Thyssenkrupp now expects net income to be a negative figure in the low three-digit million euro range, a downgrade from its previous forecast, which suggested it would break-even. The firm added that "geopolitical and trade conflicts" were contributing to the "difficu...
Euronews (English)
US President Joe Biden plans to triple the US tariffs on certain steel and aluminium imports from China. He has asked his trade representative to take the appropriate steps to achieve this, the White House announced in Washington on Wednesday. US workers are exposed to unfair competition due to the import of Chinese products, the statement said. The products are also among the most emission-intensive in the world. The current average tariff rate is 7.5%, a rate that dates back to the presidency of Biden's predecessor, Republican Donald Trump. Also on Wednesday, the office of US Trade Represent...
DPA Breaking News
Washington (AFP) - President Joe Biden said Thursday he is against the proposed sale of US Steel to Japan's Nippon Steel, as election year considerations appeared to outweigh the risk of angering key ally Japan. Biden's intervention in the planned $14.1 billion acquisition comes less than a month before he hosts Japan's Prime Minister Fumio Kishida for a state visit to the White House aimed at boosting ties and countering an increasingly assertive China. But Biden's eye is seemingly on November's presidential election against Donald Trump, with lawmakers from both sides having joined with unio...
AFP
Washington (AFP) - A proposed deal that would see US Steel Corp bought by Japan's Nippon Steel should be closely investigated by American authorities, the White House said Thursday, warning it could have national security implications. Unveiling the planned transaction this week, the two companies depicted the deal as a marriage of the holders of top technologies that would boost steel output and accelerate efforts toward decarbonization. But US Steel's possible sale abroad has triggered furious criticism in Washington and from trade unions. President Joe Biden "believes the purchase of this i...
AFP
New York (AFP) - US Steel Corp and its potential buyer Nippon Steel of Japan are requesting a federal review of their proposed deal following congressional criticism that the transaction threatens US national security, US Steel said Thursday. The companies asked the Committee on Foreign Investment in the United States -- an interagency body established to review foreign takeovers of US companies -- to evaluate Nippon's $14.1 billion takeover of Pittsburgh-based US Steel. "We look forward to a successful review," said a statement from US Steel's press office. "Japan is an important ally to the...
AFP
Washington (AFP) - Japan's Nippon Steel agreed to buy US Steel Corp for $14.1 billion, the companies announced on Monday, sparking criticism about the firm's ownership in an industry crucial to US national security. A major US steelworkers' union and a top US politician came out against the Japanese conglomerate's all-cash agreement to acquire the US firm for $55 per share. The deal price marks a 40 percent premium on US Steel's closing price on Friday and represents an equity value of about $14.1 billion, the companies said in a statement. Nippon will also assume the US firm's debt, taking...
AFP
New York (AFP) - United States Steel has launched a strategic review after receiving several unsolicited offers for a partial or total takeover, and has already rebuffed one "unreasonable" offer. But others potential suitors are pressing ahead. "The board of directors has decided to initiate a formal review process," in order to "evaluate strategic alternatives for the company," U.S. Steel announced in a recent statement. The reason? The board had received "multiple unsolicited proposals that ranged from the acquisition of certain production assets to consideration for the whole company," chie...
AFP
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