Tag: steel

Steel Giant Shuts Down Plants in Germany, Sparking Energy Crisis Fears

The energy crisis has been hitting Europe’s largest economy hard, with two of Germany’s largest steel manufacturing plants being forced to shut down. ArcelorMittal’s plan to deactivate one of its largest steel plants in Hamburg last month caused shockwaves through out the industry. The world’s second largest steel company also said it would later shut down…


China Establishes a Mineral Resources Group to Strengthen Its Bargaining Power in Global Market

News Analysis China has set up a new state-owned group in charge of centralized iron ore procurement to increase its bargaining power in the international market. China’s iron ore demand is huge. Data shows that since 2016, China’s annual iron ore imports have exceeded 1 billion tons. In 2021, China imported a total of 1.126…


New Document Outlines Biden’s Preference for US Steel and Iron in Infrastructure Projects

The Biden administration is directing federal agencies to prioritize purchasing American-made iron and steel for infrastructure projects. A document released Monday from the Office of Management and Budget offers guidance on how to implement “made in America” requirements from the $1.2 trillion infrastructure plan signed into law in November. The law specifies that federal agencies…


Australia Boosts Steel Manufacturing for Defence, Renewables

The Australian government is pouring millions of dollars into domestic steel production, which will be used across industries, ranging from armoured vehicles and patrol boats to wind turbines and large-scale solar installations. The $55.4 million (US$39.7 million) investment is part of the federal government’s $1.3 billion (US$930 million) Modern Manufacturing Initiative designed to support Australia’s…


US and UK in Joint Talks to Resolve Steel and Aluminum Tariff Dispute

Representatives from the United States and United Kingdom agreed to resolve their trade dispute over U.S. steel and aluminum tariffs in a joint virtual conference on Jan. 20. American representatives are keen on removing the taxes on British metal imports. In March 2018, the Trump administration imposed tariffs of 25 percent on foreign steel and…


US Trade Chief Says Will Engage on UK Steel Talks When ‘Time Is Right’

WASHINGTON—U.S. Trade Representative Katherine Tai signaled on Wednesday that the United States is not rushing to complete a deal to ease tariffs on British steel and aluminum, saying that she will pursue these talks “when the time is right.” Tai, speaking to an online event hosted by the Institute of International and European Affairs, an…


China’s Property Distress Sours Steel Sector in Warning Sign for Economy

BEIJING—Debt problems at a major Chinese property developer have now spilled over into a vital artery of the nation’s industrial engine—the steel sector—and started to ripple through to other critical parts of the world’s second-largest economy. The spreading balance-sheet crisis at real estate firms is a warning for policymakers as a swing in the fortunes…


Japan, US Agree to Start Talks on Additional Steel, Aluminum Tariffs

TOKYO—Japan and the United States have agreed to start discussions aimed at tackling additional U.S. tariffs on Japanese steel and aluminum imports during a bilateral meeting in Tokyo, Japan’s industry ministry said on Monday. The meeting was held between Japan’s Industry Minister Koichi Hagiuda and U.S. Commerce Secretary Gina Raimondo, but a ministry official said…


US Will Open Talks With Japan on Import Steel, Aluminum Tariffs

WASHINGTON—The United States said on Friday it will open talks with Japan that could lead to an easing of tariffs on steel and aluminum imports, a longstanding irritant in trade relations between the two allies. The U.S. Commerce Department and the United States Trade Representative’s Office said the talks were aimed at addressing “global steel…


Biden Hails Arrangement Between US and EU That Will Curb ‘Dirty’ Chinese Steel Imports

President Joe Biden on Sunday hailed the joint global sustainable steel arrangement between the United States and European Union that would ease some tariffs on steel and aluminium, and curb “dirty” Chinese steel imports, calling it a “new era of transatlantic cooperation.” In a joint address at a press conference in Rome with European commission President Ursula von der Leyen,…