Nippon to invest in, not buy, US Steel: Trump

: Metals
25/02/07

US President Donald Trump said today Nippon Steel has agreed to invest in US Steel instead of buying the company outright.

"Nissan is going to be doing something very exciting about US Steel. They'll be looking at an investment rather than a purchase," Trump said today at a news conference in Washington with Japanese prime minister Shigeru Ishiba.

Trump likely mistakenly referred to Tokyo-based Nippon Steel by the name of the Japanese car company. Although the White House did not immediately respond to a request for clarification, Nissan confirmed to Argus that it does not have plans to invest in US Steel.

Trump's predecessor Joe Biden blocked Nippon Steel's proposed $15bn takeover bid of Pittsburgh-based US Steel last month, citing national security concerns. Both men were adamant on the campaign trail that US Steel should not be owned by a foreign company.

"We didn't want to see [US Steel] leave. It wouldn't actually leave. But the concept psychologically — not good," Trump said.

Nippon Steel will provide technology to make steel in the US in a mutually beneficial deal, Ishiba said about the proposal.

Trump said he would soon meet with Nippon Steel to work out the details of the investment.

By James Marshall

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25/03/27

UK GHG emissions fell by 4pc in 2024

London, 27 March (Argus) — The UK's greenhouse gas (GHG) emissions fell by 4pc year-on-year in 2024, provisional data released by the government today show, driven principally by lower gas and coal use in the power and industry sectors. GHG emissions in the UK totalled 371mn t of CO2 equivalent (CO2e) last year, the data show, representing a fall of 54pc compared with 1990 levels. The UK has legally-binding targets to cut its GHG emissions by 68pc by 2030 and 81pc by 2035 against 1990 levels, and to reach net zero emissions by 2050. The electricity sector posted the largest proportional year-on-year fall of 15pc, standing 82pc below 1990 levels at 37.5mn t CO2e. The decline was largely a result of record-high net imports and a 7pc increase in renewable output reducing the call on coal and gas-fired generation, as well as the closure of the country's last coal power plant in September , which together outweighed a marginal rise in overall electricity demand, the government said. Industry posted the next largest emissions decline of 9pc, falling to 48.3mn t CO2e, or 69pc below 1990 levels, as a result of lower coal use across sectors and the closure of iron and steel blast furnaces. Fuel supply emissions fell by 6pc to 28.4mn t CO2e, 63pc below where they stood in 1990. And emissions in the UK's highest-emitting sector, domestic transport, fell by 2pc to 110.1mn t CO2e, 15pc below 1990 levels, as road vehicle diesel use declined. Emissions in the remaining sectors, including agriculture, waste and land use, land use change and forestry (LULUCF), edged down collectively by 1pc to 67.2mn t CO2e, some 50pc below 1990 levels. Only emissions from buildings and product uses increased on the year, rising by 2pc as gas use increased, but still standing 27pc below 1990 levels at 79.8mn t CO2e. UK-based international aviation emissions, which are not included in the overall UK GHG figures, rose by 9pc last year to reach pre-Covid 19 pandemic levels of 26.1mn t CO2e, the data show. But UK-based international shipping emissions edged down by 1pc to 6.2mn t CO2e. By Victoria Hatherick Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

British Steel to close furnaces and steelmaking

25/03/27

British Steel to close furnaces and steelmaking

London, 27 March (Argus) — Scunthorpe-based British Steel has started consultations with its workforce on the closure of its blast furnaces and steelmaking operations, with widespread redundancies. The company has proposed three options: the closure of the furnaces, steelmaking and Scunthorpe rod mill by early June this year; the closure of blast furnaces and steelmaking by September 2025; or the closure of the blast furnaces and steelmaking operations after September 2025. All of the options would essentially mean the company importing semi-finished steel and re-rolling it into longs, similar to Tata's decision to import slab, hot-rolled coil, cold-rolled coil and in some instances hot-dip galvanised. The government has offered British Steel £500mn towards its decarbonisation, in line with the amount Tata Steel received, but no agreement has been reached. UK energy minister Sarah Jones told the House of Commons business committee yesterday British Steel's owner Jingye had refused the £500mn offer. Market sources believe the company is holding out for greater state-support, and using the consultation as a negotiating tactic. It said in the event of its first option — closing the furnaces, steelmaking and Scunthorpe Rod Mill, by early June — it would not be able to commit to electric arc furnace-based technology. Market sources have questioned how long the company would run the furnaces. It has been exploring options for bringing in external gas supply to power its reheat furnaces and rolling lines for some time. Some have also questioned the company's commitment to electric arc furnace (EAF)-based production. British Steel said the ageing furnaces and steelmaking operations are "no longer financially sustainable due to highly challenging market conditions, the imposition of tariffs and higher environmental costs relating to the production of high-carbon steel". Changes need to be made to put the business on a sustainable footing, it said. Unions have asked the government to provide an additional £200mn to British Steel to keep the furnaces — which have been beset by issues in recent years — running until EAFs are in place. "We urge Jingye and the UK Government to get back around the table to resume negotiations before it is too late", Roy Rickhuss, general secretary of the Community Union, said. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump unveils new tariffs on auto imports: Update

25/03/26

Trump unveils new tariffs on auto imports: Update

Adds details throughout Washington, 26 March (Argus) — President Donald Trump said today he would impose a 25pc tariff on foreign-made cars and trucks imported into the US, but said there will be no tariffs on automobiles assembled in the US. Trump said the new tariffs on imported automobiles marked the "beginning of Liberation Day", the term Trump has used to reference his plan to unveil sweeping tariffs on major foreign trade partners on 2 April. The White House estimates the tariff on imported cars and trucks will generate $100bn/yr in new tariff revenue. Trump said the auto tariff will go into effect on 2 April, providing a financial incentive for automakers to relocate manufacturing to the US. "We'll effectively be charging a 25pc tariff, but if you build your car in the United States, there's no tariff," Trump said in remarks at the White House. "And what that means is a lot of foreign car companies, a lot of companies, are going to be in great shape." The auto tariffs will likely add thousands of dollars to the price of many imported cars and trucks. But the tariffs — the details of which have yet to be released — appears more targeted than Trump's initial plan to impose a 25pc tariff on nearly all imports from Canada and Mexico, because the tariffs would not apply to cars and trucks parts, so long as the vehicles are assembled in the US. "Anybody that has plants in the United States it's going to be good for, in my opinion," Trump said. Ontario premier Doug Ford previously warned that Trump's plan to impose a nearly across-the-board import tariff could have caused auto manufacturing in the US and Canada to grind to a halt within as few as 10 days. Trump eventually delayed those tariffs until 2 April. Earlier this week, Trump said that South Korean automaker Hyundai's decision to invest $5.8bn to build a steel mill in Louisiana offered a blueprint for how companies could avoid tariffs. Trump has already imposed a 25pc tariff on steel and aluminum, and earlier this week said he would announce tariffs on imported lumber, semiconductor chips and pharmaceuticals. Even as a lack of details about the upcoming tariffs has fueled uncertainty for businesses and sharp declines on US stock markets, Trump has continued to announce additional tariffs. On Tuesday, Trump said any country taking delivery of Venezuelan oil or gas would be "forced" to pay an incremental 25pc tariff on any goods imported in the US. US oil executives appear to be growing tired of Trump's chaotic trade policy, particularly his imposition of a 25pc tariff on imported steel that is used in drill pipes, executives said in a survey the US Federal Reserve of Dallas released Wednesday. The uncertainty over tariffs and trade policy is causing "chaos", they said in the survey, and increasing their cost of capital. "Tariff policy is impossible for us to predict and doesn't have a clear goal," an unnamed oil executive said in the survey. "We want more stability." By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump to impose new tariffs on auto imports

25/03/26

Trump to impose new tariffs on auto imports

Washington, 26 March (Argus) — President Donald Trump will announce new tariffs on the automobile industry later today, the White House said, at a time of significant uncertainty about his trade policies. Trump plans to offer further details on the automobile tariffs this afternoon, less than a week before he plans to announce tariffs against major foreign trade partners on 2 April, which Trump has dubbed "Liberation Day". Trump has already imposed a 25pc tariff on steel and aluminum, and earlier this week said he would announce tariffs on imported lumber, semiconductor chips and pharmaceuticals. Trump last month threatened to impose 25pc tariffs on most imports from Canada and Mexico, starting on 4 March — including imported automobiles and vehicle parts — but he eventually offered a one-month reprieve for US automakers before delaying those tariffs entirely until 2 April. The scope and timing of the upcoming automobile tariffs remains unclear, and the White House has yet to provide further details. But Ontario premier Doug Ford previously warned that steep tariffs on Canada could cause auto manufacturing in the US and Canada to grind to a halt within as few as 10 days. Earlier this week, Trump said that South Korean automaker Hyundai's recent decision to invest $5.8bn to build a steel mill in Louisiana offered a blueprint for how companies could avoid tariffs. "This is the beginning of a lot of things happening," Trump said. Even as a lack of details about the upcoming tariffs has fueled uncertainty for businesses and sharp declines on US stock markets, Trump has continued to announce additional tariffs. On Tuesday, Trump said any country taking delivery of Venezuelan oil or gas would be "forced" to pay an incremental 25pc tariff on any goods imported in the US. US oil executives appear to be growing tired of Trump's chaotic trade policy, particularly his imposition of a 25pc tariff on imported steel that is used in drill pipes, executives said in a survey the US Federal Reserve of Dallas released Wednesday. The uncertainty over tariffs and trade policy is causing "chaos", they said in the survey, and increasing their cost of capital. "Tariff policy is impossible for us to predict and doesn't have a clear goal," an unnamed oil executive said in the survey. "We want more stability." By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

UK TRA to broaden scope of steel safeguard review

25/03/26

UK TRA to broaden scope of steel safeguard review

London, 26 March (Argus) — The UK Trade Remedies Authority (TRA) has widened its review of the steel safeguard in light of concerns raised by steelmakers, it said today. The TRA has broadened the scope of its developing economy status review, which it began on 28 February, after UK Steel said a number of factors warranted a broader review to right-size quotas on certain products. In a submission to the TRA earlier this month, UK Steel said the reimposition of US steel tariffs, the fall in domestic demand and quota liberalisation, and tighter EU safeguards meant the review should be widened. UK Steel said products with "larger residual quotas", hot-dip galvanised (HDG), plate and rebar, are exposed to diverted trade. Last year, more than half of ‘other countries' HDG imports came from Vietnam, 66pc of ‘other countries' plate from South Korea and 78pc of ‘other countries' rebar from Algeria. In its recent steel safeguard review, the EU imposed caps on ‘other countries' HDG, plate and rebar of 20-25pc. It is likely that a similar mechanism could be implemented in the UK to avoid crowding out of traditional flow, but the outright quota volumes are much smaller than in the EU. UK Steel asked for 15pc caps on each product. UK Steel also said the quotas should be reduced in line with softer demand, or at least the rate of liberalisation reduced, in line with the 0.1pc rate in the EU. The reversal of redistributed volumes from Russia and Belarus should also be considered, it said, again in line with EU changes. Carryover of unused quotas from one quarter to the next should also be stopped. The association also said China, India, Turkey, Brazil and Vietnam should not be considered developing countries for the purpose of the safeguards, which would mean they all come into the scope of the ‘other countries' quotas. The TRA said interested parties can now register interest or provide updated submissions until 9 April. Argus reported last month that UK steelmakers had requested greater import protection . By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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