Czech power company CEZ reports net profit of $779 million in the first half of 2025
The results exceeded expectations and the company increased its profit outlook for this year from a range of 25-29 billion Czech koruna to 26-30 billion, chief executive Daniel Benes said.
The Czech state has an almost 70% stake in the company.
CEZ's 2024 net profit was 30.5 billion Czech koruna.
The company, along with the Czech government, jointly own an enterprise that signed a deal earlier this year with the state-run South Korean KHNP power utility to build two nuclear reactors in the European country in an $18 billion deal.
The two new reactors will be built at the existing Dukovany power plant owned by CEZ as the country seeks to wean itself off fossil fuels.
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Winnipeg Free Press
5 hours ago
- Winnipeg Free Press
Greener steel arrives in Canada to a market in turmoil and future unclear
TORONTO – Like some superhero channelling the power of lightning, Algoma Steel Inc. has started using the heat cast off by the arcs of powerful electric currents to make greener steel. Electric arc furnaces are nothing new — the technology is more than a century old, and there's already a few in Canada — but Algoma is calling the achievement of production from its first of the kind furnace last month a win as it faces an existential threat from U.S. tariffs. 'We have reached a truly pivotal milestone for Algoma and the Canadian steel industry,' said chief executive Michael Garcia on a recent earnings call. 'Despite the uncertainty that the trade war has unleashed, this achievement reinforces our confidence in our transformation strategy.' Part of that strategy has been to dramatically reduce emissions in an attempt to differentiate its products; it even trademarked Volta as the name for its cleaner steel that it plans to produce from a mix of low-emission iron feed and scrap metal. But experts say the project is coming online as the market for green steel, and the metal more generally, faces turmoil from tariffs and price pressures, making it unclear what financial advantages producers may get from the big upfront investments needed. 'The question is, will the demand be there? Is there going to be sufficient demand in North America for green steel?' said Chris Bataille, who researches the steel transition as an adjunct research fellow at Columbia University's Center on Global Energy Policy. 'The U.S. was starting to move fairly quickly in terms of moving to electric vehicles and to cleaner steel and everything else under the last administration, but now we've got a complete U-turn.' Steel emissions had been a priority in the U.S., and remains one in Canada, because using coal to produce steel is so emissions intensive. Globally, steel production makes up about eight per cent of carbon emissions, according to the International Energy Agency. But while it makes sense from an emissions perspective, buyers willing to pay a premium for the more eco-friendly steel have mostly been limited to the auto sector, said Bataille. European automakers have been paying a premium of as much as 40 per cent for the cleaner material, since they can use it for marketing while only adding a little to the end cost of a car, but the more important building sector has been more hesitant, he said. There is still demand in Europe, a region Canada has looked to diversify its exports, but with tariffs causing disruption there too it's not clear how much potential there is, said trade expert Tommaso Ferretti. 'There is a structural demand in Europe, but to what extent that structural demand will remain in place, it's a big question mark,' said the assistant professor at the University of Ottawa's Telfer School of Management. Garcia himself has warned that Algoma doesn't see much potential to sell to Europe, or anywhere else internationally. 'We can put our steel on an ocean-going ship here in Sault Ste. Marie, but getting it to an export customer in Europe or elsewhere, there just aren't those opportunities right now. I don't think that there'll be a lot of those opportunities going forward, to be frank,' he said. The challenges help explain why the other flagship green steel project in Canada, at ArcelorMittal's Hamilton, Ont., operations, is stuck in neutral. The company made a big show of announcing in 2022 that it was moving ahead with a $1.8-billion project to move to green steel — but the last updates show the project is still at the engineering stage, with a spokesperson confirming there are no new milestones to report. Wider oversupply issues in the industry that have pushed down prices is part of the problem, as are doubts about policies like carbon pricing, said Bataille. 'There's some uncertainty about how fast the transition will go. … It's just a difficult business to make a buck, to be honest.' ArcelorMittal said in its latest sustainability report in April that it doesn't expect green steel projects to be economical until the 2030s, and that policies will be needed to address the high capital and operational costs. Federal and provincial governments in Canada have already stepped in to help out with capital costs. Algoma received $420 million to help cover the more than $880 million cost of its project, while ArcelorMittal was offered $900 million to help ease its overall costs. But unlike Algoma, ArcelorMittal's plans also include building a plant in Hamilton to remove oxygen from iron ore using hydrogen, rather than coal — a process that remains expensive, leading to several recent project cancellations. ArcelorMittal itself just cancelled two green steel projects in Germany in June, citing high electricity prices, while last year it noted the future of several other of its European steel projects is unclear because 'there is limited willingness among customers to pay premiums for low-carbon emissions steel.' Cleveland-Cliffs, which bought Hamilton-based Stelco Holdings Inc. last year, recently shelved plans for green steel conversion at a U.S. plant that already had US$500 million in government funding secured. Lourenco Goncalves, chief executive of Cleveland-Cliffs, cited the lack of clear hydrogen supply as part of the reason for cancelling the project. He said on a July earnings call that plans to revamp the operation using existing resources, including 'beautiful coal,' generates a very good conversation with the current U.S. Department of Energy. Ferretti worries that the pressures the industry is facing will also mean less investment in research and development to try and bring costs down. He said there needs to be even greater collaboration between the public and private sector for the critical industry to chart a path forward. 'The real question in fact is to see … the collaboration between the companies, the steel manufacturers, Canadian government, and their ability to reinvent themselves.' Wednesdays What's next in arts, life and pop culture. For Bataille, that path could include using Canada's vast renewable energy and iron ore deposits to build a direct reduction plant for processing closer to the source, and then shipping the already oxygen-reduced iron around the world. 'You could triple the value of those exports,' said Bataille. 'So on the one hand we face headwinds and the Chinese overcapacity continues, but on the other hand, I think there's new possibilities open in shipping green iron places that, you know, we hadn't considered before.' This report by The Canadian Press was first published Aug 10, 2025. Companies in this story: (TSX:ASTL)
Winnipeg Free Press
18 hours ago
- Winnipeg Free Press
Hundreds cheer Arizona Sen. Ruben Gallego as Democrats take offensive against Trump's tax bill
DAVENPORT, Iowa (AP) — Hundreds of people cheered Sen. Ruben Gallego at a town hall meeting in eastern Iowa Saturday as the first-term Arizona Democrat assailed the massive, Republican-backed tax bill signed by President Donald Trump as likely to make 'America poorer and sicker.' Gallego's upbeat event struck the opposite tone from Rep. Mike Flood's town hall meeting earlier in the week, when an even bigger crowd jeered the Nebraska Republican for most of a 90-minute event in his state to promote the bill. Democrats, searching for months after last year's election defeat for footing in opposing the aggressive tone struck by Trump in his second term in the White House, have gone on the offensive this month, still united in their frustration with Trump but suddenly energized in full-throated opposition to his signature legislation. 'I think this bill is helping Democrats see clearly what's at stake with the future of protections for so many regular Americans,' said Pete Wernimont of Waterloo, who drove 140 miles (225 kilometers) to see Gallego. 'I just hope they are there when it really matters a year from now.' While some Republicans in safe Republican districts are braving crowds to sell Trump's law, most in Congress are heeding GOP leaders' suggestion to keep lower public profiles, especially noteworthy during the August recess following closely on Trump's signing of the tax cut and spending reduction bill last month. Democratic activists are rallying to point out what they see as the measure's political liabilities for Republicans trying to hold their narrow majorities in Congress in next year's midterm elections. 'This is the galvanizing moment that's happening because Democrats now understand, we're the people that fight for the middle class and the working class of America,' Gallego told reporters before the event Saturday. 'This is a clarifying moment for us.' For two hours, the audience of some 300 people applauded and at times stood cheering for the Arizona Democrat, one of several party figures who have been attacking the bill in congressional districts represented by Republicans. He was in Rep. Mariannette Miller-Meeks' 1st Congressional District, among the most competitive in the nation in the past three congressional elections. For a party frustrated with an array of Trump administration initiatives, the measure has had its own energizing effect. 'I came here because I work in health care and this bill will hurt health care,' said Alexandra Salter, a physicians assistant from Davenport. 'I think we are getting more vocal about it, because we need to speak up.' The meeting contrasted sharply with Flood's meeting in Lincoln, Nebraska, on Monday, when an even larger crowd of 700 voiced vigorous opposition to the bill, locking in especially on its changes to Medicaid, the federally funded health care program for low-income American. The bill, which passed with no Democratic votes in the House or Senate, makes substantial cuts to the health care program, notably by imposing work requirements for many of those receiving aid. The same frustration that drew Wernimont to Davenport Saturday convinced Ann Ashburn of Aurora, Nebraska, to drive the 70 miles (113 kilometers) to Lincoln to face Flood on Monday. Ashburn learned about Flood's appearance through an Omaha-area Democratic group called Blue Dot and reached out to friends who joined her. She dismissed any suggestion that such opposition had been orchestrated. 'I think the momentum could have been much greater had we been better organized,' the 72-year-old retired executive said. For now, Republicans have their work cut out for them if they hope to use the measure as a reason for voters to return them to the majority in the 2026 elections. About two-thirds of U.S. adults expect the new law will help the rich, according to the poll from The Associated Press-NORC Center for Public Affairs Research. Most — about 6 in 10 — also think it will do more to hurt than help low-income people, according to the survey taken last. Gallego used his trip to Iowa, which included a requisite stop at the Iowa State Fair, to burnish his own profile in a state that, until 2020, traditionally had hosted the first event in the Democrats' presidential nominating process. Iowa Democrats hope to return to the front of the parade when the 2028 primaries and caucuses begin. Other figures already popular nationally with Democrats such as New York Rep. Alexandria Ocasio-Cortez have been making stops in Republican districts decrying the legislation. Ocasio-Cortez last month headlined an event in New York's 21st District, represented by Republican Elise Stefanik, noting among other items its Medicaid provisions. Vermont Sen. Bernie Sanders is scheduled to hold rallies Sunday in Republican-held House districts in North Carolina. He too planned to focus on Medicaid cuts, and note their impact on rural hospitals in the state where former Gov. Roy Cooper, a Democrat now running for U.S. Senate, worked with the GOP-controlled legislature to expand Medicaid coverage in 2023.
Edmonton Journal
a day ago
- Edmonton Journal
Michigan auto jobs depend on changing course on tariffs, Whitmer tells Trump
Article content Under his series of executive orders and trade frameworks, U.S. automakers face import taxes of 50% on steel and aluminum, 30% on parts from China and a top rate of 25% on goods from Canada and Mexico not covered under an existing 2020 trade agreement. That puts America's automakers and parts suppliers at a disadvantage against German, Japanese and South Korean vehicles that only face a 15% import tax negotiated by Trump last month. Article content On top of that, Trump this past week threatened a 100% tariff on computer chips, which are an integral part of cars and trucks, though he would exclude companies that produce chips domestically from the tax. Article content Whitmer's two earlier meetings with Trump resulted in gains for Michigan. But the tariffs represent a significantly broader request of a president who has imposed them even more aggressively in the face of criticism. Article content Article content Materials in the presentation brought Whitmer to the meeting and obtained by The Associated Press noted how trade with Canada and Mexico has driven $23.2 billion in investment to Michigan since 2020. Article content General Motors, Ford, and Stellantis operate 50 factories across the state, while more than 4,000 facilities support the auto parts supply chain. Altogether, the sector supports nearly 600,000 manufacturing jobs, forming the backbone of Michigan's economy. Article content Whitmer outlined the main points of the materials to Trump and left copies with his team. Article content To Grossman, the Michigan State professor, a key question is whether voters who expected to be helped by tariffs would react if Trump's import taxes failed to deliver the promised economic growth. Article content 'Everyone's aware that Michigan is a critical swing state and the auto industry has outsized influence, not just directly, but symbolically,' Grossman said. Article content Article content AP VoteCast found that Trump won Michigan in 2024 largely because two-thirds of its voters described the economic conditions as being poor or 'not so good.' Roughly 70% of the voters in the state who felt negatively about the economy backed the Republican. The state was essentially split over whether tariffs were a positive, with Trump getting 76% of those voters who viewed them favorably. Article content The heads of General Motors, Ford and Stellantis have repeatedly warned the administration that the tariffs would cut company profits and undermine their global competitiveness. Their efforts have resulted in little more than a temporary, monthlong pause intended to give companies time to adjust. The reprieve did little to blunt the financial fallout. Article content In the second quarter alone, Ford reported $800 million in tariff-related costs, while GM said the import taxes cost it $1.1 billion. Those expenses could make it harder to reinvest in new domestic factories, a goal Trump has championed. Article content 'We expect tariffs to be a net headwind of about $2 billion this year, and we'll continue to monitor the developments closely and engage with policymakers to ensure U.S. autoworkers and customers are not disadvantaged by policy change,' Ford CEO Jim Farley said on his company's earning call. Article content Since Trump returned to the White House, Michigan has lost 7,500 manufacturing jobs, according to the Bureau of Labor Statistics. Article content Smaller suppliers have felt the strain, too. Article content Detroit Axle, a family-run auto parts distributor, has been one of the more vocal companies in Michigan about the impact of the tariffs. The company initially announced it might have to shut down a warehouse and lay off more than 100 workers, but later said it would be able to keep the facility open, at least for now.
