Latest news with #CRU
CNBC
6 days ago
- Business
- CNBC
Trump's 50% steel tariff could see prices tank in Europe — and soar in the U.S.
U.S. President Donald Trump surprised markets yet again with an abrupt announcement on Friday that he will hike tariffs on steel imports from 25% to 50% on Wednesday. But while the inflationary impact on U.S. domestic prices is widely expected to be severe, the effect in Europe will be more mixed, according to analysts — with some buyers and manufacturers able to benefit from lower prices. "This was an absolute surprise. Already steel prices in the U.S. are higher than anywhere else, and it is a net importer which needs to have volumes coming in. All this does is raise prices there," Josh Spoores, head of steel Americas analysis at CRU, told CNBC on Monday. Canada and Mexico are the biggest exporters of steel to the U.S., with other major sources including Brazil, South Korea and Germany. The latest tariff news could see steel redirected to other markets such as Europe, Spoores said, putting downward pressure on prices. "Some manufacturers in Europe might do better building products that are steel intensive at home and exporting them to the U.S. as prices rise there," he continued. "Automotives, construction products and appliances are all products that are going to feel the impact." He said that, in Europe, steel buyers are potentially winners. But not all companies are expected to benefit. Rella Suskin, equity analyst at Morningstar, noted in emailed comments that Germany's BMW had separated out the expected impact of different tariffs in its 2024 results and flagged a negative effect — to the tune of "a high three-digit million amount" — from the existing 25% steel and aluminum duties. BMW shares were 1.8% lower in early afternoon deals on Monday, with the wider European autos sector down 1.8%. Suskin continued that some of the impact of 50% tariffs would be offset for BMW by the recent loosening of autos restrictions by Trump, and also flagged the potential for a future deal between the White House and German automakers. Danish wind energy developer Orsted could also be negatively impacted, Citi analysts led by Jenny Ping said in a note to clients, because it does not have a local offshore wind turbine supply chain in the U.S. Trump's latest moves will have a major impact on Europe's steel industry — which is still reeling from the 25% duty imposed in March — according to Kaye Ayub, head of price analysis and forecasts at U.K.-based steel market consultancy MEPS International. "Steel demand is already low across Europe, eroding prices and domestic steelmaker's profit margins. This has forced many producers to cut production and close plants as they struggle to compete with low-cost steel imports produced in countries where production costs are much lower," she said. The European Union sharply criticized Trump's announcement over the weekend, threatening countermeasures and arguing that the decision "adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic." Any curtailment of the 3.89 million metric tons of EU-produced steel that was exported to the U.S. in 2024 due to trade barriers would "likely exacerbate steel oversupply in Europe, applying increased downward pressure to selling prices," Ayub noted. She agreed that some low-cost Asian-origin steel destined for the U.S. will be diverted to Europe. "Even with the EU and U.K.'s trade defense measures, this could undermine domestic producers' attempts to maintain profitability." Conversely, U.S. steelmakers may benefit from higher selling prices if further increases now occur, even as costs increase for U.S. manufacturers and stoke inflation, she added. It remains unclear what Trump's latest jolting of the market could mean for the U.K., which announced the outline of a U.S. trade deal in May but has not yet secured an exemption from steel tariffs. Gareth Stace, head of industry body UK Steel, said in a statement that domestic steel firms were "fearful that orders will now be canceled, some of which are likely being shipped across the Atlantic." Overall, Trump's latest announcement adds to the growing headache for almost all businesses as a result of volatile trade policy, said CRU's Josh Spoores. "I don't expect this to be policy in three months. Even three weeks it's unclear," he told CNBC. "These tariffs are at such a high level and in the U.S. they will affect a massive community of manufacturers which make a huge contribution to GDP and employment, so there will be lobbying on this." —
Irish Independent
30-05-2025
- Business
- Irish Independent
20pc increase in power cuts in Wicklow with defective equipment and bird strikes causing some of the outages
Figures provided to MEP Cynthia Ní Mhurchú show significant year on year increases in power cuts across Ireland between 2021 and 2024, with ESB's Arklow region power supply showing 1,725 power cuts in the wider Wicklow area in 2024, up from 1,433 in 2023 and 1,256 in 2021. There were 64,754 power cuts across Ireland in 2024, both planned and unplanned outages, representing a 22pc increase on 2023, where we had 53,067 power cuts. Between 2021 and 2024, we have seen a 40pc increase in the number of power cuts, both planned and unplanned, across Ireland. ESB Networks also provided MEP Ní Mhurchú with a breakdown of the reasons for the power cuts which included bird strikes, weather issues, lightening, overhead refurbishment, overloading, and corrosion. Of more concern was the large increase in power cuts which were attributed to 'defective equipment'. Raising significant concerns about ESB Networks performance in relation to power cuts faced by domestic and business customers across Ireland, MEP Ní Mhurchú has called on ESB Networks to clarify why there is a 22pc jump, for a new system of compensation for householders and small businesses for outages lasting more than 12 hours and said that customers should not be charged for standing charges and levies when the power it out. 'The CRU, our regulator, has raised significant concerns about ESBN's performance in relation to unplanned outages and customer interruptions fining the utility millions for missing clearly set down targets,' Ní Mhurchú said. 'The ESB is a profitable company that should be prioritising increased investment in our electricity grid. 'My worry is that ESB Networks may be trying to cut costs by not investing in our electricity infrastructure to the extent that they should be. Power cuts have an enormous impact on families, in particular as many homes are now passive homes that depend on heat pumps and don't have open fires or stoves. 'Customers deserve an explanation as to why they are facing more power cuts when they are paying the second highest electricity prices in Europe. The least Irish customers deserve is more investment in the infrastructure that delivers that electricity'
Scoop
27-05-2025
- General
- Scoop
Latest Kapiti Sea Level Predictions
Press Release – Coastal Ratepayers United The Kapiti Coast District Council has uploaded the Waikato University De Lange research and accompanying maps onto its website, which recognise the unique and dynamic environment of the various beaches along the Kapiti Coast. Kapiti residents are now able to view the most up-to-date research on coastal erosion predictions on their beach. The research identifies about 40 homes in danger of sea rise, compared to thousands of homes identified in previous reports. The Kapiti Coast District Council has uploaded the Waikato University De Lange research and accompanying maps onto its website, which recognise the unique and dynamic environment of the various beaches along the Kapiti Coast. Coastal Ratepayers United (CRU) filed a judicial review to urge the council to accept De Lange's updated coastal predictions and make the notification available on LIMs. CRU stated that previous reports were alarmist and failed to recognise the significant variations in soil stratigraphy and vertical beach movement along the Kapiti coast. That judicial review has been withdrawn following the council's publication of the latest research: The De Lange report is now included on the LIMs, assigning it the same weighting as the Council's information. CRU chair Salima Padamsey says climate change research is being updated constantly, with new and different predictions. 'It's hard for councils to keep up with new research, but it is crucial that they do so when it affects their people's lives,' she says. 'Climate change is a real issue facing almost everyone on our coast, since most live within a few kilometres of the shoreline.' She states that one example of outdated reports is predictions relying on formulas like the Bruun Rule, which was developed more than 60 years ago. 'Another problem is reports that predict sea rise based on global averages. Many highly reputable climate experts say sea rise and precipitation changes will affect different areas differently, requiring local knowledge and assessment,' she adds. Dr. de Lange's report urged the KCDC to establish monitoring stations along various beaches to accurately predict trends.
Scoop
27-05-2025
- Science
- Scoop
Latest Kapiti Sea Level Predictions
Kapiti residents are now able to view the most up-to-date research on coastal erosion predictions on their beach. The research identifies about 40 homes in danger of sea rise, compared to thousands of homes identified in previous reports. The Kapiti Coast District Council has uploaded the Waikato University De Lange research and accompanying maps onto its website, which recognise the unique and dynamic environment of the various beaches along the Kapiti Coast. Coastal Ratepayers United (CRU) filed a judicial review to urge the council to accept De Lange's updated coastal predictions and make the notification available on LIMs. CRU stated that previous reports were alarmist and failed to recognise the significant variations in soil stratigraphy and vertical beach movement along the Kapiti coast. That judicial review has been withdrawn following the council's publication of the latest research: The De Lange report is now included on the LIMs, assigning it the same weighting as the Council's information. CRU chair Salima Padamsey says climate change research is being updated constantly, with new and different predictions. 'It's hard for councils to keep up with new research, but it is crucial that they do so when it affects their people's lives,' she says. 'Climate change is a real issue facing almost everyone on our coast, since most live within a few kilometres of the shoreline.' She states that one example of outdated reports is predictions relying on formulas like the Bruun Rule, which was developed more than 60 years ago. 'Another problem is reports that predict sea rise based on global averages. Many highly reputable climate experts say sea rise and precipitation changes will affect different areas differently, requiring local knowledge and assessment,' she adds. Dr. de Lange's report urged the KCDC to establish monitoring stations along various beaches to accurately predict trends. Maps of each beach are available under 'community-commissioned information:
Irish Times
15-05-2025
- General
- Irish Times
Lost water supply in Republic ‘three times' longer in duration than UK's worst areas
Water outages in Ireland last three times longer on average than the worst-performing comparisons in England and Wales, the utility regulator has found. In filings published on Wednesday, the Commission for Regulation of Utilities (CRU) outlined a range of concerns and criticised Uisce Éireann 's performance on several fronts. In its performance assessment framework, the CRU found that in 2023, the average minutes of lost supply per property was 555 – or 9¼ hours – compared to an average of between two minutes in the area covered by Portsmouth Water and 182 minutes in the South East Water area in the United Kingdom. While the CRU recognised British operators benefit from greater investment over a longer period, it was 'still concerned that the minutes of lost supply reported by Uisce Éireann is three times higher than the worst-performing metric reported in England and Wales'. READ MORE It said it was 'very concerned' about the number of people served by supplies on boil-water notices for more than 30 days, where it saw a 'significant increase' to 62,645 in 2023 compared to 24,196 in 2022. Uisce Éireann said this increase was in part due to greater testing. Similarly, the CRU was 'very concerned' about the number of once-off incidents relating to wastewater, which increased to 1,141 in 2023 from 1,080 in 2022, a 'significant distance' from targets. Uisce Éireann said weather events and 'network issues' cause this number to fluctuate. It outlined that the CRU is 'very concerned' that Uisce Éireann has failed to report data on several metrics, including security of water supply, leakage and sewer incidents. It has written to the utility demanding fresh data no later than the end of June. It said failure to provide the information 'hinders' the ability to understand performance, rendering it non-compliant with regulations. The CRU report details the performance of Uisce Éireann, incorporating data from 2023, the most up-to-date available. It says that public reporting acts as a 'reputational incentive' for the utility. Uisce Éireann said the report recognised progress in many areas, provided positive findings and noted progress on several fronts. It said that since 2023, boil-water notices and raw-sewage discharges had reduced while drinking water quality had also been improved. It said it would provide information requested 'as soon as possible', adding that 'sustained investment' is required for many decades to offset underinvestment. The utility highlighted the State's 'unique context', including the dispersed and fragmented nature of water. Uisce Éireann called for planning and consenting reforms to achieve its targets. The CRU said it welcomed 'significant investment' by Uisce Éireann and recognised 'urgency of progress' in the utility's transformation programme. 'The CRU looks forward to seeing greater evidence of a more effective and efficient national water utility as the programme concludes.'
