Latest news with #MrinalikaRoy
Yahoo
04-06-2025
- Business
- Yahoo
Factbox-Leading steel, aluminum importing companies in US
By Mrinalika Roy (Reuters) -U.S. President Donald Trump's increased tariffs on imported steel and aluminum - key materials used in industries ranging from construction to packaging - kicked in on Wednesday, pushing duties to 50% from 25% previously. While the tariffs are aimed at encouraging investment in domestic production, they have already fuelled higher costs for steel and aluminum consumers, while undermining manufacturing. Given limited capacity to ramp up domestic output, U.S. import volumes are likely to be unaffected unless the price increases undercut demand, putting the spotlight on firms reliant on these shipments. Here is a breakdown of the imports of both metals into the U.S. and the firms that ship them: ALUMINUM About half of all aluminum used in the U.S. is imported, with the vast majority coming from Canada, which exported 3.2 million tons of the metal to the country last year. In 2024, total U.S. imports of aluminum articles were valued at $27.4 billion, according to data from the Observatory of Economic Complexity (OEC), with Canada, China and Mexico the top three suppliers. Data from the Aluminum Association shows that transportation, packaging, construction, electrical and consumer durables sectors import the most amount of aluminum by volumes. According to U.S. CBP Bill of Lading data and shared by OEC, these firms were the top importers in 2024: ES Windows LLC: A leading importer of aluminum products for architectural applications like windows and facades. It accounted for 18.4% of shipments Netherlands-headquartered IKEA Group: Designs and sells ready-to-assemble furniture, home accessories and kitchen appliances. It accounted for 6.34% of shipments. Global automotive manufacturer Nissan, discount retail chain Dollarama and disposable beverage and food supplies firm Lollicup: Each accounted for over 3% of total aluminum shipments last year. Other major importers were Costco, Samsung, and Boeing. STEEL About a quarter of all steel used in the U.S. is imported, the bulk of it from neighbours Mexico and Canada. In 2024, total U.S. imports of iron and steel articles were valued at $49.7 billion, according to data from OEC, with China, Mexico, and Canada being the top suppliers. According to U.S. CBP Bill of Lading data and shared by OEC, these were the top importing companies of 2024: Iron & Steel Articles: IKEA accounted for 5.85% of total imports. SIGMA Corp accounted for 3.94% Stelfast, which makes industrial fasteners like bolts and nuts etc, made up 3.32% of shipments. CrimsonLogic, a global technology firm, accounted for 3.21% of shipments. Other notable companies include German technology firm ZF Friedrichshafen, Continental Materials, Stihl and Cosentino. Basic Iron & Steel Electronics manufacturing company TPV Tech accounted for 18.9% of shipments Valbruna Stainless accounted for 12.8% Brose Mechatronic Systems accounted for 5.89% Multinational engineering and technology company Robert Bosch made up 8.89% of shipments Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-06-2025
- Business
- Yahoo
Factbox-Leading steel, aluminum importing companies in US
By Mrinalika Roy (Reuters) -U.S. President Donald Trump's increased tariffs on imported steel and aluminum - key materials used in industries ranging from construction to packaging - kicked in on Wednesday, pushing duties to 50% from 25% previously. While the tariffs are aimed at encouraging investment in domestic production, they have already fuelled higher costs for steel and aluminum consumers, while undermining manufacturing. Given limited capacity to ramp up domestic output, U.S. import volumes are likely to be unaffected unless the price increases undercut demand, putting the spotlight on firms reliant on these shipments. Here is a breakdown of the imports of both metals into the U.S. and the firms that ship them: ALUMINUM About half of all aluminum used in the U.S. is imported, with the vast majority coming from Canada, which exported 3.2 million tons of the metal to the country last year. In 2024, total U.S. imports of aluminum articles were valued at $27.4 billion, according to data from the Observatory of Economic Complexity (OEC), with Canada, China and Mexico the top three suppliers. Data from the Aluminum Association shows that transportation, packaging, construction, electrical and consumer durables sectors import the most amount of aluminum by volumes. According to U.S. CBP Bill of Lading data and shared by OEC, these firms were the top importers in 2024: ES Windows LLC: A leading importer of aluminum products for architectural applications like windows and facades. It accounted for 18.4% of shipments Netherlands-headquartered IKEA Group: Designs and sells ready-to-assemble furniture, home accessories and kitchen appliances. It accounted for 6.34% of shipments. Global automotive manufacturer Nissan, discount retail chain Dollarama and disposable beverage and food supplies firm Lollicup: Each accounted for over 3% of total aluminum shipments last year. Other major importers were Costco, Samsung, and Boeing. STEEL About a quarter of all steel used in the U.S. is imported, the bulk of it from neighbours Mexico and Canada. In 2024, total U.S. imports of iron and steel articles were valued at $49.7 billion, according to data from OEC, with China, Mexico, and Canada being the top suppliers. According to U.S. CBP Bill of Lading data and shared by OEC, these were the top importing companies of 2024: Iron & Steel Articles: IKEA accounted for 5.85% of total imports. SIGMA Corp accounted for 3.94% Stelfast, which makes industrial fasteners like bolts and nuts etc, made up 3.32% of shipments. CrimsonLogic, a global technology firm, accounted for 3.21% of shipments. Other notable companies include German technology firm ZF Friedrichshafen, Continental Materials, Stihl and Cosentino. Basic Iron & Steel Electronics manufacturing company TPV Tech accounted for 18.9% of shipments Valbruna Stainless accounted for 12.8% Brose Mechatronic Systems accounted for 5.89% Multinational engineering and technology company Robert Bosch made up 8.89% of shipments Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
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Trump's nuclear energy orders would boost uranium prices, investments, experts say
By Mrinalika Roy (Reuters) -President Donald Trump's latest orders seeking to revitalize the U.S. nuclear energy industry could pull the uranium market out of its current lull and boost investor interest, industry experts said. Spot uranium prices have fallen about 30% from peaks hit in 2023 as institutional investors pulled out, spooked by recession fears and geopolitical instability. The prices briefly declined to $64.30 per pound this year after they touched a 14-year high of $82 in February last year amid a global clean energy push and expectations of tight supply. But the latest executive orders, signed on Friday, could reinvigorate uranium production in the U.S. to help meet surging power demand, industry insiders said. The demand surge is primarily driven by data centers that require massive energy to power the AI boom, and nuclear energy is an attractive option for Big tech firms such as Amazon, Google, Microsoft and Meta given its reliability and near-zero carbon footprint. Nuclear projects, however, have been facing rising costs and competition from natural gas plants. Vogtle, the last U.S. reactor to come online, was $16 billion over budget and delayed by several years. Curtis Moore, senior vice president at Energy Fuels, said the current weakness in uranium has made it difficult to advance new domestic projects, given a lack of investor interest - a sentiment echoed by other firms in the sector. Stocks of Major uranium-linked companies Energy Fuels, Uranium Energy Corp and Encore Energy plunged 13%, 23% and 53%, respectively, this year. Their shares rose between 17% and 23% on Friday after the orders were signed. "(The orders) will provide further confidence that the Federal funds already earmarked to support the domestic nuclear fuel supply chain (will) get deployed quickly which in turn should attract more private investment," said Nick Amicucci of Evercore ISI. Analysts see further upside, with incentive prices for new uranium production estimated above $100/lb. "Even before the AI boom and SMR (Small Modular Reactors) hype, the uranium outlook was strong," said Robert Crayfourd from Geiger Counter. Spot uranium prices are currently around $70/lb, with term contracts trending around $80/lb. "(The decision) paves the way for renewed contracting and long-term supply confidence," said Marco Mencini, head of research, Plenisfer Investments. Currently, U.S. utilities hold less than two years of inventory, with contracting down 40% in 2024. The executive orders include a directive for fast-tracking licenses for new reactors, which would in turn boost contracting by utilities. "This is essentially a wartime defense measure," said Justus Parmar of Fortuna Investments. "We produce only 1 million pounds of uranium annually against a consumption of 50 million pounds. Nuclear energy is no longer optional - it's essential." Industry insiders expect the policy to accelerate deployment of small modular reactors, encourage capital inflows and support reactor life extensions. Travis McPherson of NexGen Energy forecasts "a mad rush to secure uranium sources." "It will be like musical chairs where many will be left standing without a chair." Sign in to access your portfolio
Yahoo
27-05-2025
- Business
- Yahoo
Trump's nuclear energy orders would boost uranium prices, investments, experts say
By Mrinalika Roy (Reuters) -President Donald Trump's latest orders seeking to revitalize the U.S. nuclear energy industry could pull the uranium market out of its current lull and boost investor interest, industry experts said. Spot uranium prices have fallen about 30% from peaks hit in 2023 as institutional investors pulled out, spooked by recession fears and geopolitical instability. The prices briefly declined to $64.30 per pound this year after they touched a 14-year high of $82 in February last year amid a global clean energy push and expectations of tight supply. But the latest executive orders, signed on Friday, could reinvigorate uranium production in the U.S. to help meet surging power demand, industry insiders said. The demand surge is primarily driven by data centers that require massive energy to power the AI boom, and nuclear energy is an attractive option for Big tech firms such as Amazon, Google, Microsoft and Meta given its reliability and near-zero carbon footprint. Nuclear projects, however, have been facing rising costs and competition from natural gas plants. Vogtle, the last U.S. reactor to come online, was $16 billion over budget and delayed by several years. Curtis Moore, senior vice president at Energy Fuels, said the current weakness in uranium has made it difficult to advance new domestic projects, given a lack of investor interest - a sentiment echoed by other firms in the sector. Stocks of Major uranium-linked companies Energy Fuels, Uranium Energy Corp and Encore Energy plunged 13%, 23% and 53%, respectively, this year. Their shares rose between 17% and 23% on Friday after the orders were signed. "(The orders) will provide further confidence that the Federal funds already earmarked to support the domestic nuclear fuel supply chain (will) get deployed quickly which in turn should attract more private investment," said Nick Amicucci of Evercore ISI. Analysts see further upside, with incentive prices for new uranium production estimated above $100/lb. "Even before the AI boom and SMR (Small Modular Reactors) hype, the uranium outlook was strong," said Robert Crayfourd from Geiger Counter. Spot uranium prices are currently around $70/lb, with term contracts trending around $80/lb. "(The decision) paves the way for renewed contracting and long-term supply confidence," said Marco Mencini, head of research, Plenisfer Investments. Currently, U.S. utilities hold less than two years of inventory, with contracting down 40% in 2024. The executive orders include a directive for fast-tracking licenses for new reactors, which would in turn boost contracting by utilities. "This is essentially a wartime defense measure," said Justus Parmar of Fortuna Investments. "We produce only 1 million pounds of uranium annually against a consumption of 50 million pounds. Nuclear energy is no longer optional - it's essential." Industry insiders expect the policy to accelerate deployment of small modular reactors, encourage capital inflows and support reactor life extensions. Travis McPherson of NexGen Energy forecasts "a mad rush to secure uranium sources." "It will be like musical chairs where many will be left standing without a chair."
Yahoo
06-05-2025
- Business
- Yahoo
ADM reports first-quarter profit beat
(Reuters) -Grain trader Archer-Daniels-Midland on Tuesday beat Wall Street expectations for first-quarter profit, helped by robust performance in its nutrition segment and lower costs. The upbeat results come amid a cost-cutting and consolidation push by the company. ADM in February said it planned to cut costs by $500 million to $750 million over the next three to five years and has been slashing jobs and downsizing operations since then. The company has seen its profit fall in recent quarters as prices of certain crops such as corn and soybean hit multi-year lows amid a global supply glut. It is also reeling from an accounting scandal last year that drew federal scrutiny and sent its stock price tumbling. Profit from Ag Services & Oilseeds, its largest segment, slumped 52% in the reported quarter, while the nutrition segment posted a 13% rise in profit. ADM reaffirmed its full-year adjusted earnings forecast of $4 to $4.75 per share, but expects it to come at the lower end of the range. The Chicago-based company posted an adjusted profit of 70 cents per share for the three months ended March 31, compared with analysts' average estimate of 67 cents, according to data compiled by LSEG. (Reporting by Mrinalika Roy in Bengaluru; Editing by Shinjini Ganguli)
