Latest news with #NipponSteel
Yahoo
24 minutes ago
- Business
- Yahoo
ArcelorMittal lifts US tariff hit forecast to $150 million
By Anna Peverieri (Reuters) -ArcelorMittal, has raised its estimate of the financial impact from U.S. tariffs and now expects them to reduce its core profit by $150 million this year, more than the $100 million it forecast in February. The world's second-largest steelmaker is responding by deepening its manufacturing in the U.S., its finance chief Genuino Christino said on Thursday. "What we supply to the United States from Canada is high value-added material that cannot be easily replaced," Christino said in an interview. "Our focus is to work with customers to make sure we can continue to supply, protect market share and still make a margin." The company was pursuing several options, including sharing tariffs with customers and cutting costs, he added. ArcelorMittal is also moving to expand its U.S. footprint. In June, it finalized the acquisition of Nippon Steel's 50% stake in the Calvert joint venture, taking full control of the Alabama-based facility. Christino said the deal is set to transform the group's presence in the market. ArcelorMittal has successfully commissioned Calvert's new electric-arc furnace, the CFO added. It has capacity to produce 1.5 million metric tonnes of low CO2 steel per year and it is designed to produce exposed automotive-grade steel. As part of the transaction, ArcelorMittal signed in June a seven-year slab supply agreement with Nippon Steel and U.S. Steel, under which the Luxembourg-based group will receive an average of 750,000 metric tonnes per year of slabs melted and poured in the U.S. Together, the new furnace and the slab supply deal mean that roughly half of Calvert's production will qualify as U.S.-melted and poured, Christino said. The remainder will continue to be sourced from Brazil and Mexico. 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
an hour ago
- Business
Nippon Steel Names 3 U.S. Directors to U.S. Steel Board
News from Japan Economy Jul 31, 2025 17:11 (JST) Tokyo, July 31 (Jiji Press)--Nippon Steel Corp. on Thursday announced the appointment of three new independent U.S. directors to the board of United States Steel Corp., bringing the number of U.S citizens on the seven-member board to four. The move fulfills a pledge that the Japanese steelmaker made under a national security agreement reached with the U.S. government over its acquisition of the Pittsburgh, Pennsylvania-based company. Under the agreement, Nippon Steel pledged to ensure that more than half of members of the U.S. Steel board, which has up to nine seats, are U.S. citizens. Nippon Steel also has agreed to issue a "golden share" to the U.S. government to allow it to appoint one independent director to the U.S. Steel board. The special share has not been issued and the latest appointment was not made by the U.S. government, said Nippon Steel, which completed its acquisition of U.S. Steel in June. [Copyright The Jiji Press, Ltd.] Jiji Press
France 24
2 hours ago
- Business
- France 24
US tariffs corrode steelmaker ArcelorMittal's profitability
Net profit for the period from January through June rose 39 percent from the same period in 2024 to hit $2.6 billion, thanks to a $1.7 billion exceptional gain from acquiring a stake in a US unit ceded by Nippon Steel. But operating earnings that strip out interest costs, depreciation and taxes, slid by 10 percent to $3.4 billion, notably due to US tariffs on steel imports. US President Donald Trump doubled tariffs on steel and aluminium to 50 percent at the beginning of June, including on its neighbour Canada which is the largest foreign supplier to the United States, as well as Mexico. ArcelorMittal says its global footprint, it produces steel in 15 countries and serves customers in 129, enables it to benefit from high-growth markets such as India and Brazil. However the introduction of US steel tariffs complicates ArcelorMittal's operations in North America, where it has factories in Canada, Mexico and the United States. First half sales slid 5.5 percent to $30.7 billion, but that 7.5 percent drop in average steel prices. "The underlying strength of the business is good, but like every company we must navigate the backdrop of ongoing geopolitical and tariff disruptions," chief executive Aditya Mittal said in a statement. "Despite the many challenges facing global business today, I am confident that ArcelorMittal has a profile that will enable us to continue to grow and thrive," he added. Mittal said gaining full ownership in Calvert by acquiring the stake from Nippon Steel strengthens its capabilities to produce high-quality steel products for a range of customers including the automotive industry. He urged the European Union to detail the measures it plans to take to protect its market from a flood of cheap Chinese steel imports. "It remains a crucial year for European steelmaking, and I sincerely hope that Europe will hold good onto its commitment to defend and prioritize its domestic steel industry," said Mittal. He added that the trend in Europe to boost government spending on defence and infrastructure was positive for the steel industry. ArcelorMittal's shares slumped 3.9 percent in Paris where the CAC 40 index was up 0.4 percent. © 2025 AFP
Int'l Business Times
2 hours ago
- Business
- Int'l Business Times
US Tariffs Corrode Steelmaker ArcelorMittal's Profitability
The world's number two steelmaker, ArcelorMittal, said on Thursday its half-year net profit jumped on exceptional items but US tariffs began to eat into its margin. Net profit for the period from January through June rose 39 percent from the same period in 2024 to hit $2.6 billion, thanks to a $1.7 billion exceptional gain from acquiring a stake in a US unit ceded by Nippon Steel. But operating earnings that strip out interest costs, depreciation and taxes, slid by 10 percent to $3.4 billion, notably due to US tariffs on steel imports. US President Donald Trump doubled tariffs on steel and aluminium to 50 percent at the beginning of June, including on its neighbour Canada which is the largest foreign supplier to the United States, as well as Mexico. ArcelorMittal says its global footprint, it produces steel in 15 countries and serves customers in 129, enables it to benefit from high-growth markets such as India and Brazil. However the introduction of US steel tariffs complicates ArcelorMittal's operations in North America, where it has factories in Canada, Mexico and the United States. First half sales slid 5.5 percent to $30.7 billion, but that 7.5 percent drop in average steel prices. "The underlying strength of the business is good, but like every company we must navigate the backdrop of ongoing geopolitical and tariff disruptions," chief executive Aditya Mittal said in a statement. "Despite the many challenges facing global business today, I am confident that ArcelorMittal has a profile that will enable us to continue to grow and thrive," he added. Mittal said gaining full ownership in Calvert by acquiring the stake from Nippon Steel strengthens its capabilities to produce high-quality steel products for a range of customers including the automotive industry. He urged the European Union to detail the measures it plans to take to protect its market from a flood of cheap Chinese steel imports. "It remains a crucial year for European steelmaking, and I sincerely hope that Europe will hold good onto its commitment to defend and prioritize its domestic steel industry," said Mittal. He added that the trend in Europe to boost government spending on defence and infrastructure was positive for the steel industry. ArcelorMittal's shares slumped 3.9 percent in Paris where the CAC 40 index was up 0.4 percent.
Yahoo
20 hours ago
- Business
- Yahoo
U.S. Steel appoints three American board directors after Nippon deal
(Reuters) -U.S. Steel said on Wednesday it has appointed three American directors to its board, more than a month after Nippon Steel closed its $14.9-billion acquisition of the company. Its board is now comprised of seven directors, four of whom are U.S. citizens, including three independent U.S. directors. Nippon had signed a national security agreement with the Trump administration in a bid to get the go-ahead for its acquisition of U.S. Steel. The agreement gave U.S. President Donald Trump a non-economic golden share and the authority to name a member to the board. The appointments include former AT&T CEO John Donovan, ex-Lockheed Martin chief Robert Stevens and Timothy Keating, who is currently the top boss at Keating Global. 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
