Latest news with #NipponSteel
Int'l Business Times
13 minutes 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.
France 24
13 minutes 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
Yahoo
19 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
CNA
a day ago
- Business
- CNA
Nippon Steel to supply steel for Vestas wind towers for Europe, Asia and Japan
TOKYO :Nippon Steel signed a cooperation memorandum with Denmark's wind turbine maker Vestas Wind Systems on Wednesday to supply steel for Vestas' wind towers for European, Asian and Japanese markets, Japan's industry ministry said. The agreement was part of a broader push by Japan's Ministry of Economy, Trade and Industry (METI) to strengthen the supply chain for wind generation in the country where renewables are key to reducing import costs and dependency on fossil fuels. Offshore wind is a pillar of Japan's renewable energy strategy, but the country remains heavily reliant on imported wind turbines and components. Vestas has a number of contracts in Japan, including for a 375-megawatt offshore wind farm off the coast of Happo-Noshiro in Akita prefecture in northern Japan to be built by Eneos Corp, Iberdrola and Tohoku Electric Power. In June, METI announced a cooperation framework with Siemens Gamesa Renewable Energy for the offshore wind sector. Siemens Gamesa, the wind turbine division of Siemens Energy, agreed a deal with Japanese electronic parts maker TDK for magnets to supply the wind turbines. METI launched a similar framework with GE Vernova, a major U.S. energy equipment company, to promote public-private cooperation in wind power, hydrogen and ammonia among other areas. Japan aims to achieve 45 gigawatts of offshore wind capacity by 2040 to reduce its reliance on imported coal and gas for power generation. But, its plans have stalled despite three major rounds of auctions, due to soaring costs and delays.
Reuters
a day ago
- Business
- Reuters
Nippon Steel to supply steel for Vestas wind towers for Europe, Asia and Japan
TOKYO, July 30 (Reuters) - Nippon Steel (5401.T), opens new tab signed a cooperation memorandum with Denmark's wind turbine maker Vestas Wind Systems ( opens new tab on Wednesday to supply steel for Vestas' wind towers for European, Asian and Japanese markets, Japan's industry ministry said. The agreement was part of a broader push by Japan's Ministry of Economy, Trade and Industry (METI) to strengthen the supply chain for wind generation in the country where renewables are key to reducing import costs and dependency on fossil fuels. Offshore wind is a pillar of Japan's renewable energy strategy, but the country remains heavily reliant on imported wind turbines and components. Vestas has a number of contracts in Japan, including for a 375-megawatt offshore wind farm off the coast of Happo-Noshiro in Akita prefecture in northern Japan to be built by Eneos Corp (5020.T), opens new tab, Iberdrola ( opens new tab and Tohoku Electric Power (9506.T), opens new tab. In June, METI announced a cooperation framework with Siemens Gamesa Renewable Energy for the offshore wind sector. Siemens Gamesa, the wind turbine division of Siemens Energy ( opens new tab, agreed a deal with Japanese electronic parts maker TDK (6762.T), opens new tab for magnets to supply the wind turbines. METI launched a similar framework with GE Vernova (GEV.N), opens new tab, a major U.S. energy equipment company, to promote public-private cooperation in wind power, hydrogen and ammonia among other areas. Japan aims to achieve 45 gigawatts of offshore wind capacity by 2040 to reduce its reliance on imported coal and gas for power generation. But, its plans have stalled despite three major rounds of auctions, due to soaring costs and delays.
