Latest news with #NipponSteel
CBS News
4 days ago
- Business
- CBS News
McCormick, Fetterman and HUD Secretary Turner tour Edgar Thompson works plant
U.S. Sens. Dave McCormick and John Fetterman joined Department of Housing and Urban Development Secretary Scott Turner on a tour of the Edgar Thompson works plant in Braddock on Friday. Fetterman, a Democrat, and McCormick, a Republican, emerged from a tour of the 150-year-old plant touting its recent sale to Japan-based Nippon Steel. "This Nippon-U.S. Steel partnership is great for our country, it's great for Pennsylvania," McCorcmick said. "This way of life now has been effectively guaranteed now for decades to come," Fetterman said. The long-awaited partnership between U.S. Steel and Nippon Steel was finalized on June 18, with Nippon Steel promising to invest $14 billion into U.S. operations, with $2.4 billion set aside for operations in the Mon Valley. The partnership is expected to create more than 100,000 jobs throughout the U.S., including in the Mon Valley. "You know when you create jobs, there's a housing need," Turner said. Braddock is replete with rundown and blighted buildings and homes. Turner said the sale will go a long way in solving that issue. Turner and McCormick specifically say one thing stands in the way. "When you have burdensome regulations, it cripples development, it cripples building," Turner said. "It's all about supply, it's all about reducing regulations," McCormick said. "And that's going to be a big boost in supply. When there's a big boost in supply, people are going to be able to afford it." Nippon says it will not cut production and honor present union contracts for the next 10 years. In May, however, United Steel Workers International President David McCall released a statement on Nippon's promises, saying: "Issuing press releases and making political speeches is easy. Binding commitments are hard. The devil is always in the details. "Our members know from decades of negotiating contracts: Trust nothing until you see it in writing."
Yahoo
4 days ago
- Business
- Yahoo
Jim Cramer on Cleveland-Cliffs: 'There's a Sense That Business Will Only Get Better'
Cleveland-Cliffs Inc. (NYSE:CLF) is one of the stocks that Jim Cramer shared thoughts on. Cramer discussed the stock in light of the steel tariffs. He remarked: 'What do we make of this incredible comeback in Cleveland-Cliffs stock today, the vertically integrated steel maker focused on value-added steel products, particularly for the auto industry. This stock plunged from the low 20s early last year down to five bucks and change this past May when President Trump approved, and you know I'm against this, the Nippon Steel acquisition of U.S. Steel, which Cleveland-Cliffs also wanted to buy. Photo by the blowup on Unsplash Cleveland-Cliffs (NYSE:CLF) produces flat-rolled and stainless steel products, along with steel plates, electrical steel, and tubular components. Moreover, the company supplies raw materials like iron ore and provides metal processing services for industries such as automotive, infrastructure, and manufacturing. While we acknowledge the potential of CLF as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
The Mainichi
5 days ago
- Business
- The Mainichi
Tokyo stocks retreat after Japan-US trade deal jump
TOKYO (Kyodo) -- Tokyo stocks fell Friday as investors locked in gains after the Nikkei index surged more than 2,000 points over the past two sessions on a Japan-U.S. trade deal, while awaiting further earnings results. The 225-issue Nikkei Stock Average ended down 370.11 points, or 0.88 percent, from Thursday at 41,456.23. The broader Topix index finished 25.69 points, or 0.86 percent, lower at 2,951.86. On the top-tier Prime Market, decliners were led by chemical, iron and steel and transportation equipment issues. The U.S. dollar briefly strengthened to the mid-147 yen range in Tokyo after U.S. weekly jobless claims fell unexpectedly, helping to ease concern about the prospects for the world's largest economy, dealers said. Stocks declined throughout the day after the Nikkei benchmark briefly climbed to a one-year high above the 42,000 line Thursday, while shares of companies that released weak earnings and projections plunged. Among such issues, Mitsubishi Motors ended down 7.9 percent at 406.0 yen, after the automaker said its net profit in the April-June quarter dived 97.5 percent from a year earlier, pressured by the adverse impact of hefty U.S. tariffs. More companies are set to announce their earnings next week, including Nissan Motor and Nippon Steel. "After Japan reached the trade deal with the United States, some companies are expected to make comments about the impact of the latest agreement," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co. "Full-year earnings would be examined based on such comments, and share prices of companies are likely to be influenced by how they are affected by the tariffs," he added.
Hindustan Times
5 days ago
- Business
- Hindustan Times
The Price of Winning the Trade War
The trade deal President Trump announced with Japan Tuesday evening is good news—in the narrow sense that it defuses what could have been an extended tariff war with America's most important ally in Asia. But if this is winning a trade war, we'd hate to see what losing looks like. Mr. Trump hailed the pact with characteristic modesty as 'perhaps the largest Deal ever made.' Details remain sparse, but the core appears to be a Japanese commitment to invest $550 billion in the U.S. while reducing barriers to imports of American agricultural products such as rice. In exchange, Mr. Trump will reduce his 'reciprocal' tariffs on Japan to 15% from 25%—including, apparently, on autos. The new tariff rate is good news only as relief from 25%. This is still a 15% tax increase on imports from Japan. And don't believe the White House spin that Japanese exporters will pay this tax. They might absorb some of it, depending on the product and the competition. But American businesses and consumers will pay more too and thus be either less competitive or have a lower standard of living. That $550 billion in new Japanese investment also sounds better than it may be once we know the details. Japanese Prime Minister Shigeru Ishiba suggested Tokyo will offer government loans and guarantees to support these 'investments,' with the aim 'to build resilient supply chains in key sectors.' This raises the prospect that this money, if it arrives, will be tied up in Japanese industrial policy. And American industrial policy, since Mr. Trump said Japan will make these investments 'at my direction' and the U.S. 'will receive 90% of the Profits.' Yikes. By the way, more investment inflows by definition mean a larger trade deficit in the U.S. balance of payments. Has someone told the President about this? The U.S. could have had more Japanese investment all along, except Mr. Trump helped chase it away. The current President and President Biden did their best to thwart a $14.9 billion acquisition of U.S. Steel by Nippon Steel ahead of last year's election, before Mr. Trump acquiesced in June. Perhaps if Japanese companies were more confident they'd get a fair shake in the U.S., we wouldn't need all these loan guarantees and trade deals to unlock capital commitments for American jobs. One positive development is the apparent reduction in U.S. auto tariffs from 25%. Perhaps the Administration is noticing that forcing Americans to pay higher prices for the cars they want to buy isn't a political winner. Yet the 15% rate still marks a substantial increase over the 2.5% tariff that applied to passenger cars before Mr. Trump took office. The U.S. already applies a 25% tariff on imported trucks. This highlights the economic bramble into which Mr. Trump has stumbled with his tariffs-first-negotiate-later approach to trade. U.S. auto makers are worried that Japanese companies will enjoy preferential tariff rates while Detroit could be stuck paying 25% on imports of cars and parts that U.S. companies ship from Mexico and Canada. *** As for the claim that Mr. Trump is 'winning' this trade war, that depends on how you define victory. It's true Mr. Trump is showing he can bully much of the world into accepting higher tariffs. The size of the U.S. market is powerful negotiating leverage. The pleasant surprise so far is that most countries haven't retaliated, which has spared the world from a 1930s-style downward trade spiral. But Mr. Trump is showing the world that the U.S. can change access to its market on presidential whim. Countries will diversify their trading relationships accordingly, as they already are in new bilateral and multilateral deals that exclude the U.S. China will expand its commercial influence at the expense of the U.S. Beijing has also shown that two can play trade bully ball. It retaliated against Mr. Trump's 145% tariffs with export restraints on vital minerals, and Mr. Trump agreed to a truce. By the time this trade war ends, if it ever does, the average U.S. tariff rate may settle close to 15% from 2.4% in January. That's an anti-growth tax increase. The question for Trumponomics now, as in the first term, is whether the pro-growth elements of his tax and deregulatory agenda overwhelm the tariff damage. The Japan deal is at least one step toward removing harmful trade uncertainty. An important question is what this augurs for talks with other trading partners, and especially the European Union. The Japan deal in some ways has been easier, especially since a big sticking point was agricultural protectionism Tokyo can reduce if pushed. Talks with Brussels encompass thornier problems, such as Europe's tech-and-pharma excess profits taxes, and Europe's chronic complaints about U.S. financial regulations.
Business Times
7 days ago
- Business
- Business Times
Japan launches anti-dumping probe into stainless steel sheets from China, Taiwan
[TOKYO] Japan has launched an anti-dumping investigation into nickel-based stainless cold-rolled steel sheets and strips imported from China and Taiwan, its trade and finance ministries said on Tuesday. The move follows a petition filed on May 12 by Nippon Steel and other domestic manufacturers, who claim they have been forced to lower prices due to weakening domestic demand as buyers have shifted to cheaper imports. The Ministry of Economy, Trade and Industry and the Ministry of Finance plan to complete the investigation within a year and will then decide whether to impose anti-dumping duties. According to the application submitted by the steelmakers, imported products were being sold in Japan at prices 20 per cent to 50 per cent lower than those in China and 3 per cent to 20 per cent lower than those in Taiwan. The Japanese steelmakers claim they have been unable to set prices that reflect rising costs, leading to a decline in operating profits and other damages. Excess production and exports by Chinese steelmakers have become an international concern. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Japan is among a number of countries that have criticised Chinese companies for receiving government subsidies to produce excess steel and then exporting it at cheap prices, worsening global market conditions. While other countries have imposed anti-dumping measures or similar actions against China, Japan has yet to do so. Tadashi Imai, chairman of the Japan Iron and Steel Federation and also president of Nippon Steel, has repeatedly warned the global rise in protectionism could leave Japan vulnerable to inexpensive steel imports, hurting domestic production. Taiwan's economy ministry, in a statement sent to Reuters, said when it came to such cases it would help impacted companies respond 'in order to protect their export interests.' China's commerce ministry did not immediately respond to a request for comment. REUTERS
