Latest news with #steel industry
Bloomberg
2 days ago
- Business
- Bloomberg
China's Longer Bonds Fall on Bets Mega Dam May Support Economy
China's longer tenor government bonds fell amid waning demand for haven assets as investors saw the launch of a 1.2 trillion yuan ($167 billion) mega-dam project in Tibet providing more support to the economy. Futures on China's 30-year government bonds fell as much as 0.5% on Monday to hit the lowest in six weeks, while some of the nation's power and construction stocks jumped. The launch of the hydropower plant which is estimated to cost more than four times that for Three Gorges — world's largest power project — promises an economic jolt for sectors like construction, cement and steel and boost the economy.
Telegraph
6 days ago
- Business
- Telegraph
‘Dangerous and detached': Steel industry chief slams Ed Miliband on net zero
'It is real madness at the heart of success of governments who don't understand the principles of good business' On the latest Planet Normal podcast, which you can listen to using the audio player below, columnists Liam Halligan and Allison Pearson are joined by Simon Boyd, the managing director of REIDsteel, to discuss the future of the steel industry in the UK. Mr Boyd did not hold back in his criticism of Ed Miliband, the Secretary for Energy and Climate Change. He said: 'He is so far detached from reality and I think it's quite dangerous.' He warned that Mr Miliband's net zero policies were wrecking UK manufacturing, 'exporting jobs overseas and then reimporting the product made in dirty factories.' Mr Boyd described net zero as 'an absolute disaster' for steel and manufacturing, and said he did not understand the confusing government policy. 'They're encouraging everyone to buy British steel with one hand, but with the other, they demand low carbon content materials. It doesn't work.' Mr Boyd called for public ownership of British Steel to save the industry: 'Only public ownership will put the investment in to protect this core industry.' On energy, he advocated using domestic resources and nuclear: 'I'd continue drilling in the North Sea and push for modular reactors.' He concluded that the current net zero drive was 'absolute madness' and strangling UK manufacturing.
CTV News
6 days ago
- Business
- CTV News
CTV National News: The crippling impact of Trump's steel tariffs
Watch Amanda Lang breaks down how PM Carney's new measures to protect Canada's steel industry help in the fight against U.S. tariffs and where they fall short.
CTV News
7 days ago
- Business
- CTV News
Carney announces new measures to support steel industry, prevent dumping, amid trade war
Prime Minister Mark Carney will make an announcement on the steel industry during a visit to Hamilton. Amid an ongoing trade war with the United States, Prime Minister Mark Carney announced Wednesday new measures to bolster Canada's steel industry and prevent steel dumping in the Canadian market. The Canadian government plans to 'restrict and reduce foreign steel imports,' in part by reevaluating and changing tariff rates, Carney announced in Hamilton, Ont. Canada is also increasing tariffs on steel imports from non-U.S. countries containing steel melted and poured in China, Carney said. 'We have the potential to become our own best customer for steel, but we will lose that ability if we don't manage the profound transformation now underway in the industry, and to do that, we have to change the way we do things so we can better support our companies and our workers during this time of change,' Carney said. In February, U.S. President Donald Trump announced a 25 per cent tariff on all steel and aluminum imports, including from Canada. Last month, he increased the rate to 50 per cent. This is a breaking news story. More to come.
Yahoo
16-07-2025
- Business
- Yahoo
Carney heads to Hamilton to meet steelworkers as U.S. trade talks continue
OTTAWA — Prime Minister Mark Carney is scheduled to be in Hamilton today to make an announcement related to the steel industry. It has been more than a month since U.S. President Donald Trump doubled tariffs on steel and aluminum from 25 to 50 per cent, adding further economic insult to the two industries in Canada. Carney met with his cabinet virtually on Tuesday and told reporters before that meeting he doesn't think Trump will agree to any trade deals without including some tariffs. Carney will tour a steel company in the city and meet with workers during his visit to Hamilton. Carney and Trump have been negotiating a new economic and security pact since early May and last week Trump unilaterally pushed the deadline for reaching that from July 21 to Aug. 1. He told Carney in a letter on July 10 Canada will be hit with 35 per cent tariffs that day, with the White House saying the current plan is for that to apply only to those Canadian imports not covered under the existing Canada-U.S.-Mexico Agreement. Carney says negotiations with the U.S. are likely to intensify as that Aug. 1 deadline approaches. This report by The Canadian Press was first published July 16, 2025. David Baxter, The Canadian Press Sign in to access your portfolio
