Archive | Steel and Stainless Steel Industries

Steel tariffs remain in force as Trump credits them with clinching USMCA deal – by Naomi Powell (Financial Post – October 2, 2018)

https://business.financialpost.com/

Canadian industry leaders insist they be lifted as a condition of a final deal

U.S. President Donald Trump’s tariffs on steel and aluminum will remain in force despite a new trade pact with Canada and Mexico — even as Canadian industry leaders insist they be lifted as a condition of a final deal.

Trump, who previously tied the tariffs to the successful renegotiation of the North American Free Trade Agreement, praised the levies for bringing about the revamped trilateral pact, secured following marathon talks this weekend.

“Without tariffs, we wouldn’t be talking about a deal — just for those babies out there that talk about tariffs,” Trump said Monday in a White House announcement of the deal, which is being called the U.S.-Mexico-Canada Agreement (USMCA). Continue Reading →

Ford CEO says Trump’s metal tariffs cost auto maker $1-billion – by Nick Carey and David Shepardson (Globe and Mail/Reuters – September 27, 2018)

https://www.theglobeandmail.com/

Steel and aluminum tariffs imposed by the Trump administration have cost Ford Motor Co about $1-billion in profits, its chief executive officer said on Wednesday, while Honda Motor Co said higher steel prices have brought “hundreds of millions of dollars” in new costs.

“From Ford’s perspective the metals tariffs took about $1-billion in profit from us,” CEO James Hackett said at a Bloomberg conference in New York, “The irony of which is we source most of that in the U.S. today anyway. If it goes on any longer, it will do more damage.”

Hackett did not specify what period the $1-billion covered, but a spokesman said the automaker’s CEO was referring to internal forecasts at Ford for higher tariff-related costs in 2018 and 2019. Continue Reading →

NEWS RELEASE: NAFTA Deal a Sell-Out for Canadian Steel, Aluminum Workers

TORONTO, Oct. 1, 2018 /CNW/ – Tens of thousands of Canadian families have been left in the lurch from concessions made by the Liberal government to get a deal with the Unites States on a renegotiated North American Free Trade Agreement.

“Time and time again during the NAFTA renegotiations, the Liberal government assured Canadians that it was defending our steel and aluminum sectors and the livelihoods of tens of thousands of Canadian families,” said Ken Neumann, United Steelworkers (USW) Canadian Director.

“Given the Liberal government’s rhetoric throughout the process, it was inconceivable that it would agree to any deal that harms Canada’s steel and aluminum sectors,” Neumann said. Continue Reading →

Commentary: Nickel is dancing to a new electric (vehicle) beat – by Andy Home (Reuters U.K. – August 15, 2018)

https://uk.reuters.com/

LONDON (Reuters) – The world used almost 2.2 million tonnes of nickel last year. Around two thirds of that metal was absorbed by the stainless steel industry, which uses it as a key alloying agent.

Stainless steel production has been booming. Global output rose by 5.8 percent last year and accelerated by another 9.5 percent in the first quarter of 2018, according to the International Stainless Steel Forum.

This has been good news for nickel. The International Nickel Study Group (INSG) estimates that global first-use nickel usage jumped by 7.8 percent last year and by another 9.7 percent in the first five months of this year. Continue Reading →

Canada eyes unprecedented safeguard tariffs on steel imports – by Naomi Powell (Financial Post – August 15, 2018)

https://business.financialpost.com/

HAMILTON — Finance Minister Bill Morneau is launching formal consultations on whether to impose unprecedented trade measures to block a surge of steel imports diverted into Canada because of U.S. tariffs.

Morneau, who said an import surge has already been detected, announced Tuesday a 15-day consultation period during which he will evaluate possible safeguards on seven steel products, including plate, concrete reinforcing bar used in construction, hot-rolled sheet, wire rod and tubes for the energy industry.

If the consultations provide evidence of harm or threat of harm to producers, the federal government will impose immediate provisional safeguards to shield the industry while the issue is referred to the Canadian International Trade Tribunal (CITT) for inquiry. Continue Reading →

The One Market That’s Sure To Help Coal – by Jude Clemente (Forbes Magazine – August 12, 2018)

https://www.forbes.com/

“Urbanization helps pull people out of poverty and advances progress towards the Millennium Development Goals,” The World Bank

As still the world’s leading source of electricity (most critically, overwhelmingly so in all-important China and India) at 37-40% of all supply, and still generating 30% of U.S. power, coal is obviously not dead.

But beyond electricity, coal is much more essential to another market than the anti-coal business may realize: the very steel that builds our cities. Apparently, unbeknownst to many, the fact that 70-80 million people move to the world’s cities each year means that coal’s fundamental role in the energy demand system is quite secure.

It’s no wonder then that global steel demand continues to surge to record highs and expected to increase 20% by 2030. Steel is an indispensable material for modern life. It is utilized in literally every important industry. Continue Reading →

Ford Calls Rising Steel, Aluminum Prices ‘Significant Headwind’ – by Keith Naughton (Bloomberg News – August 8, 2018)

https://www.bloomberg.com/

Rising steel and aluminum prices, driven up by President Donald Trump’s tariffs on those commodities, are a substantial drag on Ford Motor Co.’s business, though a top executive said the company doesn’t plan to pass higher costs on to consumers.

“The escalation of steel and aluminum prices is really significant,” Jim Farley, Ford’s president of global markets, said after a factory ceremony near Detroit to commemorate building the 10 millionth Mustang muscle car. “It’s a significant headwind for us. It’s something that puts pressure on our own costs.”

Ford began the year by warning that rising costs for raw materials like steel and aluminum, coupled with unfavorable exchange rates, would add $1.6 billion to its costs this year. Continue Reading →

Canada Eyes New Quotas, Tariffs to Halt Flood of Diverted Steel – by Josh Wingrove (Bloomberg News – July 16, 2018)

https://www.bloomberg.com/

Canada is considering both quotas and tariffs to stop a spike in imports of foreign steel being diverted from the U.S. by Donald Trump’s trade policies, the industry minister said.

Navdeep Bains, speaking by phone from the Farnborough International Airshow, said Justin Trudeau’s government is weighing so-called safeguard measures to curb the influx of cheap foreign steel and could expand the list of products as needed. It previously identified three — energy tubular, steel plates and rebar — but the minister said that was only a first step.

“We did that based on the data and the information that we have” Bains said Monday. “That by no means is the final list so we’ll look at what option, either tariff or quotas, that we need.” Continue Reading →

Tata Steel and Thyssenkrupp merger welcomed by unions (BBC News – June 30, 2018)

https://www.bbc.com/

Unions have welcomed a merger between Tata Steel and Thyssenkrupp which will create Europe’s second-biggest steelmaker. The deal will mean Indian-owned Tata’s UK plants are merged into a pan-European venture, which includes the UK’s biggest steelworks at Port Talbot.

Tata said its “ambition” was to not have any compulsory redundancies in the UK as part of the joint venture. The steelworkers’ union said the deal may secure jobs and lead to investment.

Community general secretary Roy Rickhuss said it had “the potential to safeguard jobs and steel-making for a generation”. But he also warned the venture would only succeed if there was strategic investment to make sure the business thrived. Continue Reading →

Collateral damage from U.S. tariffs has already arrived in Canada – by John Ivison (National Post – June 27, 2018)

http://nationalpost.com

Alarming testimony before the international trade committee suggested that without government assistance, previously healthy businesses will go under within weeks

The human collateral damage of Donald Trump’s trade spoliation appeared in Ottawa Tuesday, to explain how the tariffs imposed by the U.S. on steel and aluminum imports are already causing hardship and job losses in Canada.

The alarming testimony before an emergency meeting of the international trade committee suggested that without government assistance, previously healthy businesses will go under within weeks.

There was also a very real sense that Canada is at the U.S. president’s mercy if he decides to follow through on his threat to impose 25-per-cent tariffs on this country’s auto industry. “There’s not an assembly plant in the country that could survive a 25-per-cent tariff,” said Jerry Dias, president of Canada’s largest union, Unifor. Continue Reading →

Canada’s Biggest Steelmaker Sees Layoffs From U.S. Tariffs – by Greg Quinn (Bloomberg News – June 26, 2018)

https://www.bloomberg.com/

The head of Canada’s biggest steelmaker says he may have to lay off 1,000 workers and review $750 million (US$564 million) of investment if the government doesn’t fight back against U.S. tariffs.

Canada shouldn’t waver in its plan to retaliate against the 25 per cent tariff the U.S. has imposed on steel imports, ArcelorMittal Dofasco Chief Executive Officer Sean Donnelly told lawmakers Tuesday in Ottawa. The government should also seek the permanent elimination of the U.S. tariff, he said.

“This combined impact could result in reduced production, potential shutdown of operating lines impacting over 1,000 direct jobs and over 4,000 indirect jobs in Ontario, in Quebec, with significant implications” to future investment, he said. Continue Reading →

BUILD STEEL BRIDGES NOT STEEL CAGES – by Aaron J. Brown (Hibbing Daily Tribune – June 24, 2018)

http://www.hibbingmn.com/

Aaron J. Brown is an author and community college instructor from Northern Minnesota’s Mesabi Iron Range. He writes the blog MinnesotaBrown.com and hosts the Great Northern Radio Show on Northern Community Radio (KAXE.org).

We’ve outlived our immigrant ancestors. Imprints of hungrier times remain etched on our communities, but they are easy to ignore. The fight for workplace safety and fair pay. The demand for free public education. The streets and amenities built to last beyond the mines on the edge of town. The shared humanity of the many over the tyranny of the few.

But I cannot escape a terrible notion. Transported to another time, the surnames painted in charming fashion on our Northern Minnesota cabins would have been the names on the clipboards outside the immigrant camps we read about in today’s news. Continue Reading →

Time for Trudeau to cut the outrage over Trump’s antics and just cut a deal – by Diane Francis (Financial Post – June 19, 2018)

http://business.financialpost.com/

Imagine throwing a $600-million party and one of the guests leaves in a huff and then Twitter-trashes you all across the Pacific Ocean.

That’s what happened to Prime Minister Justin Trudeau after he hosted the recent G7 extravaganza and was subsequently attacked by U.S. President Donald Trump.

But this isn’t the first of Trudeau’s trade missteps. He went to China and got the cold shoulder from Xi Jinping for a free trade deal, after snubbing Japan and its Trans-Pacific Partnership by missing a signing ceremony. Continue Reading →

Quebec backs aluminum, steel companies hit by U.S. tariffs – by Steven Chase (Globe and Mail – June 12, 2018)

https://www.theglobeandmail.com/

Quebec is offering $100-million in loans and guarantees to steel and aluminum companies hit by recent U.S. tariffs, raising the possibility of trade complaints against Canadian firms.

Dominique Anglade, Quebec’s Economic Minister, told reporters in Montreal that the program came after aluminum and steel companies received feedback from clients who are not willing to pay the tariffs. “What they’re telling us is some of their contracts were cancelled,” she said, adding some had already slowed production.

Ten days ago, the United States imposed hefty tariffs on Canadian steel and aluminum imports, characterizing shipments from Canada as a threat to national security. Over the weekend, the President threatened to impose 25-per-cent import taxes on foreign car and truck imports, a move that would devastate Canada’s auto industry. Continue Reading →

EU will act against U.S. tariffs on steel, aluminum: Merkel – by Michael Nienaber (Reuters U.S. – June 10, 2018)

https://www.reuters.com/

BERLIN (Reuters) – Europe will implement counter-measures against U.S. tariffs on steel and aluminum just like Canada, German Chancellor Angela Merkel said on Sunday, voicing regret about President Donald Trump’s abrupt decision to withdraw support for a G7 communique.

Trump’s announcement on Twitter, after leaving the Group of Seven summit in Canada early, that he was backing out of the joint communique torpedoed what appeared to be a fragile consensus on a trade dispute between Washington and its top allies.

“The withdrawal, so to speak, via tweet is of course … sobering and a bit depressing,” Merkel said in an ARD television interview following the G7 summit. Continue Reading →