Tag #Steel Industry

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dw.com

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Dec 11, 13:07

Thyssenkrupp Steel to Cut 11,000 Jobs, Close Kreuztal Plant

Thyssenkrupp Steel, Germany's largest steel producer, announced plans to cut 11,000 jobs, close its Kreuztal plant, and reduce Duisburg production capacity due to cheaper Asian imports, declining automotive demand, and insufficient past investment, severely impacting the Ruhr region.

Thyssenkrupp Steel to Cut 11,000 Jobs, Close Kreuztal Plant

Thyssenkrupp Steel, Germany's largest steel producer, announced plans to cut 11,000 jobs, close its Kreuztal plant, and reduce Duisburg production capacity due to cheaper Asian imports, declining automotive demand, and insufficient past investment, severely impacting the Ruhr region.

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How did insufficient investment and competition from cheaper Asian steel imports contribute to Thyssenkrupp Steel's current crisis?

The job cuts, driven by cheaper Asian steel imports, declining automotive demand, and the transition to green steel production, will exacerbate unemployment in the Ruhr region. The planned sale or closure of the Duisburg plant highlights the company's struggle with competitiveness and the economic challenges facing German manufacturing. The lack of sufficient investment in the past also contributed to the current crisis, according to critics.

dw.com

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Dec 11, 16:09

Thyssenkrupp Steel to Cut 11,000 Jobs, Close Plants

Thyssenkrupp Steel, Germany's largest steel producer, announced plans to cut 11,000 jobs, including the closure of its Kreuztal-Eichen plant and potential closure of its Duisburg plant, impacting over one-third of its workforce and exacerbating unemployment in the already economically challenged Ruh...

Thyssenkrupp Steel to Cut 11,000 Jobs, Close Plants

Thyssenkrupp Steel, Germany's largest steel producer, announced plans to cut 11,000 jobs, including the closure of its Kreuztal-Eichen plant and potential closure of its Duisburg plant, impacting over one-third of its workforce and exacerbating unemployment in the already economically challenged Ruh...

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What are the immediate consequences of Thyssenkrupp Steel's planned job cuts and plant closures?

"Thyssenkrupp Steel, Germany's largest steel producer, plans to cut 11,000 jobs, including the closure of its Kreuztal-Eichen plant and potential closure of its Duisburg plant. This will affect over one-third of its workforce and has significant implications for the already struggling Ruhr region."

repubblica.it

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Dec 9, 22:09

Ilva Sale Delayed: Uncertainty Remains Over Steelworks' Future

The deadline for bids to acquire the former Ilva steelworks has been extended to January 10th, 2025, raising concerns about the future of the plant and its employees, while a new agreement on smart working offers some relief.

Ilva Sale Delayed: Uncertainty Remains Over Steelworks' Future

The deadline for bids to acquire the former Ilva steelworks has been extended to January 10th, 2025, raising concerns about the future of the plant and its employees, while a new agreement on smart working offers some relief.

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What are the immediate consequences of the delayed takeover bid deadline for the former Ilva steelworks and its workers?

The agreement between Acciaierie d'Italia and trade unions on smart working and CIG (Cassa Integrazione Guadagni) partially eases industrial relations but doesn't secure the future of the former Ilva steelworks. Production remains at a minimum (1.7 million tons by November 30th), and the deadline for takeover bids has been extended to January 10th, 2025, potentially delaying any resolution until summer 2025. Acciaierie d'Italia is negotiating a new credit line with US banks to address liquidity issues.

news.sky.com

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Dec 6, 01:08

HMRC Weighs Opposing Liberty Steel Restructuring

Britain's tax authority, HMRC, is considering opposing a court-led restructuring plan for Sanjeev Gupta's Liberty Steel, potentially resulting in significant tax losses and impacting the company's future. Negotiations are ongoing, with a creditor vote scheduled for next year.

HMRC Weighs Opposing Liberty Steel Restructuring

Britain's tax authority, HMRC, is considering opposing a court-led restructuring plan for Sanjeev Gupta's Liberty Steel, potentially resulting in significant tax losses and impacting the company's future. Negotiations are ongoing, with a creditor vote scheduled for next year.

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What are the immediate consequences if HMRC votes against the restructuring plan for Liberty Steel?

HM Revenue & Customs (HMRC) is considering opposing a court-led restructuring plan for Sanjeev Gupta's Liberty Steel, potentially jeopardizing the deal and leaving the tax authority with significant losses. This could impact Liberty Steel's ability to continue operations and potentially lead to job losses. Negotiations are ongoing, with a creditor vote scheduled for next year.

cnbc.com

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Dec 2, 17:28

Goldman Sachs Predicts 20%+ Gains for US Steel Producers

Goldman Sachs forecasts a 20%+ gain for U.S. steel producers Nucor, Commercial Metals, and Cleveland-Cliffs in the next 12 months due to anticipated favorable trade policies, steady demand, lower interest rates, and fiscal stimulus, despite concerns over global oversupply.

Goldman Sachs Predicts 20%+ Gains for US Steel Producers

Goldman Sachs forecasts a 20%+ gain for U.S. steel producers Nucor, Commercial Metals, and Cleveland-Cliffs in the next 12 months due to anticipated favorable trade policies, steady demand, lower interest rates, and fiscal stimulus, despite concerns over global oversupply.

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What risks or uncertainties could undermine the positive forecast for the U.S. steel industry?

The potential for increased U.S. construction and infrastructure spending, coupled with cost reduction and value-enhancing projects, further strengthens the positive outlook for Cleveland-Cliffs. However, the significant year-to-date underperformance of Nucor (-11%) and Cleveland-Cliffs (-39%) suggests market skepticism that may not fully reflect the analyst's bullish predictions. Sustained growth will depend on the actual implementation and effectiveness of the projected trade policies.

china.org.cn

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Nov 8, 22:17

Zambia's New Steel Plant

A Chinese firm commissions a new steel plant in Zambia, boosting local production and symbolizing enhanced Sino-Zambian relations.

Zambia's New Steel Plant

A Chinese firm commissions a new steel plant in Zambia, boosting local production and symbolizing enhanced Sino-Zambian relations.

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How is the Chinese company contributing to local skills development?

The plant's construction, completed within 10 months, is seen as boosting Zambia's local manufacturing capacity. The Chinese company, PDV Metals, plans to provide technological skills training to Zambian workers.

theglobeandmail.com

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Dec 11, 16:09

Biden Opposes Nippon Steel's U.S. Steel Bid, Citing National Security

President Biden opposes Nippon Steel's \$15 billion bid for U.S. Steel, citing national security concerns; CFIUS has until December 22 to decide, and the companies may sue if the deal is blocked.

Biden Opposes Nippon Steel's U.S. Steel Bid, Citing National Security

President Biden opposes Nippon Steel's \$15 billion bid for U.S. Steel, citing national security concerns; CFIUS has until December 22 to decide, and the companies may sue if the deal is blocked.

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What are the key national security concerns driving the opposition to the merger?

Concerns about national security risks, particularly regarding steel supply for critical infrastructure projects, fueled the opposition. The White House statement, while not confirming a block, reiterates the President's preference for domestic ownership. Nippon Steel, however, maintains confidence in the U.S. legal system and has pledged job security and financial incentives to U.S. workers to sway the decision.

faz.net

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Dec 11, 22:09

Thyssenkrupp to Close Kreuztal Plant, Threatening 500 Jobs and Regional Economy

Thyssenkrupp plans to close its Kreuztal Eichen steel plant, impacting 500 employees and potentially causing a domino effect across the Siegerland region, as part of a broader plan to cut 11,000 jobs by 2030, raising concerns about regional economic stability and Germany's steel industry's future.

Thyssenkrupp to Close Kreuztal Plant, Threatening 500 Jobs and Regional Economy

Thyssenkrupp plans to close its Kreuztal Eichen steel plant, impacting 500 employees and potentially causing a domino effect across the Siegerland region, as part of a broader plan to cut 11,000 jobs by 2030, raising concerns about regional economic stability and Germany's steel industry's future.

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How might the closure affect the wider Siegerland region and the German steel industry?

"The plant closure reflects Thyssenkrupp's efforts to restructure its loss-making steel division. While the company cites losses in the low double-digit millions at the Eichen site, recent investments suggest a conflicting narrative. The potential job losses and economic ripple effects raise concerns about regional economic stability and the future of Germany's steel industry."

elpais.com

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Dec 9, 10:09

Celsa's Ownership Shift and Debt Restructuring

After a legal battle, Spanish steelmaker Celsa, previously controlled by the Rubiralta family, is now majority-owned by creditors led by Deutsche Bank and Anchorage Capital following a debt-to-equity conversion; the company is now focused on debt reduction and seeking a strategic partner.

Celsa's Ownership Shift and Debt Restructuring

After a legal battle, Spanish steelmaker Celsa, previously controlled by the Rubiralta family, is now majority-owned by creditors led by Deutsche Bank and Anchorage Capital following a debt-to-equity conversion; the company is now focused on debt reduction and seeking a strategic partner.

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What are the immediate consequences of the court-ordered restructuring of Celsa, and what is its significance for the Spanish economy?

Celsa, a major European steel group, underwent a significant transformation after a complex financial dispute. The founding Rubiralta family lost control to creditors, including Deutsche Bank and Anchorage Capital, who now hold majority ownership. This shift followed a court ruling approving a restructuring plan under Spain's new insolvency law, converting debt into equity.

nos.nl

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Dec 5, 10:09

Tata Steel's Financial Crisis Threatens Thousands of Jobs

Tata Steel in IJmuiden is facing a €556 million loss and job cuts due to cheap Chinese steel, high energy costs, and potential US import tariffs, necessitating billions in government subsidies for decarbonization while facing pressure from unions and political parties to act quickly to save thousand...

Tata Steel's Financial Crisis Threatens Thousands of Jobs

Tata Steel in IJmuiden is facing a €556 million loss and job cuts due to cheap Chinese steel, high energy costs, and potential US import tariffs, necessitating billions in government subsidies for decarbonization while facing pressure from unions and political parties to act quickly to save thousand...

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What are the long-term prospects for green steel production in Europe, and what alternative strategies could ensure the industry's competitiveness and sustainability?

The future of steel production in Europe hinges on resolving the conflict between decarbonization needs and economic viability. While government subsidies are essential for transitioning to green steel, the lack of a proven business model and uncertainties around energy costs and import tariffs pose significant risks. Relocating steel production to regions with abundant renewable energy could be a long-term solution but poses social and economic challenges in the short-term.

arabic.cnn.com

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Nov 29, 02:01

Ezz Steel Plant Malfunction Causes Stock Drop, Market Loss

A major malfunction at Ezz Steel's Ain Sokhna plant, resulting in a nine-month shutdown of a furnace with a 1.6 million-ton annual capacity, caused a 9.33% stock price drop, a 5.8 billion Egyptian pound market loss, and projected impacts on Egyptian steel supply and prices.

Ezz Steel Plant Malfunction Causes Stock Drop, Market Loss

A major malfunction at Ezz Steel's Ain Sokhna plant, resulting in a nine-month shutdown of a furnace with a 1.6 million-ton annual capacity, caused a 9.33% stock price drop, a 5.8 billion Egyptian pound market loss, and projected impacts on Egyptian steel supply and prices.

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How will the nine-month plant closure affect Ezz Steel's production, sales, and overall market share in Egypt's steel industry?

The malfunction at Ezz Steel's plant, which began producing regularly in May 2023 with a capacity of 1.6 million tons annually, is expected to reduce the company's production capacity by that amount. Ezz Steel reported sales exceeding 100 billion Egyptian pounds ($2.03 billion) in the first half of 2024, with profits of 2.3 billion Egyptian pounds ($45.9 million). Analysts predict a 10% reduction in sales due to the plant closure.

Showing 145 to 155 of 155 results