His proclamation prohibits the relabeling of steel originating in China and Russia from being relabeled in Mexico or Canada. President Donald Trump recently released a proclamation to boost…
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President Says Nippon Steel to Invest in U.S. Steel Instead of Purchasing
He made the announcement at the White House during the visit with Japanese Prime Minister Ishiba. President Donald Trump announced that Japanese company Nippon Steel will “invest heavily”…
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President Delays Nippon Steel Purchase Dissolution Deadline until June
The extra time allows courts to review legal challenges to his federal order. This week, President Biden’s administration extended the deadline for Nippon Steel to dissolve its $14.9…
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Nippon Steel and U.S. Steel Sue Administration Over Blocked Acquisition
President Biden cited national security as his motivation. Nippon Steel and U.S. Steel have filed federal lawsuits challenging President Biden’s decision to block Nippon’s $15 billion acquisition of…
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Treasury Official Says Diplomacy Mitigated China Reaction to Tariffs
Under Secretary Shambaugh says talks offered “nuanced understanding” of select tariff increases. Treasury Undersecretary Jay Shambaugh said that China has not reacted negatively to new U.S. tariffs on…
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Esmark and Founder Settle SEC Charges Over False U.S. Steel Tender Offer
SEC fines Esmark Inc. and James Bouchard for announcing a $7.8 billion tender offer for U.S. Steel without having the financial means to complete the deal. The Securities…
Read MoreIRS Announces Tax Bonus for Domestically Produced Iron
The agency released guidance on how to apply for a 10 percent tax credit. The Internal Revenue Service (IRS) released new tax guidance this past week, instructing companies…
Read MoreWhite House Economic Advisor Says Sale of U.S. Steel Deserves Scrutiny
Bipartisan legislators voiced opposition and concerns over the sale to a Japanese company. Senators John Fetterman of Pennsylvania and J.D. Vance of Ohio called on the Committee on…
Read MoreSupreme Court Dismisses Challenge to Steel Import Tariffs
2018 tariff imposed for national security and to boost domestic manufacturing. The Supreme Court dismissed a lawsuit that sought to invalidate a 25 percent tariff on certain steel…
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Tariff Suspension for Ukrainian Steel Extended an Extra Year
Commerce secretary supports the extension of the presidential proclamation. Secretary of Commerce Gina Raimondo has announced that tariffs on Ukrainian steel will be suspended for an additional year.…
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