Electric vehicle maker Workhorse Group Inc said on Wednesday it had requested more information from the U.S. Postal Service after it lost a multibillion-dollar contract to Oshkosh Defense for making a new generation of postal delivery vehicles.
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CHICAGO (Reuters) - An aerospace parts maker in California is struggling to procure cold-rolled steel, while an auto and appliance parts manufacturer in Indiana is unable to secure additional supplies of hot-rolled steel from mills.
An operator stacks heavy gauge steel brace used for industrial workbench leg at Tennsco s factory in Dickson, Tennessee, U.S. February 17, 2021. Tennsco/Handout via REUTERS
Both companies and more are getting hit by a fresh round of disruption in the U.S. steel industry. Steel is in short supply in the United States and prices are surging. Unfilled orders for steel in the last quarter were at the highest level in five years, while inventories were near a 3-1/2-year low, according to data from the Census Bureau. The benchmark price for hot-rolled steel hit $1,176/ton this month, its highest level in at least 13 years.
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BERLIN (Reuters) - German braking systems maker Knorr-Bremse said its majority shareholder Heinz Hermann Thiele, who shaped the company since buying it from his then-employer in 1985, has died unexpectedly at the age of 79.
FILE PHOTO: The Lufthansa logo is pictured at Frankfurt Airport in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski
Thiele was also a major shareholder in Lufthansa, becoming a highly visible public figure last year when he was portrayed as the main obstacle to the state bailout the airline needed to survive the coronavirus crisis.
“The Board of Directors and the Supervisory Board mourn the loss of a global and visionary entrepreneur who has been shaping the global rail and commercial vehicle industry for decades,” Munich-based Knorr-Bremse said in a statement on Tuesday.
By Reuters Staff
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STOCKHOLM, Feb 23 (Reuters) - Swedish steel venture H2 Green Steel is planning to build a fossil fuel-free steel plant in the north of Sweden, including a sustainable hydrogen facility, with production starting in 2024, it said on Tuesday.
The Lulea-based venture, which is in the process of closing 50 million euros ($60.7 million) in series A equity financing, said in a statement that by 2030 it plans to have an annual production capacity of 5 million tonnes.
“The project includes a giga-scale green hydrogen plant as an integrated part of the steel production facility,” it said.
The European Union has made hydrogen a key part of its plan to eliminate its greenhouse gas emissions by 2050, and is betting on a rapid scale-up to decarbonise steel, heavy transport and chemicals.
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CHICAGO (Reuters) - Deere & Co on Friday upgraded its fiscal 2021 earnings forecast after profit more than doubled in the first quarter on improved demand for farm and construction machines, sending its shares higher.
FILE PHOTO: A sign stands near a combine harvester outside John Deere s Harvester Works facility in East Moline, Illinois, U.S. November 7, 2019. REUTERS/Daniel Acker/File Photo
The Moline, Illinois-based company said higher farm commodity prices and rising exports, coupled with lower equipment inventories, have boosted the demand for farm machines.
Its early order program for sprayers, planters and combines all experienced double-digit growth. Orders for large tractors now extend into the fourth quarter.