Nippon Steel plans to acquire U.S. Steel for $14.9 billion, justifying the 142% premium with "sufficient economic rationale," despite a 5.5% drop in its shares. The move aims to expand the Japanese giant s global steel capacity to 100 million metric tons. The deal, priced at 7.3 times U.S. Steel s EBITDA, positions Nippon Steel among the top 3 global steelmakers.
Tata Steel reported a significant loss of ₹6,511.16 crore in the September quarter due to exceptional losses related to asset impairment and restructuring costs for its UK operations. The company is also investing in an electric arc furnace in the UK with government support. Tata Steel s consolidated revenue fell to ₹55,682 crore from ₹59,878 crore in the previous year. While the company performed well in India, it faced operating losses in Europe. The company is exploring decarbonization projects in the Netherlands with government support.
Hoa Phat General Port JSC, a subsidiary of steel giant Hoa Phat, has been allowed to research, survey, and propose projects to build berths No. 4 and No. 5 at Dung Quat I Terminal in line with the planning, said the Quang Ngai province People’s Committee.
The UK government has announced it will pay up to 500 million pounds to facilitate the green transition of steel maker s Port Talbot plant in South Wales, UK. This will entail replacing Port Talbot s blast furnaces with environmentally friendlier electric arc furnaces (EAF) for a total cost of 1.25 billion pounds.