Steel News Updates

Nippon Steel closed its $14.1 billion takeover of U.S. Steel, bringing to an end an 18-month effort to combine the American and Japanese steelmakers, the companies said in a June 18 statement.

United Kingdom Prime Minister Keir Starmer and U.S. President Donald Trump agreed June 16 to implement a trade deal announced last month, with one notable exception.

Nippon Steel won conditional U.S. approval for its $14.1 billion purchase of U.S. Steel, capping a lengthy saga in a tie-up that will create one of the world’s largest steel companies.

“We cannot accept any form of unfair practices from different countries when it comes to our Canadian market. That’s enough,” Industry Minister Melanie Joly told reporters on June 11.

Under its current terms, the deal would allow U.S. buyers to import Mexican steel duty-free as long as they kept total shipments below a level based on historical trade volumes.

Nippon Steel and United States Steel are on pace to finalize their $14.1 billion combination with President Donald Trump’s administration ahead of a deal deadline later this month.

Prime Minister Mark Carney said Canada and the U.S. are in “intensive” talks about the countries’ relationship, explaining his decision not to respond yet to doubled steel and aluminum tariffs.

Mexico will ask President Donald Trump’s administration on June 6 to be exempted from an increase in steel tariffs to 50%, the country’s economy minister said.

The U.K.has a new five-week deadline to finalize its trade agreement with the U.S. after President Donald Trump spared the country’s steel and aluminum exports from a doubling of tariffs.

President Donald Trump signed a directive June 3 formally raising steel and aluminum tariffs to 50% from 25% starting June 4.