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Algoma Steel will cease blast furnace operations and lay off 1,000 employees as tariffs bite
Algoma Steel, a Canadian steelmaker, announced on Monday that it will lay off 1,000 workers and close its blast-furnace and coke production operations in Ontario by early 2026 because of tariff pressures. Tariffs of 50% on steel imported from Canada have severely restricted Canadian producers' access to the U.S. Algoma is based in Sault Ste. Marie has announced that it will switch to electric arc-furnace steelmaking in early 2026. This is a year sooner than originally planned. Algoma Steel said that the North American steel industry is highly integrated and the tariffs levied by the U.S. have had a significant impact on the market. The company reported direct tariff costs totaling C$89.7 Million ($64.10 Million) for the quarter ended September 30. About half of the total steel volume was shipped to the U.S. Algoma is planning to issue approximately 1,000 notices of layoffs that will take effect on March 23, 2026. The company employed 2,818 people full-time as of December 31, 2024. The company stated that "this transition is needed to protect Algoma’s future against these external and extraordinary market forces."
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Nippon Steel executive: US Steel's poor performance is temporary.
An executive at Nippon Steel said that the company sees U.S. Steel's weak performance as temporary, and is committed to investing an additional $11 billion in order to increase its profit contribution by 2028 to approximately 250 billion yen (1.6 billion dollars). After an 18-month battle to gain approval from the U.S. Government, Japan's largest steelmaker completed its $14.9 billion purchase of U.S. Steel by June. It increased its net loss projection for the year ending March 31, from 40 billion to 60 billion, after cutting its expected profit contribution of the unit from 80 billion to zero. Takahiro Muri, vice chairman of the company, said last week that despite recent poor performance our plans had not veered significantly from track since acquisition. The $11 billion investment will be used to address areas that have high variable costs. U.S. Steel has been under-investing for many years. The investment will produce results. He said: "We cannot provide specific figures about U.S. Steel but our previous outlook for underlying profits - excluding the effects of inventory valuation - remains largely unchanged. We expect around 250 billion yen in underlying profit by 2028." Mori stated that uncertainty about U.S. interest rates and tariffs had led to a drop in U.S. Steel prices this year. An explosion at U.S. Steel’s Clairton Coke Works, as well as the high variable costs of the unit had also affected its earnings. Mori noted that U.S. Steel should see its performance improve as a result of the one-off factors, the expected recovery in the market, the easing of policy uncertainty, and the operation at full capacity of the Big River 2 plant. "Things are going to move in the right direction next year." Nippon Steel secured a bridge loan of 2 trillion yen to finance the acquisition. This loan must be refinanced within one year. To repay a part of the loan, it has already raised 500bn yen via a subordinated debt. Mori stated that the recent downward revision of Nippon Steel’s annual profit forecast will not affect financing for acquisitions or investments in India. When asked whether low earnings could affect equity financing, Mori replied: "I do not think it would have much of an impact. But if it did, then another method would be the best choice." Nippon Steel has identified India, the U.S. and Thailand as key growth regions. We view India's long-term growth. Mori stated that short-term fluctuations in Nippon Steel earnings will not affect our growth strategy for India.
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Jamaica receives $6.7 billion in funding from agencies to rebuild after Hurricane Melissa
Jamaica has received up to $6.7 billion from international agencies for reconstruction in the aftermath of Hurricane Melissa. Melissa, one the strongest hurricanes to ever hit the Caribbean, caused catastrophic flooding and landslides in Jamaica with 30 inches of rain (76 cm). The damage was estimated at $10 billion. In a statement released on Monday, the agencies stated that they will receive support from the Development Bank of Latin America & the Caribbean CAF (the Development Bank), the IMF, World Bank, Caribbean Development Bank CDB and Inter-American Development Bank. They said that up to $3.6 billion could be available as sovereign financing for Jamaica's government's recovery program and reconstruction. This amount includes up to $1 billion from each of the CAF, IDB, and World Bank. $200 million comes from the CDB, and $415 million could come from the International Monetary Fund through its Rapid Financing Window for Natural Disasters. The institutions stated that their divisions, IDB Invest IFC and MIGA are working on providing an initial $2.4 Billion in private investment to rebuild. The statement added that the disaster-risk funding framework in Jamaica had enabled $662 million of the domestic contingency fund, insurance payouts, and contingent credit lines to be allocated as urgent needs. They said that an additional $12 million had been raised in grants from the IDB and the World Bank to help with recovery efforts. (Reporting and writing by Zahra Burton, editing by Aida Pelaez Fernandez, Alexander Smith, and Natalia Siniawski)
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Jags RB says Titans punter allegedly threatened to kill him
Tennessee Titans runningback Julius Chestnut says Jacksonville Jaguars punter Logan Cooke allegedly threatened to kill during Sunday's match in Nashville. Chestnut blocked Cooke on a punt-return early in the fourth quarter, as the Jaguars won 25-3. Cooke was knocked out of the game by the play. He was evaluated for a possible concussion and returned to the game. The two players were again in a heated exchange after another punt was returned with 11:49 left. Chestnut said that Cooke told him he was going to kill him. "That's exactly what he told me." He said that he would kill me. I've never heard of that before. It was odd. You know, a punter in particular. It was odd." Cooke wasn't asked about the alleged comments he made after the match. Cooke is 30 years old and in his eighth year with the Jaguars. He was drafted in the seventh round of 2018 by the Jaguars. Last season, he was named to his first Pro Bowl. Chestnut, 25, has been with the Titans since 2022 after being undrafted. This season, he has rushed for 39 yard on 10 carries. Field Level Media
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Who is Trump's target?
Donald Trump, the U.S. president, has continued to criticize and take action against corporate executives, institutions and corporations, even months after assuming office. His actions, from new export deals to freezing university grants, have changed the status quo in the United States between government, law and academia. Trump has publicly criticised a number of influential individuals and entities. The CEO of GUNVOR will step down Torbjorn Tornqvist, CEO of global commodity trading company Gunvor, will be step down Sell his entire shareholding through a management buyout. This comes after the U.S. labeled the company the "Kremlin’s puppet" because of its previous Russian connections. On Monday, the firm announced that Americas director Gary Pedersen will take over the role. Pedersen was hired just last year by the company. Last month, the U.S. Treasury sank Gunvor's biggest ever deal The acquisition of international assets owned by the Russian oil giant Lukoil, sanctioned by the United States. Pedersen’s promotion coincides Gunvor’s efforts to improve its relations with the U.S. Hold active discussions In recent weeks, investors have invested in U.S. oil-and-gas producing assets. GOLDMAN SACHS Goldman's Economic Research arm published a report in August that stated U.S. Consumers had absorbed 22 percent of tariff costs up to June. Their share could increase to 67%, if recent levies continue the same pattern. Trump stated shortly after that "David Solomon, and Goldman Sachs, refuse to give credit when credit is due." In a post made on Truth Social. Trump claimed that "mostly, companies and governments, some of which are foreign, pick up the tab". Solomon's former hobby of DJing was also criticized by Trump. Trump asked Intel CEO Lip-Bu Tang to resign in early August because of China ties. In April, it was reported that Tan had invested $200 million into hundreds of Chinese chip and advanced manufacturing firms, including some linked to the Chinese military. "The CEO at INTEL has a great deal of CONFLICT and must resign immediately." Trump stated in a Truth Social post that there is no solution to the problem. Tan replied to Trump by saying that he shared Trump's commitment to advance U.S. economic and national security, and that the Intel Board was "fully supportive" of the transformation work our company is doing. After a meeting with Tan, Trump praised him and the U.S. Government decided to buy a stake in this chipmaker. MICROSOFT Trump said in September that the tech company should fire Lisa Monaco, its global affairs director who has served in previous Democratic administrations. Trump stated on Truth Social that "She is a threat to U.S. National Security" due to the large contracts Microsoft has with the United States Government. "In my opinion, Microsoft should terminate Lisa Monaco's employment immediately." Trump stated that Monaco's position at Microsoft would allow her to access highly sensitive information. "This kind of access cannot stand," said Trump. Monaco, who joined Microsoft in July, worked as a security adviser in the former president Barack Obama’s administration. He also served as deputy attorney general under former president Joe Biden. Elon Musk, the billionaire CEO of Tesla's electric car company, spent hundreds of million dollars to support Trump's reelection. Investors who bid up Tesla's stock anticipated that this move would benefit Musk's empire. Musk and Trump fell out, however, in June, after Musk criticised Trump's tax-cutting and spending bill, claiming that it would increase the federal debt. Musk responded to Trump's comments on Truth Social by threatening to cut off federal contracts and subsidies to Musk's businesses. Trump also said that the billionaire had "gone CRAZY", after the bill was amended to remove the mandate for electric vehicles. JAGUAR LAND RIDER Trump criticised Jaguar's rebranding campaign in August. He called the campaign "woke", "stupid" and linked it to the departure from the CEO of the company. Trump's remarks came at the same time that Tata Motors announced the retirement from the British automaker of Adrian Mardell who had spent over three decades with the company. Jaguar unveiled last year a new visual identity and logo as part of its brand refresh to reposition itself as an electrical automaker. This move sparked a backlash online and was criticized by brand loyalists. Trump has threatened tariffs on Apple and Tim Cook for selling iPhones in the U.S. outside of the country. After a meeting with Cook in Doha, Qatar in May, Trump said that he confronted him about Apple's plans to manufacture the majority of iPhones sold in America in factories in India by 2026. In a post on social media, Trump said he had told Cook "long time ago" "I expect that their iPhones will be sold in America, and not in India or anywhere else". Early in August, Trump announced that Apple would invest another $100 billion dollars in the U.S. This will bring its total commitment domestically to $600 billion within the next four-year period. Cook gave Trump an American souvenir made with 24-karat-gold base. AMAZON.COM Trump complained to Jeff Bezos, former CEO of Amazon.com in April about a report that stated the company would display the prices to show the impact tariffs have on the ecommerce retailer Amazon.com. Amazon, however, said that it only briefly considered charging import fees for certain goods following Trump's announcement of tariffs in April, but abandoned the plan after the White House accused Amazon of a hostile political act. Trump told reporters later that Bezos "very quickly" solved the problem and was "very nice". BANK OF AMERICA & JPMORGAN CHASE In August, Trump claimed that JPMorgan CEO Jamie Dimon and BofA CEO Brian Moynihan discriminated against him. He had earlier said that they didn't provide banking services for conservatives. In a video speech at the World Economic Forum, Trump stated, "What you are doing is wrong." In a question and answer session with CEOs and corporate leaders assembled on stage, Trump did not provide any evidence of wrongdoing. Dimon, the CEO of JPMorgan Chase was also mentioned. "You, Jamie and everyone, I hope you are going to open your bank up to conservatives." Both lenders have repeatedly denied allegations of "debanking." WALMART Trump stated in May that Walmart, China and other retailers should "eat tariffs" to avoid burdening American consumers. This was after Doug McMillon had said the retailer couldn't absorb all tariff-related cost due to narrow retail margins. Walmart should STOP blaming tariffs for the price increases across the chain. Walmart made BILLIONS of DOLLARS in the last year. This was far more than anticipated, Trump wrote on social media. Trump didn't call McMillon out personally but he did publicly criticize Walmart for attributing the price increases in May to the tariffs his administration imposed. CRACKER BAREL A retail chain was blindsided by an unexpected reaction when it changed its logo to remove the image of a man in overalls known as "Uncle Herschel", leaning on a barrel. Cracker Barrel announced in late August that it would stick with its decades old logo. Plans for a brand new one were scrapped after social media backlash from the U.S. president Donald Trump, among others. "Congratulations Cracker Barrel on restoring your original logo. "All of your fans are very appreciative," Trump said after the company reversed its decision on Truth Social. COMCAST Trump criticised Comcast's cable news network MSNBC over its coverage of his government. Trump told reporters that MSNBC was changing its name to MS NOW because the network's owners were ashamed. Trump called Comcast "weak, ineffective and headed by Brian Roberts" last week. SMITHSONIAN INSTITUTION In anticipation of the U.S. 250th Anniversary, the White House announced that it would lead an internal review for some Smithsonian Museums and Exhibitions. Declaration of Independence. In an executive directive issued in March, Trump stated that the institution was under the influence of "divisive and race-centered ideologies" over the past few years. HARVARD UNIVERSITY Trump has targeted the oldest and wealthiest university in the United States, canceling federal grants worth $2.5 billion and mounting efforts to stop research funding for Harvard. This is part of an overall campaign to change U.S. Universities, which Trump claims are dominated by antisemitic, "radical-left" ideologies. We are going to take away Harvard's tax exempt status. "It's what they deserved!" In May, Trump posted a message on his social media platform. Trump announced on September 30, that after months of negotiation over school policies, his administration is close to an agreement with Harvard University. The deal would include a payment of $500 million by the Ivy League university. COLUMBIA UNIVERSITY The Trump administration announced in March that it would cancel $400 million of federal funding to Columbia University for how it handled the protests last year. This is just the beginning of many arrests to come. "We know that there are many more students at Columbia University and other Universities in the Country who have engaged pro-terrorists, antisemitic and anti-American activities, and the Trump Administration won't tolerate it," Trump wrote in a post on social media. These comments were made after the arrest Mahmoud Khalil, a Palestinian graduate who was a major participant in the protests. In July, the University announced that it would pay more than $200 million in settlement to the U.S. Government as part of a deal with Trump's Administration. LAW FIRMS Trump issued an executive order in March that restricted access to federal facilities and suspended security clearances of its employees due to their ties with Hillary Clinton and DEI policy. Trump said that it was an "absolute honor" to sign the order. Trump had also issued a similar order in March against the New York law firm Paul, Weiss, Rifkind, Wharton & Garrison, which he subsequently retracted after reaching a settlement. In February, the law firm Covington & Burling was confronted with Trump's Presidential Memorandum, which suspended all security clearances of Peter Koski, and Covington employees, who had assisted former Special Counsel Jack Smith in prosecuting Trump. Covington has said that it will continue to represent Jack Smith in spite of these measures. Trump said, "We will continue to hold those who are responsible for weaponizing government and who supported this accountable." THE NEW YORK TIMES PENGUIN RANDOM HOUSE Trump has filed a $15 Billion lawsuit defamation lawsuit In September, he filed a lawsuit against the New York Times as well as book publisher Penguin Random House. He accuses these major media companies of unfairly treating him. THE WALL STREET JOURNAL Trump sued The Wall Street Journal, its owners and employees Rupert Murdoch was sued in July by the New York Times for $10 billion over a report that revealed that his name appeared on a 2003 greeting to Jeffrey Epstein, which included a sexually explicit drawing and references to secrets that they shared. (Reporting by Deborah Sophia, Juveria Tabassum, Niket Nishant, Shivansh Tiwary, Savyata Mishra, Kritika Lamba, Arsheeya Bajwa, Zaheer Kachwala, Puyaan Singh, Pooja Menon and Dharna Bafna in Bengaluru; Editing by Anil D'Silva, Sriraj Kalluvila and Arun Koyyur)
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Turkey reduces Russian Urals oil imports by November and diversifies its supply with Kazakh and Iraqi supplies
Shipping data from energy consultancy Kpler revealed that Turkey drastically reduced its imports in November of Russia's flagship Urals Crude Oil, as Western sanctions against Russian energy suppliers were tightened, and Turkish refineries switched to alternative grades. Data from Kpler & LSEG shows that Urals imports to Turkey dropped by around 200,000 barrels per day last month compared to October's levels. LSEG data indicates that Turkey is now the second largest buyer of Urals, Russia’s main export grade after India, since 2022, when European buyers stopped purchasing. As a result of U.S. sanctions against Russian oil majors Lukoil, and Rosneft, the Turkish refineries have fewer suppliers to choose from. The European Union's ban on fuel produced using Russian oil is also encouraging Turkish companies to diversify the feedstock. Kpler data shows that as Urals shipments declined, Turkey increased imports of alternative grades including Kazakhstan's CPC Blend, KEBCO, and Iraq's Basrah. CPC Blend is a blend of CPC and CPC Blend. It is a mixture that, although it comes from the Russian port Yuzhnaya Ozereyevka (Yuzhnaya Ozereyevka), is primarily produced by Kazakh firms. Kazakh oil is exempted from Western energy restrictions and Russian oil limitations. Kpler data shows that in November Turkey imported 105,000 barrels per day of Kazakhstan's CPC blend, the highest volume of imports since February 20, 2024. Turkey imported CPC Blend of Russian origin in 2025 but stopped doing so since September. According to Kpler, the Turkish imports of Urals oil in June reached a record high for a number of months at nearly 400,000 barrels per day. The Turkish refineries are limited in their ability to purchase alternative crudes, due to the lack of Urals-quality crude on the Mediterranean market. Recent attacks on the Caspian pipeline consortium terminal could complicate CPC Blend deliveries in Turkey. (Reporting from MOSCOW, Enes Tunagur at LONDON and Jan Harvey in London)
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Wall Street futures drop, but yen is boosted by Japan's rate hike bets
The European stock market fell on Monday, and Wall Street futures indicated further losses. However, the Japanese government bond yields and the yen were boosted by comments that suggested the central bank might hike interest rates. The market was a little jittery during November but has strengthened over the last week as traders bet more on the Federal Reserve of the United States cutting rates at their December meeting. At 1249 GMT Europe's STOXX 600 fell 0.6% for the day, as markets were gripped by a new wave of risk-aversion. London's FTSE 100 fell 0.2%, while Germany's DAX dropped 1.5%. The MSCI World Equity Index fell 0.1% for the day. After U.S. officials and Ukrainian officials had what they both called productive discussions on Sunday, about a potential Russia-Ukraine deal, a drop in defence stocks contributed to the decline in European indexes. Wall Street futures also fell, with S&P500 eminis falling by 0.8% and Nasdaq minis dropping by 1.1%. The traders were waiting to hear comments from Fed Chairman Jerome Powell who will speak later today. Bitcoin was down 6.4% to $85,347.26 in a sign of increased risk-aversion. This extended losses and put pressure on bitcoin-buying firms. Gold reached its highest level in six weeks on the back of expectations that U.S. rates will be cut. It was last seen at $4,248.99. Bank of Japan to consider raising rates Bank of Japan Governor Kazuo Ueda stated that the central will weigh the "pros" and "cons" of increasing rates at the next policy meeting. This caused traders to increase their bets on rate hikes. After the remarks, the yen gained strength to a high of 155.49 dollars per dollar. The yield on the 2-year Japanese government bonds rose by 2 basis points and reached its highest level since June 2008. The dollar-yen exchange rate continued to rise during European trading and reached 154.79. Carry trades are popular because of Japan's low interest rates. Traders borrow yen for a low rate to invest in riskier assets. Fiona Cincotta is a senior market analyst with City Index. She said Monday's negative market sentiment may have been prompted by the possibility that higher rates in Japan would make this position less lucrative. "Concerns about the unwinding the carry trade had been lingering in the background for some time. But I think that comments made by Governor Ueda hinting a possible rate increase in December have really revived these concerns." The dollar index fell 0.4% for the day to 99.06 while the euro rose 0.4% to $1.1646. Investors awaited the euro zone inflation figures due Tuesday. Germany's 2-year bond yield, sensitive to expectations of the European Central Bank policy outlook, reached its highest level since March 28. The Purchasing Managers' Surveys released on Monday revealed that manufacturing in Europe and Asia's largest economies was weak in November due to subdued demand at home and uncertainty over tariffs. ECONOMIC DATA TO COMME Traders waited for U.S. data this week on manufacturing, consumer sentiment and services to set the tone before the Fed meeting on December 9-10. According to LSEG, markets are pricing a 93.9% probability of a rate cut of 25 basis points. The data this week will be the last opportunity for markets to reconsider an December Fed cut, which is already fully priced in. Although the market's dovish wagers seem too high, ING FX strategist Francesco Pesole said in a client note that the ISM figures, ADP figures and PCE numbers will validate them. Matt Simpson, senior analyst at StoneX, in Brisbane, says that if incoming data signals a slowdown, but not a recession, then the sentiment will probably remain positive, even if the U.S. Dollar weakens, as it usually does during this time of the year. Brent crude futures rose 1% to $62,99 as tensions between the U.S. and Venezuela raised supply concerns, while OPEC+ agreed not to change oil production levels for the first quarter 2026. (Reporting from Elizabeth Howcroft in Paris; additional reporting by Ankur banerjee in Singapore. Editing by Susan Fenton.)
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Barrick Mining, a Canadian company, is exploring the possibility of IPO for its North American assets
Barrick Mining announced on Monday that it is exploring the possibility of an initial public offering for a subsidiary which would hold its North American assets in gold amid a record rise in gold prices. The U.S. listed shares of the Canadian mining company rose by nearly 4% during premarket trading. Barrick would be reversing its 2019 merger with Randgold Resources. Investors are also pressing the miner to take advantage of the historic rise in gold prices in order to boost profits, while selling off riskier assets such as those in Africa, Papa New Guinea, and Pakistan's Reko Diq. The gold price has reached record highs in this year due to expectations of lower rates and the rising appeal of gold as a safe haven asset. Sources told us that in November Barrick considered splitting into entities focused on Africa and North America. The new entity is heading for an IPO and would include Barrick's joint-venture interests in Nevada Gold Mines in Dominican Republic as well as Pueblo Viejo. It would also include the Fourmile discovery of gold. Barrick and rival Newmont jointly own Nevada Gold Mines - the world's biggest gold-producing complex - and Barrick is looking to develop the Fourmile Gold Mine in the U.S. State. The Fourmile Mine test production will not begin until 2029. It said that the Canadian miner intends to retain a controlling majority while offering a minority stake. The miner stated that it will provide an update regarding the IPO evaluation in February. Mark Hill, interim CEO said: "We are focused on improving performance and shareholder values with the right team in place now to deliver on our promises." Barrick had a turbulent year. A long-running dispute over the gold mine it owns in Mali led to the write-off of $1 billion and the abrupt departure of Mark Bristow, its CEO. Barrick has mines throughout the world, including in Mali and Nevada. It also operates gold mines in Tanzania, Dominican Republic and Papua New Guinea. (Reporting and editing by Leroy Leo, Shinjini Ganuli and Vallari Srivastava from Bengaluru)
Sudan's RSF paramilitary claims to have taken control of Babanusa, West Kordofan
The paramilitary Rapid Support Forces of Sudan (RSF), a group that aims to protect the oil-producing South, announced on Monday it had taken full control over Babanusa.
The RSF released a statement saying that it "liberated" Babanusa, in West Kordofan State -- the latest frontline of the war in Sudan. It did so by repelling "a surprise assault" from the Sudanese Army in what they called "a clear breach of the humanitarian ceasefire."
Donald Trump, the U.S. president, said on November 19 that he would intervene in order to end the conflict which erupted in April 2023.
In November, the United States, United Arab Emirates (UAE), Egypt, and Saudi Arabia, collectively known as the Quad, proposed a plan that would include a three-month ceasefire followed by peace negotiations. RSF said it accepted the plan but attacked army territory shortly after with drone strikes.
The RSF's attack on Babanusa builds upon the momentum the group gained after taking al-Fasher in October, the last army holdout in Darfur. (Reporting and writing by Menna Alaa el Din; editing by Cynthia Osterman; Muhammad Al Gebaly, Alexander Dziadosz, and Alexander Dziadosz)
(source: Reuters)