Latest News
-
Sources say that the Thyssenkrupp and Jindal Steel sale talks have failed due to pension and energy costs.
Four people with knowledge of the matter have said that discussions of a possible Thyssenkrupp steel unit sale to Jindal Steel International may be called off because of differences regarding pension liabilities, investments, and 'energy costs. Despite the fact that talks are still ongoing over a possible sale of?Thyssenkrupp Europe (TKSE), and an agreement could still be reached, a deal now seems less likely to happen after almost six months' worth of due diligence and discussion, according to these people. One person said that the companies could decide to stop official negotiations as early as next month. Following the report, shares of Thyssenkrupp dropped 4%. Thyssenkrupp tried to sell TKSE a number of times over the last few decades. They have pursued everything from spinoffs, joint ventures and outright sales - to listing the cyclical business. The stalled TKSE sale threatens THYSSENKRUPP's divestment strategy If TKSE is not sold, it would be a blow to Thyssenkrupp's CEO Miguel Lopez?s plan to transform the storied German Engineering Group into a holding. This includes divesting stakes from all its business divisions, ranging anywhere from car parts and clean-tech. Thyssenkrupp announced on Thursday it would extend production cuts to its Isbergues sites in France. It said that production would be completely shut down from June to September. This will put 1,200 jobs in Germany and France at risk. The people who spoke to us said that a number of factors were complicating the talks, including 2.4 billion euros ($2.8billion) in pension liabilities linked to TKSE – a hurdle for past sales efforts – as well as different ideas about how much future investment was needed. The second source stated that Jindal Steel International is also becoming increasingly uneasy over the rising costs of energy in Europe. The energy costs in Europe are already higher than those in the United States or Asia. They have now risen even more as a result the Iran War. Thyssenkrupp stated that?on Tuesday confidential talks continued with Jindal Steel International, and labour representatives, adding that issues of valuation, obligations, and future investments will?need?to be agreed upon between the parties. Jindal Steel International (the international steel arm of Naveen Jindal group) had no comment to make. Earlier in the month,?Lopez stated that the group would continue TKSE's reorganization "with or without Jindal," and Thyssenkrupp’s deputy supervisory -board chairman Juergen Kerner said last week that talks had stalled. Lopez also stated that planned EU actions to protect the underperforming steel industry of the EU?had increased investor sentiment and strengthened Thyssenkrupp?s position in negotiations. Jindal Steel International made a?indicative' offer to TKSE in September. This included the completion of a new green steel production facility in Duisburg, and a commitment for more than 2 billion euros ($2.31billion) in order to increase electric arc furnace capacities.
-
Nikkei reports that Rohm Toshiba and Mitsubishi Electric will begin talks to integrate power chips.
The Nikkei reported on Thursday that Japan's Rohm Toshiba and Mitsubishi Electric will begin talks to integrate their respective power semiconductor businesses in order to 'form the second-largest 'power chip group' after Germany's Infineon. Talks could complicate Denso’s bid to buy rival Rohm after Toyota Motor Group supplier approached the chipmaker earlier this month about a possible acquisition. Nikkei reports that the three chipmakers could announce the start of the talks on Friday. They also stated they were aiming to increase cost competitiveness by integrating. Rohm did not respond immediately to a comment request from Toshiba. Mitsubishi Electric stated in a filing that, "while it is true that the company was evaluating various 'options to improve the competitiveness of its power chip business. No new decisions have been made." Japan's strength is in power semiconductors. These are used in automobiles, electronic devices, and industrial equipment to control the electric power efficiently. Automakers are looking for stable semiconductor supplies after shortages that arose following the COVID-19 pandemic. The 'global AI boom' that has fueled investment in data centers around the world is also boosting chip demand. Kyoto-based Rohm announced last week that it had "established a committee consisting of external directors and others" to review Denso’s proposal as well as its own strategy and options for boosting its corporate value. Denso and the 'chipmaker' agreed in May to create a strategic partnership in semiconductors, with an emphasis on integrated circuits for electric vehicles.
-
ADNOC, OMV name new leaders for Borouge Group International
ADNOC, the state oil company of Abu Dhabi and OMV from Austria announced a merger that would create a new global polyolefins firm. BGI will be formed by combining ADNOC and OMV’s shares in Borouge and Borealis and acquiring NOVA Chemicals. The transaction is expected to be completed before the end of March 2026. ADNOC, OMV and Kearns have said in a joint statement that Kearns has more than 40 years' experience in the chemical sector. Al Jaber is ADNOC’s managing director, group CEO, and executive chairman. He also chairs XRG (ADNOC’s international investment arm). He is also minister of advanced technology for the United Arab Emirates and president of COP28, the climate summit that his country hosted. BGI's executive leadership team is made up of members from both companies. Stefan Doboczky, Borealis' CEO, will become chief commercial officer at BGI. Hasan Karam will continue to serve as Borouge Plc's chief operating officer. Daniel Turnheim, CFO of Borealis, has been appointed 'interim chief finance officer' until a permanent successor is named by May 2026. BGI will be owned by OMV and XRG in equal shares. BGI will own approximately 90% of Borouge. Borouge will continue to be listed?on Abu Dhabi Securities Exchange until a proposed tender offer converts the shares into Borouge International shares. The current CEO Hazeem Al Suwaidi will remain in his position during the transition. Louise Heavens (Reporting and Editing)
-
Indian private refiner Nayara raises gasoline, gasoil prices
Petrol pump dealers reported that Nayara Energy, a private Indian refiner with Russian backing, has raised the price of gasoline and 'gasoil to offset some of its revenue losses from retail sales. Indian refiners are suffering revenue losses as retail sales for gasoline crack. Gasoil prices have soared to record highs. The dealers reported that Nayara, India’s largest private fuel retailer, raised the price of gasoline by 5 rupees a litre, to 100.71 rupees. Gasoil was also increased by 3 rupees a litre, to 91.31. Nayara plans to close its Vadinar refinery, which produces 400,000 barrels of gasoline per day, from April 10 onwards for a maintenance period lasting a month. The private refiner, in addition to selling fuel directly to customers, also sells fuels at state refineries after being sanctioned last year by the European Union for its links with Russian entities including Rosneft, the oil giant. Nayara has not yet commented. Industry sources claim that Indian refiners face a revenue loss on gasoline of more than 20 rupees and gasoil of over 50 rupees for selling fuels below market rates to cushion their customers from an increase in global markets. The Indian state refiners did not raise the retail price of gasoline or gasoil, despite the?surge of global oil prices that reached more than $100 a barrel as the US-Israeli war on Iran disrupted the supply through the Strait of Hormuz. Around 90% of the country's 101470 retail fuel stations are connected to state refiners, retailers and Indian Oil Corp. Bharat Petroleum Corp. and Hindustan Petroleum Corp. $1 = 94.1040 Indian Rupees (Reporting and editing by Arun K. Koyyur).
-
Venezuela's Maduro to return in US Court in dispute over legal costs
On Thursday, the ousted Venezuelan president?Nicolas Maduro will return to Manhattan court where he'll argue that drug trafficking charges against him should be dismissed - more than two months after his wife and he were?captured by a surprise U.S. Military raid in Caracas. Maduro, his wife Cilia Flores and the Venezuelan government are embroiled in an argument over U.S. Sanctions that prevent them from paying for their legal defense. Maduro and Flores have both pleaded no contest to a number of charges, including conspiracy against narcoterrorism. They are currently being held in Brooklyn, awaiting trial. They asked U.S. district judge Alvin Hellerstein for dismissal of the charges. Their inability to rely upon Venezuelan public funding interferes with their right to choose an attorney under the Sixth Amendment?of the U.S. Constitution. According to their lawyers, Maduro and Flores are unable to afford their own legal fees. Barry Pollack, Maduro’s lawyer who previously represented Julian Assange of WikiLeaks, said that he would withdraw from the case, if Hellerstein did not dismiss the charges, and if the Venezuelan government could not pay his fees. Uncertain was?how Pollack charges Maduro for services. Pollack didn't respond to an inquiry for comment. U.S. Special Forces 'captured Maduro & Flores during a'surprise raid on their Caracas home on January 3, and flew them back to New York for drug trafficking charges. This operation is detailed in an examination of the covert missions and its geopolitical repercussions. The hearing was set to start at 11 am EDT (1500 GMT). A helicopter took them to Manhattan from the jail for their January court appearance. Maduro, and his wife who will be also in court, claim that Venezuelan law and custom dictates the government pays for the expenses of both the President and the first lady. The prosecutors argue that since the U.S. does not recognize Maduro's legitimacy as Venezuelan president, he and Flores cannot expect the U.S. to "allow Venezuela" to pay for their legal fees. Prosecutors say that if Maduro or Flores cannot afford to hire their own lawyers, they can be assigned a public defender. Maduro is facing four felony charges, including narcoterrorism conspiracies that criminalize drug trafficking in order to finance what the United States considers terrorist activities. A?analysis? of court records revealed that the statute is rarely tested in trial and two of three convictions were overturned due to issues relating to witness credibility. During Donald Trump's first term as president, he increased sanctions against Venezuela due to allegations that Maduro was corrupt and his government undermined?democratic institution. Washington called Maduro’s 2018 reelection fraud. Maduro dismissed 'these accusations', along with the allegations that he was involved in?drug-trafficking, as justifications pretextual for what he said was a U.S. wish to seize control over South America's vast OPEC oil reserves. Since Delcy Rodriquez, Maduro’s former vice-president, was appointed interim president following his capture, relations between Caracas, Washington, and Venezuela have improved. (Reporting and editing by Noeleen Walder and Howard Goller in New York)
-
Japan Q2 aluminium prices hit an 11-year high due to Mideast supply concerns
Four sources said that the Middle East conflict had tightened the supply of aluminium. As a result, Japanese aluminium buyers paid a premium between $350 and $353 per metric ton, the highest in 11 years. Japan is the largest Asian importer and the premiums it pays for metals shipped each quarter above the London Metal Exchange cash price (LME) serve as a regional benchmark. The new rate is 79%-81% higher than the $195 premium paid during the January-March period. This marks the second consecutive quarterly increase, and the highest level since April-June 2015. Global producers offered Japanese buyers a premium of $220 to $250 per ton in late February. This was up by 13% to 28% from the previous quarter. However, they later retracted or let the offer expire as they assessed the risks of cargoes passing through the Strait of Hormuz after the U.S. & israel attacked Iran on 28 February. In mid-March, one producer increased its offer from $350 to $350 per tonne and the buyers accepted. Sources say that another producer wanted to raise the price, but both parties settled on $353 per ton. A source from a Japanese rolling-mill said that, "We had no choice but to accept the high prices due to the possibility of disruptions in supply coming from the region" because the conflict was expected to continue. If the strait is closed, Middle Eastern smelters may struggle to obtain raw materials. Production could be affected. He said that we had to compromise quickly, as prices would rise if we waited any longer. Due to the sensitive nature of the issue, the sources refused to identify themselves. The Middle East is responsible for around 9%?of?global aluminum supply. And the war has shook the market,?effectively freezing the shipments through this strait. Aluminium Bahrain, one of the largest smelters in the world, declared force majeure over shipments earlier this month. Meanwhile, Qatari smelter Qatalum began shutting down its production. In 2025, Japan imported from the Middle East nearly 30% of its total aluminium ingots (primary and alloy), including primary ingots. Last month, the quarterly negotiations between Japanese miners and global buyers including Rio Tinto Ltd. and South32 started.
-
China calls for peace talks on Iran war
China on Thursday called for parties to the conflict in the Middle East to "create conditions" to begin "truly meaningful and sincere peace talks". Lin Jian said, "The pressing issue is to actively promote peace talks, seize this opportunity for peace, and promote the cessation the war," at a regular press briefing, when asked whether China knew of any ongoing discussions between Iran and the United States. His remarks come after China's Foreign Minister Wang Yi stated on Wednesday that "a glimmer hope for peace" was evident in the wake signals regarding negotiations between the U.S. Iran. Iran denied earlier in the week that it was in talks with the U.S. President Donald Trump had delayed his threat to bomb Iran’s power grid citing what he called 'productive talks' with unidentified Iranian official. Iran's Foreign Minister said on Wednesday that the country is reviewing a U.S. plan to end the conflict but has no intention of having talks. China's Foreign Ministry did not reveal if they were aware of any talks between Washington and Tehran, but Wang expressed cautious confidence in a Wednesday phone call with the Egyptian counterpart. According to a summary released by his ministry, Wang stated that "the situation in the Middle East is changing rapidly. Both the U.S. Wang said that as long as the talks are started, there's a chance for peace. The Chinese Ministry reported that Wang also spoke with Iran's Abbas Araqchi, the Foreign Minister, on Tuesday. Wang called for "all parties to seize every chance and window for peace and begin a process of peace talks as quickly as possible." Reporting by Mei Mei Chu, Writing by Xiuhao chen and Liz Lee, Editing by Muralikumar Anantharaman & Edwina Gibbs
-
Copper prices ease as increasing inventories overshadow Mideast ceasefire hope
Prices of copper fell 'on Thursday due to rising stocks, and the waning appetite for the metal by top consumer China after a short dip in purchasing. Investors were waiting on clarity regarding the possibility of a 'ceasefire' in the Middle East. Benchmark three-month Copper on the London Metal Exchange fell by 1.21% at $12,173 a metric ton as of 0711 GMT. The previous day's support came from a weaker dollar. The Shanghai Futures Exchange's most traded copper contract, which had reached its highest level since March 19, at 96.590 yuan per ton ($13,991.05), ended the daytime trading session up by 0.17%, at 95.350 yuan. Stocks in LME-approved storage facilities pushed down the price of?red metal, used in construction and power. On Wednesday, the number of tonne-miles reached an eight-year record high. This is a 153% increase since the beginning of the year. After a period of dip-buying, traders said that some Chinese consumers had restocked after earlier declines. Investors are also closely watching developments in the Middle East where the conflict has disrupted energy markets and threatened the global economy. U.S. president Donald Trump stated that Iran is 'desperate' to reach a settlement to end the fighting. This contradicted the Iranian Foreign Minister who claimed his country was reviewing the U.S. offer but did not intend to hold a conciliation to end the conflict. Aluminium, nickel, and lead are among the other LME metals that have fallen. Other SHFE metals saw aluminium fall?0.52%. Lead retreated by 0.27%. Tin fell by 0.98%. Zinc gained 0.48%. SHFE nickel rose 0.41% after Nickel Industries, a company based in Australia, announced?on Friday that it had suspended operations at its Hengjaya Mine in Indonesia following an accident this week.
The "boom" of Trump's factories is seen in two different ways by a town in Indiana
John Axelberg's best customer recently asked him to invest $800,000.00 to double the production of tubular frames his factory produces for large-scale solar farms.
He said no
Axelberg’s small metal-forming business's solar division fueled the company's 30% revenue increase last year, thanks to tax incentives from the Inflation Reduction Act, passed by President Joe Biden. However, the rest of the industries Axelberg serves, including heavy trucks and farm equipment, were collectively down 20%. He is also concerned about solar. Donald Trump has said that his policies will unleash a new American manufacturing boom. In industrial communities like South Bend, however, the reality is nuanced. Government policies boost some sectors, while obscuring the outlook for other industries. Many manufacturers are left navigating a patchwork of incentives, tariffs, and changing signals from Washington. Recent polls have revealed that Trump's economic stewardship has become a major political issue for both him and Republicans, with the midterm elections less than seven months away. Only 29% of respondents to a /Ipsos survey approve of Trump's economic leadership. This is the lowest approval rating for either of Trump’s administrations, and also lower than that of Biden, his Democratic predecessor. Axelberg's costs are higher for metals and imported parts because of tariffs. Meanwhile, the current administration has halted the construction of solar farms in federal land.
"I don't have any confidence that he will not pass another executive order to start coming after (solar credits) we've already received and claw them back," stated the CEO of General Stamping & Metalworks. A family-owned company with $130 million in sales, General Stamping & Metalworks has been bending steel since 1922.
Pierre Yared is the acting chair of President Trump’s Council of Economic Advisers. He pointed out that improved manufacturing productivity and increased investment in new equipment and plant are early signs of success for Trump’s policies.
Yared stated that it would take some time for the President's policy to fully manifest.
MANUFACTURING RENEWAL ELUSIVE
South Bend is a prime example of the stark contrast between a few niches that are booming and the lingering malaise within manufacturing. This once-thriving industrial center has struggled to recover its economic footing for the past six decades since the 1964 closure of Studebaker’s sprawling auto factory. There are many established manufacturers in South Bend who are struggling to stay afloat or facing erosion of key sectors. This includes businesses that boomed under the previous administration, such as "electric vehicles".
Michael Hicks is an economist who studies manufacturing at Ball State University. He said that "there's not evidence of a manufacturing revival." It appears that the manufacturing sector has declined over the past 10 to 11 month. Defense is a business that's doing well. AM General, which is based in this city, built a brand new factory to service a U.S. $8.7 billion defense contract for a new generation military vehicle.
Cleveland-Cliffs is a steel processing company that has benefited from tariffs which have increased domestic steel prices. In a press release released last February, CEO Lourenco Goncalves stated that taxes would bring "a new golden age and a manufacturing revolution that will make America stronger again." Amazon is building a $11 billion datacenter that will eventually include 30 buildings, just up the road from the?steel?plant. Although data centers are not manufacturing plants, they require a large amount of raw materials and machinery that is used to fuel other goods producers. Once they're built, data centers don't generate many permanent jobs. According to the Federal Reserve the Federal Reserve estimates that the spending on data centers was more than half a billion dollars in 2013. The Federal Reserve expects the expenditure to "increase drastically" until 2030.
A joint venture between GM and Samsung, worth $3.5 billion, is currently being built to produce electric car batteries.
According to Jeff Rea, CEO of South Bend Regional Chamber, the data center craze has caused a backlash that's made the land prices near the new developments "nutso".
The shortage of skilled labor and other big changes have led to higher taxes and utility costs for many longtime producers. Trump's anti EV campaign is a major obstacle for the GM plant. The automaker has said that construction has been slowed and it no longer has an opening date.
Stuart Fowle said, "current market conditions allow us to plan for future needs and observe EV demand." On its website, the White House maintains a list of U.S. manufacturing and innovation investments. This includes Apple's $600 billion investment into factories and workforce development, and Meta's plan of spending the same amount in 2028 for AI technology and infrastructure. Yet, South Bend's factory jobs have been declining since the end 2020, with over 1,000 employees losing their jobs, including 265 since President Trump's election. This pattern is repeated across the nation. According to the Bureau of Labor Statistics, manufacturing jobs in the United States have decreased by 100,000 since Trump was inaugurated.
What is 'WHIMS of a King'?
There are certainly big projects in the works across the industrial heartland. The boom started during the Biden administration. This included massive new investments like those made by GM and Samsung in electric car and batteries projects and semiconductor plants. According to the Bureau of Labor Statistics (BLS), total construction spending for manufacturing plants increased from $5.9billion in February 2021, to a high of $20.8billion in October 2024. However, it fell to $17billion by December 2025.
Jon Ferguson, the CFO at Master Roll Manufacturing (which operates an office that looks out over Amazon's massive datacenter outside South Bend) said, "I'm not sure if I would call it a resurgence." Ferguson, CFO of Master Roll Manufacturing, said that sales were steady and not booming, despite the fact that they make and refurbish steel processing equipment.
It's a problem to have so many developments nearby. He said that the surge in land values has increased property taxes and that?electricity costs and water prices have also increased. He said that while it's great to see land prices rise, it's not very meaningful if the owners aren't looking to sell.
He said that "a lot of companies are unhappy with the way (the data centre boom) is falling apart."
Some companies have struggled to find workers with the skills to install new production lines or repair existing ones at their facilities because so much of their labor has gone to construction.
Daniel Adams, CEO at Manufacturing Technology Inc. sees the same mixed bag of manufacturers. His great-grandfather founded the business in 1926 as a tool shop. The company has since carved out a niche in friction weld, a technique used to manufacture everything from golf putters and jet engines. Since Trump's election, he said, it has become apparent that EVs will be less important. This has affected his auto-related businesses. He said that auto companies and suppliers are putting off investments.
Adams stated that his aerospace customers are doing well, but this is not enough to propel the entire business forward.
Adams says that bringing new industry to the area will benefit his business over the long-term, but it can cause tensions with other local businesses in the short term. For example, there are issues with labor. He said that people go to the "shiny place" and make an extra two dollars per hour.
Axelberg, the CEO of General Stamping & Metalworks remains cautious. He had 25 acres next to his plant which he intended to use for finishing and assembly. He has put that on hold because he is no longer confident in the current economic climate.
He said, "It almost seems like there's no policy." "It is like the whims and caprices of a monarch."
(source: Reuters)