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Nippon Steel's US Steel earnings are boosted by a strong American steel market
Nippon Steel is the world's third largest steelmaker. Vice Chairman Takahiro Mori, the vice chairman of U.S. Steel, said that he expects the American steel market to be buoyant. This is supported by import tariffs and resilient consumer demand. "We're confident that the U.S. "We are confident that?U.S. He predicted that U.S. Steel will generate a profit of between 300 billion and 400 billion yen per year in the long term. Mori described U.S. market conditions as favourable. Hot-rolled steel sheets are priced at more than $1,200 per ton. This is double what they cost in Asia. U.S. steel reopened an Illinois blast furnace that had been idle in March to take advantage of the favorable pricing environment. It is now operating it at full capacity. His comments follow a year after Nippon Steel completed the $14.9 billion purchase of U.S. Steel, following an 18-month battle in Washington over political and regulatory issues. Mori stated that about 100 Nippon Steel employees seconded to Japan are working on operational improvement initiatives. These initiatives help boost yields and create synergies. Mori said that U.S. Steel has approved about one-third the $11 billion Nippon Steel investment package through 2028. Returns are expected to grow to $3 billion per year by 2035. Mori acknowledged the risks of inflation-driven costs pressures and labour shortages, as projects compete to attract workers. But he said that?U.S. The government has not interfered with management decisions since the deal closed, even though it holds a golden stake. Mori stated that Nippon Steel will continue to pursue overseas growth, "focusing on the U.S.A., India Thailand and Europe." Mori stated that the company aims to increase its overseas profit to 500 billion yen (nearly five times fiscal 2025 level) by 2030. Mori, the person who led negotiations for U.S. Steel's acquisition, stated that global structural changes had made it more important for overseas companies to establish relationships with government officials, and align their investments and operations with industrial policies.
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Aramco is lining up asset sales to raise tens and tens billions, according to sources.
Sources say that Aramco invited banks to bid for Project Yellowstone last month. Sources estimate that the sulphur stake sale could generate up to $7 billion. Sources claim that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and ?Yousef Saba DUBAI, 17 June - Saudi Aramco is considering selling a stake in the sulphur business, according to three sources familiar with the matter. This would be part of its strategy of tapping into its infrastructure assets for tens and tens billions of dollars. Aramco is the crown jewel of world's biggest crude exporter. It has been looking for outside capital in order to fund the kingdoms ambitious diversification program amid mounting financial pressure. Exclusively reported last year, the oil giant was actively looking to sell assets, improve efficiencies and reduce costs. According to sources and calculations, the total value of assets that it could tap into for fundraising purposes would be around $50 billion. Sources say that Aramco invited banks last month to pitch for the sulphur project, internally known as Project Yellowstone. One source added that the deal could raise $7 billion. Aramco,?the world's largest energy company, declined to make a comment. Sulphur is produced when raw gas is stripped off hydrogen sulphide in order to export it. Aramco's trading arm sells sulphur, and describes itself as one of the biggest exporters in the Gulf and Red Sea regions on its website. Three people confirmed that the assets for possible?sale are sulphur export and storage terminals. The three people said that Aramco was still reviewing the assets to be included in a sale and a deal wouldn't be announced before next year. Other Assets for Sale Aramco, which is owned by the Saudi government, the sovereign wealth fund, and other related entities to the company, is the largest source of revenue for the Kingdom through dividends and royalty payments. The $100 billion Jafurah project is the company's main goal to become a global player in natural gas. It signed a $11 billion lease-and-leaseback agreement with Global Infrastructure Partners, a consortium headed by BlackRock. Two sources say Aramco has also considered a deal that involves its oil export terminals. One source estimates the value of these assets to be up to $25 billion. Aramco is awaiting a easing of regional tensions before launching this process. This will likely happen in the second half. Aramco’s real estate portfolio, including its campus headquarters, is also being considered, according to one of three sources. A fourth source indicated that the property was valued at around $10 billion. Two people have said that it could raise $500 million by selling water infrastructure assets linked to its crude oil operations (code name Project Hydro). One of the sources and one of the people said that the UAE-based Metito Utilities and Miahona, a water and wastewater infrastructure company, are interested. Metito refused to comment on Aramco's assets, but stated that it evaluates "opportunities" across all of its markets. Miahona didn't immediately respond to an inquiry for comment. Four sources requested anonymity as the discussions are private. Aramco had been reported to be working on selling gas-fired plants worth at least four billion dollars.
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Oil and stocks are higher following recent losses.
The U.S. Dollar and major stock indexes gained on 'Wednesday, ahead of Kevin Warsh making his debut as Federal Reserve Chair. Oil prices also rose after doubts arose over the U.S. Iran peace deal. At the first Fed meeting, which will be chaired Warsh, the Fed is expected hold the interest rate steady. A new policy statement as well as economic projections are likely to reflect the growing concern over the inflation caused by the Iran War even after the recent peace agreement. In March, most committee members projected that they would cut rates. Adam Sarhan of 50 Park Investments, New York said: "This is Warsh’s first time in the Fed chair. There's a great deal of anticipation not only on what he'll do today... but also his communication." Donald Trump, the U.S. president, said that his new ceasefire with Iran was not final. He could resume war if unsatisfied. Israel has launched new airstrikes on Lebanon. Prices of oil rose this week after dropping earlier in the week. Prices had started to lower fears of an economic slowdown, especially in Europe which imports energy. According to the?International Energy Agency, the oil market will move into a significant surplus in 2027 once it recovers from the Strait of Hormuz closure. U.S. crude climbed 0.85% to $76.70 per barrel. Brent rose to $79,51 per barrel. This is a 0.7% increase on the day. The Dow Jones Industrial Average rose by 202.89, or 0.39 percent, to 52.202.56. The S&P 500 gained 6.80 points or 0.09% to 7,518.15 while the Nasdaq Composite grew by 17.05 points or 0.07% to 26,393.40. The MSCI index of stocks around the world rose by 2.81 points or 0.25 percent to 1,131.11. The pan-European STOXX 600 rose by 0.52%. BMW shares fell after the German carmaker slashed their 2026 outlook. They cited a 'downturn in China' and the U.S./Israeli war against Iran. SpaceX shares are down for the first time since the stock debuted on the market last Friday. Last week, the stock fell 2.3%. DOLLAR HOLDS FIRMS The dollar rose in anticipation of the comments Warsh would make. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.14%, to 99.69. Meanwhile, the euro fell 0.14%, to $1.1591. The dollar fell 0.16% against the Japanese yen to 160.19. The yield on the benchmark 10-year U.S.?notes increased 0.75 basis points to 4.436% from?4.428% at late Tuesday. The euro zone government bond market rallied for a fifth consecutive day on the back of lowered inflation expectations. This is their biggest rally since February. German 10-year yields, which are used as a benchmark in the Eurozone, fell to their lowest level since early April. (Reporting from Caroline Valetkevitch and Danilo Maasi in New York; additional reporting by Tom Westbrook, Editing by Thomas Derpinghaus and Kirsty Donovan; Nia Williams and Thomas Derpinghaus)
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Aramco is lining up asset sales to raise tens and tens billions, according to sources.
Sources say that Aramco invited banks to bid for Project Yellowstone last month. One source said that the sale of sulphur stakes could generate up to $7 billion. Sources said that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and Yousef Saba DUBAI, 17 June - Saudi Aramco 'is evaluating the sale of its sulphur division, according to three sources familiar with the matter. This is part of a strategy that aims to tap into the infrastructure assets of the company in order for it raise tens and tens billions of dollars. Aramco is the crown jewel of world's biggest crude exporter. It has been looking for outside capital in order to fund the kingdoms ambitious diversification program amid mounting financial pressure. Exclusively reported last year, the oil giant was actively looking to sell assets, improve efficiencies and reduce costs. According to sources and calculations, the total value of assets that it could tap into for fundraising could be around $50 billion. Sources say Aramco invited banks last month to bid for the sulphur project, also known as Project Yellowstone. One source added that the deal could raise $7 billion. Aramco is the largest energy company in the world. It did not respond immediately to a comment request. Sulphur is produced when raw gas is stripped from hydrogen sulphide in order to export it. Aramco's trading arm sells sulphur, and describes itself on its website as being one of the biggest exporters in the Gulf and Red Sea regions. Three people have said that the assets for sale are centered around terminals and storage facilities for sulphur. Aramco, according to one source, is still deciding which assets will be included in the deal and it won't be announced before next year. Other Assets for Sale Aramco, which is owned by the Saudi government, the sovereign wealth fund, and other related entities to the company, is the largest source of revenue for the Kingdom through dividends and royalty payments. The company's goal is to be a global leader in natural gas, and the $100 billion Jafurah project is the center of its ambitions. The company signed an $11 billion agreement with Global Infrastructure Partners, a consortium headed by BlackRock, to lease the Jafurah Gas Processing Facilities. Two sources say Aramco has also considered a deal that involves its oil export terminals. One source estimates the value of these assets to be up to $25 billion. Aramco is waiting for "regional tensions" to ease before launching this process, which will likely happen in the second half year. Aramco’s real estate portfolio, including its campus headquarters, is also being considered, according to one of three sources. A fourth source indicated that the property was valued at around $10 billion. Two people have said that it could raise $500 million by selling water infrastructure assets linked to crude oil operations. One source and another person said that the UAE-based Metito Utilities and Miahona, a water and wastewater infrastructure company, are interested. Metito refused to comment on Aramco's assets, but stated that it evaluates "opportunities" across all of its markets. Miahona didn't immediately respond to an inquiry for comment. Four sources requested anonymity as the discussions are private. Aramco had been reported to be working on selling gas-fired plants worth at least four billion dollars.
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Trump defends the Iran Deal saying he didn't want an economic catastrophe
Donald Trump, the U.S. president, made his comments at the end of a G7 summit in France on Wednesday. He said he didn't want an economic disaster that could have resulted from a prolonged war in the Middle East. "The one thing I did not want to see was an economic catastrophe. Trump said to reporters at the resort on Evian-les-Bains' lake that if you had kept going with this, "that could have happened." The?U.S. The?U.S. The conflict, which began on February 28, with U.S.-Israeli strikes against Iran, and has since spiraled out of control, has caused energy prices to rise sharply. It also has increased inflationary pressures, and raised concerns about food shortages in developing countries. Economists claim that the peace agreement is good news for the global economy. However, they warn of the risks involved if it fails and the conflict intensifies. The economists say that restoring trade?flows will take at least months, and possibly longer. Fuel sector analysts and maritime experts also believe it could take up to a year to restore bunker fuel supplies. (Reporting and editing by Michelle Nichols; Additional reporting from Daphne Psaledakis in Washington, and Andrea Shalal).
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Trump and Modi discuss the safety of Indian sailors, trade and commerce in Gulf region
Donald Trump, the U.S. President, said that he and Indian Prime Minister Narendra Modi had a "very positive" discussion during the G7 Summit in France. He also stated that both countries are working to reach a trade agreement. Trump described Modi as a "tough negotiator" and told reporters he would visit India "sometime soon". India has been pressing for months that Trump visit the United States, perhaps as part of an event with Japan and Australia. This is the first time the two leaders have met since February 2025 when Modi visited Washington just weeks after Trump returned to the White House and both sides agreed to settle their differences on trade and tariffs. The relationship has deteriorated since then, as Washington imposed high tariffs on Indian products, punished New Delhi for buying Russian oil and engaged closely with India's arch rival?Pakistan. U.S. State Secretary Marco Rubio, who visited India in November to try and repair relations, has now strained the relationship again after the U.S. Navy killed three Indian sailors during an attack on commercial ships in the Gulf. Modi said to Trump in front of reporters that the safety of Indian sailors working in the Strait of Hormuz was of "utmost concern" for New Delhi. MODI WANT IRAN DEAL TO INCLUE SAFETY OF SAILORS. "You are aware of the fact that hundreds of thousands of Indians are employed around the globe, performing their duties on international maritime trade routes -- including the Strait of Hormuz. Their safety is of the utmost concern to us," Modi stated. Modi, in reference to the U.S. peace agreement with Iran, said: "You made tremendous efforts to achieve this understanding. I am confident that seafarers' safety will be given the highest priority when this agreement is implemented." When asked by reporters whether he shared the condolences of the Indian sailors' deaths, Trump replied: "It is a tough profession, no doubt?about it. And we work together to solve it. We love all those people. They're great people." Trump said that the United States will also defend India. When asked about the U.S. and Indian defense relationship, Trump replied, "We would help them if they were attacked." Trump said, referring to Modi, "If anyone attacks that man, we will be there." "Now, if a new leader is in place, I am not certain about it."
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US NHC: Tropical Storm Arthur forms near Texas Coast
The U.S. National Hurricane Center announced on Wednesday that Tropical Storm Arthur has formed 'near the Texas coastline and will bring a life-threatening 'flooding to parts of the southeastern U.S. This is the first named hurricane of the Atlantic hurricane season 2026. The storm was located approximately 40 miles (60 km) east-northeast from Port O'Connor in Texas. It produced maximum sustained winds of 40 miles an hour (65 km per hour). Tropical Storm Arthur is expected to bring rainfall totals between five and ten inches. The Miami-based agency stated that isolated higher totals of?nearly 20 inches were expected from the 'Middle and Upper Texas Coast east-northeast to southern and central Louisiana, Mississippi, Alabama, as well as western portions of Georgia, and the Florida Panhandle. It added that this could cause "life-threatening to dangerous flash flooding". The NHC reported that a tropical cyclone warning is in place for High Island in Texas to Morgan City in Louisiana and a tropical cyclone watch for Sargent in Texas up to High Island in Texas. The center is moving over land, so there will be little change in strength. The agency stated that a weakening of the low is expected once it moves inland. It could dissipate as early as tonight or Thursday morning. Reporting by Anjana Anil in Bengaluru and Ashitha Shivprasad; editing by Mark Porter
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US allows waiver to expire on Russian oil
The U.S. Treasury did not publish a new extension to its waiver on sanctions against Russian oil carried by sea that expired at midnight on Wednesday. However, President Donald Trump and officials of the administration did not confirm if this meant that measures would be reinstated. Trump's administration waived U.S. oil sanctions during the war against Iran to assist vulnerable economies with the energy crises. Washington and Tehran have reached an agreement to end the conflict, which would allow Middle East oil to reach the global market. Trump was noncommittal on Wednesday about the possibility of reimposing sanctions by the United States on?Russia. "We're looking into that." "We're watching how much the price of crude oil drops, and it's really falling," he said to reporters at the G7 summit in France. Trump said on Tuesday that the U.S. would be able to reimpose sanctions if the waiver was ended. He said that "soon we will be able to do that" because oil was now flowing out of the Middle East. Last year, the Trump administration imposed sanctions on Russian oil giants Rosneft & Lukoil in order to pressurize Russia into ending its war with Ukraine by denying Moscow oil revenues. Russia, the United States, and Saudi Arabia are the top three oil exporters in the world. In recent months, the U.S. allowed the waiver to expire only to extend it a few days later. The White House, and Treasury Department’s Office of Foreign Assets Control didn't immediately respond to comments. A senior U.S. government official stated on Tuesday that Tehran could immediately begin selling oil following a signing ceremony, which is expected to take place later this week. It could take several months for oil and gas to flow at normal levels. Fatih Birol, the head of International Energy Agency (IEA), has stated that the Iran War has caused 'the biggest disruption in global energy markets history. Kirill Dmitriev was the special envoy of Russian President Vladimir Putin to the United States. On June 4, Dmitriev said that U.S. officials had understood the waivers role in stabilizing markets. The Kremlin announced on Sunday that U.S. envoys Steve Witkoff, Jared Kushner and who have been leading U.S.-brokered talks aimed at ending Ukraine's war, will soon visit Russia.
Gold prices rise; Fed meeting and details of US-Iran agreement in the spotlight
The gold price?advanced? higher on Wednesday, as investors waited for the first policy decision by the U.S. Central Bank under the new Chairman Kevin Warsh. They also hoped to get more details about the U.S. Iran peace agreement.
By 11:09 am EDT (1509 GMT), spot gold had risen 0.3% to $4,344.47 an ounce. U.S. Gold Futures rose by 0.2% to $4,364.70.
Tai Wong, a metals trader, said that gold buyers could be betting on the dovish Warsh to come later today. This would explain why prices are rising despite indifferent stocks, higher yields, and a stronger dollar.
Federal Reserve rate decision, policy statement and updated projections for policymakers will be released by 2 pm EDT (1800 GMT) Warsh will hold a half-hour press conference after the announcement. He replaced former Fed chief Jerome Powell in December.
Looking at the charts, the prices could?push up toward $4350 if $4300 is a reliable support. Lukman Otunuga is a senior research analyst with FXTM. He said that weakness below $4,300 would trigger a fall back to the $4250-4200 per ounce area of support.
Last week, spot gold reached a low of nearly six months as inflation fears caused by the Iran conflict increased expectations for rate increases in the United States. Gold is often seen as a hedge to inflation but high interest rates can put pressure on bullion as it has no yield.
Prices rose after the U.S. and Iran reached a framework agreement.
Donald Trump, the U.S. president, said that "the agreement reached" with Iran this week was not final and that he would be able to resume a bombing if he didn't like it.
"Gold and Silver could hit a cycle low between late 2026 and early 2027." Daniela Corsini, Intesa Sanpaolo's economist, said that in our baseline scenario gold could average $4,000 an ounce at the end of the year. Silver could be around $60.
Silver spot gained 0.2% per ounce to $70.30 Palladium dropped 0.2% and platinum lost 1.2%. Reporting and editing by Shashkuber, Diti Pujara, and Ashitha Shivaprasad from Bengaluru.
(source: Reuters)