2025-02-15 21:00
LONDON, Feb 16 (Reuters) - Britain published a major consultation for its steel industry on Sunday, weeks ahead of schedule due to President Donald Trump's announcement of fresh tariffs on all steel imports into the United States. The "Plan for Steel , opens new tab" will look into issues facing the UK industry, such as high energy costs and "unfair trading practices" from other countries, the Department for Business and Trade said in a statement. The Labour government previously said it wanted to invest 2.5 billion pounds ($3.15 billion) in the steel industry and it would publish a strategy on its plans to boost the sector in the spring. "The UK steel industry has a long-term future under this government. We said that during the election, and we are delivering on it now," business and trade secretary Jonathan Reynolds said in the statement. Last week, Reynolds said that Britain would seek to persuade the U.S. government that its steel and aluminium products should avoid tariffs due to the sensitive role they play in the U.S. defence sector and its manufacturing supply chains. Trump said on Sunday he would introduce new 25% tariffs on all steel and aluminium imports into the U.S., on top of existing metals duties. He said earlier in February, when talking about tariffs in general, that he thought something could be "worked out" with Britain. Reynolds told broadcasters on Sunday that he had been building relationships with officials in the Trump administration, who he said viewed Britain in a "different light" to other countries that have been the target for tariffs. Britain and the United States trade hundreds of billions of dollars' worth of goods and services annually. Industry body UK Steel warned the tariffs could be "devastating" as the U.S. is the second largest export market for UK steel, worth over 400 million pounds a year. ($1 = 0.7946 pounds) Sign up here. https://www.reuters.com/world/uk/uk-publish-steel-industry-green-paper-ahead-schedule-due-us-tariffs-observer-2025-02-15/
2025-02-15 18:19
Zelenskiy: U.S. deal not currently in Kyiv's interests U.S. sought 50% of Ukraine's critical minerals-sources Ukraine pushing hard for U.S. security guarantees MUNICH, Feb 15 (Reuters) - President Volodymyr Zelenskiy said on Saturday a draft minerals deal with Washington did not contain the security provisions that Kyiv needed and three sources said the United States had proposed taking ownership of 50% of Ukraine's critical minerals. The negotiations illustrate the perilous diplomatic waters that Ukraine's leader must navigate as he seeks to win the backing of Donald Trump and secure post-war security guarantees, as the U.S. president pushes to end the war with Russia. U.S. Treasury Secretary Scott Bessent presented a draft deal during a trip to Kyiv on Wednesday after Zelenskiy set out the contours of an agreement that could open up Ukraine's vast natural wealth to U.S. investment, two sources familiar with the matter said. Ukraine, which is trying to forge ties with Trump by appealing to his penchant for a deal, has not disclosed the content of the discussions, though two Ukrainian sources said on Friday that Kyiv had given a revised draft to the U.S. side. Asked by reporters what the problem with the U.S. document was, Zelenskiy said in his most candid comments to date: "it's not in our interest today, not in (the) interest of (a) sovereign Ukraine." "There are not very concrete things about security guarantees in this document. That for me is very important: the connection between some kind of security guarantees and some kind of investment," he continued. Zelenskiy's team has placed high importance on the need for Ukraine to receive guarantees from the U.S. that would deter Russia from launching a new invasion once a peace deal is reached. Bessent has said the deal could provide Ukraine with a "security shield" and intertwine Kyiv's economy with the United States. 'VERY BOLD' Two sources familiar with the matter told Reuters Zelenskiy had declined to sign the deal on Wednesday when the United States presented a document that proposed giving the United States ownership of half of Ukraine's critical minerals. A third source described the U.S. ask of Ukraine as very bold, focusing on at least 50% of critical minerals and similar amounts of other resources, over a long period of time. One of the sources said that the document contained no security guarantees. The first two sources said that Zelenskiy believed the document had been drawn up by the U.S. embassy in Kyiv. Trump, who has not committed to continuing vital military aid to Ukraine, has said he wants $500 billion in rare earth minerals from Kyiv and that Washington's support needs to be "secured". The minerals in question could include rare earth varieties, as well as titanium, uranium and lithium among others. Talks between Zelenskiy and a U.S. delegation led by Vice-President JD Vance ended at the Munich Security Conference on Friday without an announcement of a deal. Earlier that day, Zelenskiy had voiced concern about the U.S. proposal when he attended a 90-minute meeting with a bipartisan group of U.S. senators behind closed doors, three sources familiar with his presentation said. He "felt he was being asked unreasonably to sign something he hadn't had a chance to read", one of them said on condition of anonymity. "I don't think he appreciated being given a take-it-or-leave-it thing." Zelenskiy discussed his own proposal for a mineral deal with the United States, the source said, saying it was drafted to comply with the Ukrainian constitution. Two sources characterized the proposal delivered by Bessent as "one-sided", but declined to elaborate. Democratic Senator Brian Schatz, asked after the meeting if Zelenskiy considered the U.S. proposal one-sided, responded, "I think that's fair to say." British Foreign Minister David Lammy, a close Kyiv ally, said on Saturday the best security guarantee for Ukraine against future Russian aggression was binding U.S. industry, business and defence capability into its future. "That is what will make Putin sit up and pay attention, and that is what's attractive to a U.S. president who knows how to get a good deal," he said. Sign up here. https://www.reuters.com/markets/commodities/zelenskiy-says-draft-us-minerals-deal-not-ready-yet-it-does-not-protect-ukraine-2025-02-15/
2025-02-15 18:09
Feb 15 (Reuters) - President Donald Trump toured a Boeing plane on Saturday to highlight delays in delivering new Air Force One aircraft, said the White House. The president negotiated with Boeing (BA.N) , opens new tab for a pair of new 747-8 aircraft during his first administration - between 2017 and 2021 - but the planes are now years behind schedule. The two aircraft were expected to be delivered in December 2024 but Boeing has pushed the arrival until at least 2027 or 2028 - towards the end of Trump's second term in office. "President Trump is touring a new Boeing plane to checkout the new hardware/technology," White House Communications Director Steven Cheung said. "This highlights the project's failure to deliver a new Air Force One on time as promised." The aircraft the president visited at the Palm Beach International Airport is a 12-year-old plane formerly owned by Qatar's royal family and is now operated by a company in the Isle of Man, according to two aviation websites. It was not immediately clear if Trump's Saturday plane tour was coordinated with Boeing. Boeing had no immediate comment on Trump's visit and referred questions on delays in the Air Force One program to the Air Force. Last month, Boeing's CEO Kelly Ortberg said the company was meeting with Trump's ally Elon Musk - despite Musk's SpaceX competing with the Boeing space division - to get the plane updated quicker. "The president wants those planes sooner so we're working with Elon to see what can we do to pull up the schedule of those programs," Ortberg told CNBC on Jan. 28. Boeing leaders have said that production has been slowed by supply chain issues, high costs and the complexity of the planes that are intended to be an airborne White House. In 2016, Trump called out the high price tag for new Air Force One aircraft and demanded that the then-Boeing CEO agree to a contract of no more than $4 billion for the two planes. Since then, Boeing's leadership has said the contract was priced too low for the planes equipped with military avionics, advanced communications, and a self-defense system to withstand worst-case security scenarios. Trump also proposed changing the look of the new Air Force One planes to incorporate a dark red color, but former President Joe Biden tweaked those plans back to resemble the current light blue model. However, the miniature Air Force One model atop Trump's Inauguration Day cake on January 20 featured the president's preferred red-line design. Sign up here. https://www.reuters.com/business/aerospace-defense/trump-tours-boeing-plane-spotlight-delay-getting-new-air-force-one-2025-02-15/
2025-02-15 17:11
ROME, Feb 15 (Reuters) - Baku Steel Company and Jindal Steel International have raised their bids for Acciaierie d'Italia (ADI), formerly known as Ilva, the Italian government said on Saturday, making them the frontrunners in the bidding for the plant. ADI, based in the southern Italian city of Taranto, has been under state administration after struggling to maintain production amid rising energy costs and weak demand. The fate of ADI is a concern for Italian Prime Minister Giorgia Meloni, as its closure would have a serious impact on the country's manufacturing sector. Ilva's extraordinary commissioners said in a statement that they would evaluate the bids "in a few days" and send their opinion to the industry ministry. They did not give financial details. Italian newspaper Il Messaggero reported on Saturday that Baku Steel Company has raised its offer to around 1 billion euros ($1.05 billion), more than Jindal's. The government hopes to conclude negotiations by March, Il Messaggero added. ($1 = 0.9532 euros) Sign up here. https://www.reuters.com/markets/commodities/baku-steel-jindal-frontrunners-buy-italys-ilva-2025-02-15/
2025-02-15 15:46
Feb 15 (Reuters) - U.S. private equity firm Clayton Dubilier & Rice (CD&R) is exploring the sale of a stake in UK's Motor Fuel Group (MFG) at a valuation of about 7 billion pounds ($8.8 billion), Sky News reported on Saturday. CD&R is working with advisers to examine options for selling a large minority shareholding in MFG, the report said. A stake sale of around 25-30% is expected, the report said, adding that the final shape of any deal is yet to be determined. CD&R would retain a controlling stake in MFG after any stake sale, the report added. CD&R and MFG declined to comment on the report. Motor Fuel Group is UK's largest independent forecourt operator , opens new tab and provides services through over 1,200 sites, according to its website. ($1 = 0.7946 pounds) Sign up here. https://www.reuters.com/markets/deals/cdr-exploring-stake-sale-uks-motor-fuel-group-sky-news-reports-2025-02-15/
2025-02-15 00:50
SAO PAULO, Feb 14 (Reuters) - Brazilian sugarcane processor Raizen (RAIZ4.SA) , opens new tab on Friday posted a 2.57 billion real ($450.5 million) net loss in the third quarter of its 2024/25 season, compared with a profit of 793 million reais in the same period a year earlier. WHY IT'S IMPORTANT Raizen, whose main shareholders are Brazilian conglomerate Cosan (CSAN3.SA) , opens new tab and Shell (SHEL.L) , opens new tab, is the world's largest sugarcane processor. The firm produces sugar and ethanol, while also operating as a fuel distributor. ADDITIONAL CONTEXT Raizen released its quarterly operational preview in January, showing sugarcane crushing fell nearly 27% year-on-year, and also discontinued its financial guidance for the 2024/25 crop-year, driving its shares to all-time lows. BY THE NUMBERS Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 3.12 billion reais in the quarter, down 20.5% year-on-year and below the 3.42 billion reais estimated by analysts in a LSEG poll. Net revenue rose some 14% in the period to 66.9 billion reais, while analysts expected a 62.3 billion real quarterly revenue. KEY QUOTES Raizen said its net profit "reflects a lower contribution of its operational results, and the increase of financial expenses, including non-recurring effects." ($1 = 5.7042 reais) Sign up here. https://www.reuters.com/markets/commodities/brazils-raizen-swings-loss-third-quarter-2025-02-15/
