• Reuters

    Analysis-China's steel sector has bigger worries than Biden tariff hike

    U.S. President Joe Biden's push to triple tariffs on Chinese steel imports strikes a mostly symbolic blow on an industry facing bigger concerns over faltering local demand and threats of even stronger blowback against China's surging exports. The state-backed China Metallurgical Industry Planning and Research Institute (MPI) forecasts a 1.7% drop in China's steel demand this year, following a 3.3% decline in 2023. While China's steel exports last year climbed more than a third to their highest since 2016 at 90.26 million metric tons, about 9% of its total crude steel output, just 598,000 tons of the shipments went to the United States.

  • PA Media: UK News

    Badenoch to warn business chiefs Labour would impose ‘stifling’ conditions

    Business Secretary Kemi Badenoch will criticise a rising tide of state regulation, which she will claim would become even stronger under Labour.

  • Reuters

    Chinese carmaker Chery says Spanish plant to be among main export facilities worldwide

    Chinese carmaker Chery said on Friday a newly-acquired Barcelona plant will be one of its main exporting facilities worldwide, aiming to produce 150,000 vehicles a year by 2029 in a joint venture with Spanish firm EV Motors. Production will begin at the end of the summer at a plant that Japanese carmaker Nissan shut down in 2021. Chery will start production of its Omoda 5 electric vehicle (EV), and hire 150 former Nissan workers, said EV Motors' chief executive Pedro Calef at the plant's presentation.