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You can unsubscribe from these updates at any time. We manage your personal data in accordance with our privacy policy.Production at JSW Steel USA's Ohio mill fell to 80,000 short tons (st) for the quarter ended 31 December, down by nearly half from a year earlier.
JSW previously said "subdued market conditions in [the US]" were a reason why volumes were down.
The Mingo Junction, Ohio, mill, which has a production capacity of 1.65mn st/yr, or 413,000st/quarter, suffered a fire last year that damaged wiring and lead to an unknown amount of downtime.
London, 2 April (Argus) — Market participants had mixed reactions after the European Commission granted Strategic Project status to 47 critical materials projects, securing €22.5bn investment to bolster the bloc's homegrown battery supply chain. The listed €22.5bn is not yet allocated, but the commission will work with funding bodies such as the European Investment Bank and other private institutions to advise on distribution. The commission did not offer a deadline for funding allocations, but stated that permit-granting will be cut to 27 months for extraction and 15 months for processing or recycling projects, down from current waiting times of up to 10 years. The commission also maintains that the sum of expected overall capital investment will be enough to bring all 47 projects on line (see map) . "Securing Strategic Project status is likely to bring key advantages, including better access to finance and investment," Vulcan Energy chief executive Cris Moreno told Argus . "It will enable us to scale our operations and ensure long-term sustainable lithium production for Europe's mobility transition." One carmaker told Argus the commission's decision offers projects more of a "seal of quality" than a decisive cash injection, the significance of which has divided participants. "Funding is indeed limited considering the size of individual investments," a spokesperson from Finnish-state-owned battery recycler Fortum told Argus . "In general, one could say that cost of refinery or battery materials manufacturing capacities are easily 1bn — each." Others estimate the average cost for a project closer to $2.5bn . The EU's fast-tracked timelines for these projects might also be delayed by the handling of appeals against its permitting decisions, Fortum added, perhaps over the climate and local community. EU funding dwarfed by China, US The EU's €22.5bn of earmarked funding pales in comparison with China and the US. Chinese state subsidies into the electric vehicle (EV) supply chain tipped $45bn in 2023 alone, while the US invested more than $50bn last year into all clean energy under the Inflation Reduction Act (IRA) (see graphs) . "From a lithium perspective, it is nice to see some action in Europe but many of the projects are at best mediocre," Global Lithium podcast host Joe Lowry told Argus , citing high costs and an overall "mining unfriendly continent". "I welcome it, I think it's very good news", consultancy EV Outlook founder Roger Atkins said. "Almost inevitably, some will fail, some will thrive — they would've anyway, but this definitely helps." Participants speculated as to whether EU Strategic Project status will encourage enough additional investment to get projects under way. "I don't know all 47, but for [Swedish graphite producer] Talga, this will allow it to attract the investment it's been looking to close in on, but I'm certain production in Europe could benefit from more collaboration — even between competitors," Atkins added. "There is an annual forum in China going on since 2015, called China EV100, to get industry actors and politicians in the room. It's not for profit, so it's open to everyone, just an organic process of managing change. It wouldn't harm Europe to basically copy it." By Chris Welch EU's 47 strategic projects Annual Chinese state subsidy estimates $bn US manufacturing investments by stage of supply chain $bn Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Washington, 1 April (Argus) — President Donald Trump plans to announce a sweeping batch of tariffs on Wednesday afternoon that will take effect "immediately", the White House said today. Trump will unveil his much anticipated tariff decision Wednesday at 4pm ET during a ceremony at the White House Rose Garden. While the administration has announced the effective date, there is little clarity on what goods will face tariffs at what rates and against which countries, leaving the government agencies that will be tasked with enforcing new tariffs largely in the dark. "The president has a brilliant team of advisers who have been studying these issues for decades, and we are focused on restoring the golden age of America and making America a manufacturing superpower," the White House said today, brushing off criticism from economists, industry groups and investors. Economic activity in the US manufacturing sector contracted in March as businesses braced for Trump's tariff threats. Trump has previewed or announced multiple tariff actions since taking office. The barriers in place now include a 20pc tariff on all imports from China, in effect since 4 March, and a 25pc tax on all imported steel and aluminum, in effect since 12 March. A 25pc tariff on all imported cars, trucks and auto parts, is scheduled to go into effect on 3 April, the White House confirmed today. Trump and his advisers have previewed two possible courses of action for 2 April. Trump has suggested that all major US trading partners are likely to see a broad increase in tariffs in an effort to reduce the US trade deficit and to raise more revenue for the US federal budget. But Trump separately has talked about the need for "reciprocal tariffs", contending that most foreign countries typically charge higher rates of tariffs on US exports than the US applies to imports from those countries. In that scenario, high tariffs become a negotiating tool to bring down alleged foreign barriers to US exports. Treasury secretary Scott Bessent told Fox News on Monday night that the second course is the one Trump is more likely to take. Trump will announce "reciprocal tariffs" and "everyone will have the opportunity to lower their tariffs, lower their non-tariff barriers, stop the currency manipulation" and "make the global trading system fair for American workers again", Bessent said. But the White House insisted today that the new tariffs will not be a negotiating tool. Trump is "always up for a good negotiation, but he is very much focused on fixing the wrongs of the past and showing that American workers have a fair shake", the White House said. Trump's words and actions already have drawn retaliatory tariffs from Canada and China, and the EU is preparing to implement its first batch of counter-tariffs in April. Trump, for now, has deferred his tariff plans for imported Canadian and Mexican oil and other energy commodities. But the US oil and gas sector, which depends on pipelines and foreign-flagged vessels to transport its crude, natural gas, refined products and LNG, will feel the effects of tariffs on imported steel and proposed fees on Chinese-made and owned vessels calling at US ports. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mexico City, 1 April (Argus) — Private-sector analysts lowered Mexico's 2025 GDP growth forecast to 0.5pc in the central bank's March survey, down by more than a third from the prior forecast, driven by increased concerns over US trade policy and weakening domestic investment. The latest outlook is down from 0.8pc estimated in February and marks the largest of four consecutive reductions in the median forecast for 2025 GDP growth in the central bank's monthly surveys since December. Mexico's economy decelerated in the fourth quarter of 2024 to an annualized rate of 0.5pc from 1.7pc the previous quarter, the slowest expansion since the first quarter of 2021, according to statistics agency data. Uncertainty over US trade policy has weighed on investment and contributed to the slowdown. Concerns have intensified in recent weeks with US president Donald Trump set to announce sweeping new tariffs on 2 April. Mexico is preparing its response, possibly including reciprocal tariffs, on 3 April. A key concern in Mexico is an expiring carveout to the tariffs for treaties aligned with US-Mexico-Canada (USMCA) free trade agreement rules of origin. Mexico's economy minister said last week ongoing negotiations aim to secure a "preferential tariff," including a continuance of that exclusion and lower tariffs for goods progressing toward USMCA compliance. The median 2026 GDP growth estimate fell to 1.6pc from 1.7pc in February. Analysts again cited security, governance and trade policy as top constraints to growth. Year-end 2025 inflation expectations edged lower to 3.70pc in March from 3.71pc in February. The central bank's board of governors cut Mexico's target interest rate by 50 basis points to 9pc from 9.5pc on 27 March, citing expectations that inflation will continue to slow toward the central bank's 3pc long-term goal and reach 3.3pc by year-end. The board said it would consider additional cuts of that size at future meetings. Mexico's consumer price index accelerated to an annual 3.77pc in February, as slower growth in agricultural prices was offset by faster inflation in services. The target interest rate is projected to fall to 8pc by year-end, compared with 8.25pc in February's survey. The median exchange rate forecast for end-2025 reflected expectations of the peso ending the year slightly stronger at Ps20.80 to the US dollar from Ps20.85/$1 estimated in the prior forecast. The end-2026 estimate firmed slightly to Ps21.30/$1 from Ps21.36/$1. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mexico City, 1 April (Argus) — Volatility in the peso/dollar exchange rate may help to partially offset any tariffs that US President Donald Trump decides to impose on imports from Mexico as the ensuing peso depreciation would make its exports more competitive, said analysts from US bank Barclays. President Trump will announce Wednesday his next decision related to the threat to impose a 25pc tariff against imports from its commercial partners Mexico and Canada. Trump has delayed the decision twice, and it is likely that he will do so again, given the serious repercussions the tariffs could cause to the US economy, said Latam chief economist at Barclays, Gabriel Casillas, during a webinar held Monday. The base scenario for Barclays is that Trump's administration will finally step back from imposing tariffs on Mexico and Canada and rather go for an early renegotiation of the (US Mexico Canada Free Trade Agreement (USMCA) this year, said Casillas. In this scenario, the Mexican peso would strengthen to between Ps19.5 to Ps19.00 to the greenback, he added. However, if Trump's administration decides to impose the 25pc tariffs on all Mexican imports as he has threatened to do, then the peso would weaken to Ps24/$1, said Erik Martinez, foreign exchange research Analyst at Barclays during the same webinar. "If tariffs were imposed, 25 percent on all imports, we think a good portion of this would be absorbed by the exchange rate," said Casillas. A weaker peso makes Mexican exports more competitive abroad. The Mexican peso on Tuesday was trading at around Ps20.30 to the dollar, and has weakened by 18.5pc in the past year from about Ps16.6 to the dollar a year ago. If President Claudia Sheinbaum's administration avoids the tariffs, the peso may strengthen to around Ps 19.00/$1 in upcoming days, said Martinez. If the tariffs are applied during a brief period or only for the automobile sector, the exchange rate could range between Ps21.00-22.00 per dollar, said Martinez. However, even without any tariff being applied, Mexico's economy is expected to grow only by around 0.7pc this year, less than the estimates made late in 2024 of around 1.4pc, due to the deceleration of the US economy, Mexico's main trading partner, said Casillas. The US economy is showing signs of slowing down, specially in the industrial sector, which will impact Mexico's growth for the year. Also, this uncertainty is directly affecting any upside expected from so-called nearshoring as companies would now lose interest in moving their manufacturing lines to Mexico if there is no clear benefit in using the USMCA to avoid tariffs, said Casillas. By Édgar Sígler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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