Issue 22, 2024 - This week's editorial: US steelmaker warns European counterparts, M&A sees mixed results

Conference season continued in full swing last week as many of the world’s steel industry big hitters gathered at Danieli HQ in Buttrio near Udine to discuss key industry topics, as well as be wowed by the Italian technology giant’s equally big-hitting hospitality. US steelmakers had a hard lesson for their European counterparts at the event. Mergers and acquisitions were also a key theme of the week, with activity seeing mixed results.

The European Commissionmeanwhile proposed to extend the EU safeguard measure on steel by a further two years to 30 June 2026, as expected. However, it also said it will introduce a 15% cap per origin over the “other country” tariff-rate quota (TRQ) for hot rolled coil. The category 1 – HRC – other country TRQ has been causing a stir recently after being exhausted within days in consecutive quarters. Suppliers like Vietnam, Taiwan and Japan have benefited most. The Commission wants to limit their market penetration and give traditional suppliers – who have been crowded out – a chance.

BHP’s proposed acquisition of Anglo American collapsed after Anglo rejected a BHP request to extend takeover talks and BHP confirmed it had chosen not to make a firm offer for its rival miner by deadline on Wednesday. This came a week after Anglo rejected a third, £38.6 billion ($49 billion) proposal from the Australian mining giant.

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