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Storied US Steel to be acquired for more than $14 billion by Nippon Steel

Published Tue, 05 Nov 2024 15:31:14 GMT

U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, is being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion. The transaction is worth about $14.9 billion when including the assumption of debt.The deal’s announcement comes several months after U.S. Steel rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs. U.S. Steel received the offer in August and said at the time that it was reviewing “strategic alternatives” after receiving several unsolicited offers. The company said it rejected the offer because Cleveland-Cliffs was pushing it to accept the terms without being allowed to conduct proper due diligence. Soaring prices have helped fuel consolidation in the steel industry this decade. Steel prices more than quadrupled near the start of the pandemic to near $2,000 per metric ton by the summer of 2021 as supply chains experienced gridlock, a symptom of surging demand for goo...

Albanian lawmakers discuss lifting former prime minister’s immunity as his supporters protest

Published Tue, 05 Nov 2024 15:31:14 GMT

TIRANA, Albania (AP) — Supporters of Albania’s opposition Democratic Party protested against the government Monday while a parliamentary commission discussed whether to lift the immunity from prosecution of the party’s leader, former Prime Minister Sali Berisha. Prosecutors asked lawmakers last week to strip Berisha of his parliamentary immunity because he did not abide by an order to report to them every two weeks and not travel abroad while he is being investigated for corruption.Cordons of police officers surrounded the Parliament building Monday as a commission discussed the immunity request. If granted, the full Parliament is expected to vote Thursday to clear the way for prosecutors to put Berisha under arrest of house arrest. Berisha, 79, was charged with corruption in October for allegedly abusing his post to help his son-in-law, Jamarber Malltezi, buy land in Tirana owned by both private citizens and the country’s Defense Ministry, and to build 17 apartment buil...

UK plans to implement carbon tax on imported goods like steel from 2027, a year after EU’s proposals

Published Tue, 05 Nov 2024 15:31:14 GMT

LONDON (AP) — The British government announced plans Monday to charge a carbon levy on imported raw materials such as aluminum, iron, steel and cement from 2027, in an attempt to prevent firms being undercut by overseas producers.However, the plan has come under criticism from the body representing British steel as being too sluggish, as it will come into effect one year after similar proposals from the European Union are implemented.Announcing its plan, Britain’s Treasury said the proposed new tax will level the playing field, helping greener domestic producers compete against higher carbon, but cheaper, foreign rivals. For years, fears have been expressed that efforts to cut greenhouse gases in the U.K. are not being matched overseas, meaning that emissions are just being displaced to other countries without ambitious net-zero targets, leading to little global benefit.“This levy will make sure carbon-intensive products from overseas — like steel and ceramics — face a compara...

A boycott call and security concerns mar Iraq’s first provincial elections in a decade

Published Tue, 05 Nov 2024 15:31:14 GMT

BAGHDAD (AP) — Baghdad’s streets were nearly empty on Monday, the main day of polling in the country’s first provincial elections in a decade, which are boycotted by an influential political bloc and marred by scattered violence and allegations of irregularities. The vote to select new provincial council members, who in turn will appoint governors, is widely seen as a bellwether for the parliamentary election due to take place in 2025.Initial voting on Saturday, which was restricted to military and security personnel and displaced people living in camps, showed a relatively high turnout of about 67%, but turnout in Monday’s vote among the general population was widely expected to be low.Muqtada al-Sadr, a powerful Shiite cleric and political leader who officially resigned from politics in 2022 during a lengthy deadlock over Cabinet formation, had called on his supporters to boycott the provincial elections, saying that their participation would reinforce the dominance of a corrupt p...

Suspect sought after man stabbed in neck multiple times in Leslieville

Published Tue, 05 Nov 2024 15:31:14 GMT

Police are looking for a suspect wanted in connection with a stabbing in the city’s east end last week.Emergency crews were called to the area of Greenwood Avenue and Gerrard Street East around 1:30 a.m. on Dec. 14 for reports of an assault.Investigators say two men got into an argument when one man stabbed the other man multiple times. Paramedics told CityNews the man was stabbed in the neck several times and rushed to hospital with serious but non-life-threatening injuries.Police have released photos of a suspect and are asking for the public’s help identifying him. The man is described as 18 to 22 years old, five foot seven inches tall with a slim build. He was last seen wearing a black winter jacket, black balaclava, red hooded sweatshirt, black pants and black shoes.Anyone with information is being asked to contact police.

Russian opposition leader Navalny fails to appear in court as allies search for him in prison system

Published Tue, 05 Nov 2024 15:31:14 GMT

Allies of the imprisoned Russian opposition leader Alexei Navalny said they were searching for him for a 13th day after he failed to appear in court Monday.Navalny’s spokesperson Kira Yarmysh wrote on X, formerly known as Twitter, that Navalny had multiple hearings scheduled, some of which were suspended after the politician who is President Vladimir Putin’s fiercest foe could not be located to participate in person or by video link. The whereabouts of Navalny, 47, have been unknown since his lawyers lost touch with him after Dec. 6. They believe he is deliberately being hidden after Putin announced his candidacy in Russia’s March presidential election, which the longtime leader is almost certain to win. “Alexei is Putin’s main opponent even though his name won’t be on the ballot,” Yarmysh told The Associated Press. “They will do everything they can to isolate him.” Navalny’s team has launched a campaign to encourage Russians to boycott the election or vote for another c...

Several feared dead or injured as a massive fuel depot explosion rocks Guinea’s capital

Published Tue, 05 Nov 2024 15:31:14 GMT

CONAKRY, Guinea (AP) — An explosion and inferno at Guinea’s main fuel depot in the capital of Conakry left several people dead or injured, authorities and local media reported Monday, as emergency services battled to put out the fire.The fire broke out at the Guinean Petroleum Company depot shortly after a massive explosion past midnight Sunday, Guinea’s presidency said in a statement. The area in the heart of the Kaloum administrative district is home to most government offices.It was not immediately clear what caused the fire at the depot that supplies most of the fuel in Guinea, raising fears of a major supply disruption.Officials have not confirmed any casualty figures though local media reported dozens of people were hurt, most of them hospitalized with serious injuries. At least four dead were confirmed at the Ignace Deen hospital, Conakry-based Le Courrier de Conakry news platform reported.Communications Minister Aminata Kaba said that damage was significant. The fire r...

Relief for drivers as downtown construction work pauses for winter break

Published Tue, 05 Nov 2024 15:31:14 GMT

Some relief for drivers dealing with road closures and detours throughout the downtown core.After three weeks of lane restrictions, the City says construction work on the southbound lanes of University Avenue will pause for a winter break at the end of the day on Dec. 18. Work is expected to resume in early February.While restrictions on southbound vehicular traffic will be lifted, upgrade work on the protected cycling track continues and cyclists are encouraged to use alternate routes on Beverly, Elizabeth or Bay Streets.Ontario Line work continues on the northbound side of University Avenue with just two northbound lanes open from Queen Street West to Armoury Street until at least 2026.Regular traffic has also resumed on Bloor Street West from Spadina Avenue and Avenue Road as part of the planned winter shutdown. One lane of vehicular traffic and a protected cycle track will remain open in each direction until infrastructure work resumes again next spring.Traffic is also moving ag...

German Chancellor Scholz tests positive for COVID, visit by new Slovak leader canceled

Published Tue, 05 Nov 2024 15:31:14 GMT

BERLIN (AP) — German Chancellor Olaf Scholz said Monday that he has tested positive for COVID-19, and the government said a visit by Slovakia’s new prime minister had to be canceled as a result.Scholz wrote on social media platform X that “with few symptoms, I am counting on a mild case.” Spokesperson Steffen Hebestreit said the chancellor was in his office and communicating by phone and videoconference but would not perform any public duties on Monday and Tuesday.Slovak Prime Minister Robert Fico was scheduled to meet Scholz in Berlin on Tuesday, and the visit had to be canceled, Hebestreit said.It is not yet clear whether Scholz will be able to lead a Cabinet meeting on Wednesday in person, he added.Scholz, who is 65, received a COVID-19 booster shot this year, Hebestreit said.The Associated Press

Live updates | Israel’s allies step up calls for a halt to the assault on Gaza

Published Tue, 05 Nov 2024 15:31:14 GMT

After France, the U.K. and Germany joined global calls for a cease-fire in the Israel-Hamas war, U.S. Defense Secretary Lloyd Austin is in Tel Aviv Monday, and is also expected to press Israel to wind down its offensive in Gaza. The 10-week-old war has killed over 18,700 Palestinians and transformed much of the north of Gaza into a moonscape. Nearly 85% of Gaza’s population have fled their homes.More than 18,700 Palestinians have been killed since Israel declared war on Hamas, according to the Health Ministry in Gaza, which does not differentiate between civilian and combatant deaths. Israel says 116 of its soldiers have died in its ground offensive after Hamas raided southern Israel on Oct. 7, killing about 1,200 people — mostly civilians — and taking about 240 hostages. Currently: — In Israel’s killing of three hostages, some see the same excessive force directed at Palestinians.— Israel finds a large tunnel adjacent to the Gaza border, raising questions about prewar intelli...