2025-08-11 21:42
Rescue mission ongoing, cause of the explosion is not known Clairton Coke Works is the largest coke manufacturing facility in the US Nippon Steel recently acquired U.S. Steel for $14.9 billion Aug 11 (Reuters) - Multiple explosions at a U.S. Steel plant near Pittsburgh killed at least one person and injured 10 others, authorities said on Monday, and emergency crews were searching through the rubble for an employee believed to be missing. The blasts at the Clairton Coke Works - part of a sprawling industrial complex along the Monongahela River - took place just before 11 a.m. ET (1500 GMT). Firefighters battled flames and heavy smoke that billowed out of the plant, which is owned by U.S. Steel, a subsidiary of Nippon Steel (5401.T) , opens new tab. Sign up here. Initially, two people were reported missing. One person was found and transported to a local hospital, said Allegheny County Police Assistant Superintendent Victor Joseph at an afternoon briefing. The other individual remains missing, he said. There was no word yet on a possible cause of the explosion. "It's still a rescue mission," Joseph said, adding that the probe into the explosion would be "a time-consuming technical investigation." David Burritt, president and chief executive officer of U.S. Steel, said in a statement that the company was working with local authorities to discover the cause. Authorities believe they know the general location of the missing employee but were not completely sure, said Scott Buckiso, executive vice president and chief manufacturing officer for U.S. Steel, at Monday's briefing. Pennsylvania Governor Josh Shapiro posted on X that there were multiple explosions at the plant and that his administration was in touch with local officials. "The scene is still active, and folks nearby should follow the direction of local authorities," he wrote. The severity of the injuries was not known, but news accounts said that several people were taken to hospital burn units. Clairton Mayor Rich Lattanzi said it was a horrible day for the city, about 20 miles (32 km) south of Pittsburgh, long known as America's Steel City. U.S. Steel has produced steel in the area since the late 19th century, but in recent decades, the industry has been in decline, leading to plant closures and restructurings. In June, Nippon Steel, Japan's biggest steelmaker, closed its $14.9 billion acquisition of U.S. Steel after an 18-month struggle to obtain U.S. government approval for the deal, which faced scrutiny due to national security concerns. While air quality monitors did not detect a dangerous rise in sulfur dioxide after Monday's explosions, residents within 1 mile of the plant were advised to remain indoors, close windows and doors, set HVAC systems to recirculate, and avoid activities that draw in outside air, said Allegheny County Executive Sara Innamorato at the briefing. The Clairton Coke Works is the largest coke manufacturing facility in the United States, employing about 1,300 workers. It operates 10 coke oven batteries, which produce about 4.3 million tons of coke a year. Coke is produced by heating coal at high temperatures. It is used in blast furnaces as part of the process of making steel. https://www.reuters.com/world/us/explosions-us-steel-plant-leaves-one-dead-one-missing-10-injured-2025-08-11/
2025-08-11 21:34
Aug 11 (Reuters) - Chemicals maker Celanese (CE.N) , opens new tab forecast third-quarter profit below estimates on Monday, anticipating waning demand across most of its key markets in the second half of the year, sending its shares down 14.6% in extended trading. The chemical industry has been struggling with higher energy costs, as well as weak demand and prices, especially in the European markets where strict regulations have further raised the cost of manufacturing. Sign up here. U.S. President Donald Trump's erratic trade policy has added to the uncertainty in the industry. The company, which makes chemical products used in coatings, paints and pharmaceutical products and polymers, projected adjusted profit of $1.10 to $1.40 per share in the third quarter. Analysts on average were expecting $1.73 per share, according to data compiled by LSEG. Celanese anticipates slowing demand to partially offset the benefits from the cost-cuts, which are expected to be realized in the third quarter. However, the Irving, Texas-based company reported adjusted profit of $1.44 per share in the second quarter, beating estimates of $1.40 on the back of cost-cutting measures. "We are also pleased that the deliberate actions we took drove earnings results for us this quarter," CEO Scott Richardson said. "However, the demand environment does not seem to be improving." The company said it has progressed to the second round of the divestiture process for its electronics segment, Micromax, having attracted interest from a number of potential buyers. Celanese had said in May it would spin off Micromax, a supplier of electronic inks and pastes designed for high-performance electronics, as the company looked to generate cash and cut debt. Materials from the Micromax unit are used in applications including navigation and defense, medical monitoring and advanced circuit board components. https://www.reuters.com/technology/chemicals-maker-celaneses-dour-profit-forecast-sends-shares-tumbling-2025-08-11/
2025-08-11 21:30
Aug 11 (Reuters) - Albemarle (ALB.N) , opens new tab, the world's largest producer of lithium for rechargeable batteries, said on Monday that Chief Operating Officer Netha Johnson will leave the company. Albemarle did not provide a timeline for Johnson's exit. A company spokesperson declined to comment on the reason for his departure. Sign up here. Johnson first joined the Charlotte, North Carolina-based company in 2018. He sits on the board of electric utility Xcel Energy (XEL.O) , opens new tab and previously worked at 3M (MMM.N) , opens new tab. He will be replaced as operating chief by Mark Mummert, who has been at the company since 2019, and most recently oversaw supply chain logistics. Albemarle earlier this month posted a surprise second-quarter profit helped by sustained demand for the battery metal. https://www.reuters.com/business/energy/albemarle-operating-chief-netha-johnson-leave-company-2025-08-11/
2025-08-11 21:24
SAO PAULO, Aug 11 (Reuters) - Brazilian businessman Nelson Tanure may give up on his bid to acquire a controlling stake in Latin America's largest petrochemical firm Braskem as his exclusive negotiations window nears closing without an agreement to resolve claims from an environmental incident linked to the company. Last May, Tanure signed a 90-day exclusivity document to discuss the terms of an offer to acquire a controlling stake in Braskem from Novonor, formerly Odebrecht. The businessman has since been working to resolve issues stemming from environmental investigation into ground subsidence in the northeastern city of Maceió, where Braskem had rock salt mines. Sign up here. In a written response to Reuters on Monday, Tanure said settling this case is a non-negotiable term for his Braskem bid, whose current exclusivity period ends on August 21. "An agreement with all entities involved in the Alagoas disaster is a sine qua non (condition), and especially applies to the non-transfer of criminal and financial responsibility to the new shareholders," he answered without elaborating on his next steps. The incident was allegedly caused by Braskem's rock salt extraction activities, which began in the 1970s and were halted in 2019 after authorities determined they contributed to the sinking of five neighborhoods, leading to the displacement of thousands of residents. As Tanure mulls his next moves, private equity firm IG4 Capital is biding its time, poised to launch a rival bid when Tanure-Novonor agreement lapses. IG4's strategy aims to consolidate Novonor's bank debt and exchange it for Braskem shares, sources said. Braskem, Novonor and IG4 all declined to comment . The critical decision period coincides with Brazil's Unipar's reported attempt to purchase Braskem's U.S. polypropylene plants for about $1 billion. Made public last week, the bid lacks approval from key parties, including Tanure and IG4, according to sources. https://www.reuters.com/business/energy/brazilian-businessman-nelson-tanure-may-give-up-braskem-deal-2025-08-11/
2025-08-11 21:18
Wall Street stocks finish lower in choppy session Dollar, bonds await US CPI report to refine rate cut chances Oil settles flat ahead of Trump-Putin meeting on Ukraine Gold down 1.5% NEW YORK/LONDON, Aug 11 (Reuters) - Global equity markets lost ground on Monday in a choppy session while yields of long-dated U.S. Treasuries fell, as investors weighed developments on trade and geopolitics in addition to key U.S. economic data. U.S. President Donald Trump signed an executive order extending a tariff truce with China by another 90 days, hours before U.S. tariffs on Chinese goods were due to snap back to triple-digit rates. Trump and Russian President Vladimir Putin are due to meet in Alaska on Friday to discuss ending Russia's war on Ukraine. Sign up here. On Wall Street, all three main indexes finished lower. Energy, real estate, and technology stocks were the biggest losers while consumer staples, consumer discretionary, and healthcare stocks gained. The Dow Jones Industrial Average (.DJI) , opens new tab fell 0.45%, the S&P 500 (.SPX) , opens new tab slipped 0.25% and the Nasdaq Composite (.IXIC) , opens new tab gave up 0.30%. In Europe, the STOXX 600 (.STOXX) , opens new tab index eased 0.06%. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab was down 0.25% to 938.16, trading near its record high reached in July. "At the surface level, the market is flat and calm, and it looks like we are in wait-and-see mode to see the economic data we are going to get tomorrow," said Wasif Latif, chief investment officer at Sarmaya Partners in New Jersey. "When you look underneath the covers and at the breakdown within the market, you're getting a little bit more of a selloff." The main economic release this week will be U.S. consumer prices on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3% to an annual pace of 3%, away from the Federal Reserve target of 2%. An upside surprise would challenge market wagers for a September rate cut, though analysts assume it would have to be a high number given that a downward turn in payrolls is now dominating the outlook. Markets imply around a 90% probability of a September easing, and at least one more cut by year-end. The yield on benchmark U.S. 10-year notes dipped 0.2 basis points to 4.281%, while the 30-year bond yield fell 0.5 basis points to 4.8494%. Trump has repeatedly criticised the Fed for not cutting rates at recent meetings, and markets are eyeing who will succeed current Chair Jerome Powell, whose term ends in May. This means the dollar's reaction to the CPI data will not be straightforward, said Paul Mackel, global head of FX research at HSBC. If the figure indicated higher U.S. tariff price pressures, "that could support the stagflation narrative, and to the dollar's detriment", he said, adding that this would also go against the view of some policymakers that tariffs were not causing prices to increase. "If, however, softer U.S. CPI readings materialise, including the core goods figures, this would likely challenge the dollar too by supporting the case for further Fed easing, and perhaps see greater criticism from the U.S. administration towards Fed Chair Powell." The dollar strengthened 0.26% to 148.11 against the Japanese yen and was up 0.47% to 0.812 against the Swiss franc . The euro was down 0.21% against the dollar at $1.1615. The dollar index rose 0.27% to 98.50. The Australian dollar eased 0.18% to $0.6512 ahead of a meeting of the Reserve Bank of Australia, which is widely expected to back a rate cut. It stunned markets in July by skipping an easing of policy to await more inflation data. Gold prices fell 1.50% to $3,347.69 an ounce after Trump said tariffs will not be placed on imported gold bars. U.S. gold futures for December delivery settled 2.5% lower at $3,404.70 an ounce. Oil prices settled flat as investors looked ahead to talks between Trump and Putin in Alaska on Friday, with U.S. policy towards Russian oil exports in focus. Brent settled up 0.06% to $66.63 a barrel, while U.S. crude settled up 0.13% to $63.96. https://www.reuters.com/world/china/global-markets-wrapup-7-graphics-2025-08-11/
2025-08-11 21:06
Cabin crew protest unpaid work at Canadian airports Union seeks pay for non-flight tasks, higher wages for new recruits Air Canada said it would make attendants best paid in Canada MONTREAL/TORONTO Aug 11 (Rtrs) - Hundreds of cabin crew members took their fight to major Canadian airports on Monday, picketing against unpaid labor, as talks on wages intensify between Air Canada AC.TO and its flight attendants this week ahead of a possible strike. A group of 700 mostly female flight attendants in crisp dark grey uniforms demonstrated at Toronto Pearson International Airport, donning signs with messages like "unpaid work won't fly," according to The Canadian Union of Public Employees, which said the contention is a key issue in contract talks with the carrier as a possible strike may come as early as August 16. Sign up here. A walkout during the busy summer travel season would be a blow for Canada's largest carrier, which recently reported a drop in second-quarter profit, weighed by weak passenger traffic to its key U.S. market. The negotiations between Air Canada and the union representing more than 10,000 flight attendants are further testing the way airlines compensate cabin crews, following earlier gains by cabin crew at some U.S. carriers. Most airlines have paid cabin crew members only when planes are in motion. But in their latest contract negotiations, flight attendants in North America have sought compensation for hours worked, including for tasks like boarding passengers and waiting around the airport before and between flights. The Canadian Union of Public Employees, which represents Air Canada flight attendants, has said it is also asking for higher pay for members, especially for recent recruits. Air Canada said in a statement it remains at the bargaining table and is focused on achieving a negotiated settlement that would make its flight attendants the best paid in the country, while supporting the long-term growth of the company. CUPE Strike Committee Chair Shanyn Elliott told reporters in Toronto that attendants perform an average of 35 unpaid work hours monthly for safety checks, boarding, deplaning, and passenger emergencies. She said their last contract was signed 10 years ago, so wages lag inflation, and some attendants rely on food banks or shared bunk rooms. The demonstrations did not impact Air Canada's operations. Both sides have said they want to get a negotiated agreement. Jim Ken, 73, an Air Canada passenger who is flying to Malta for vacation, told Reuters that he has sympathy for the workers, but is concerned about delays when he returns home in 11 days. “I hope flight attendants get a fair contract and they deserve it," he said. "I just hope everything goes smooth ... for both sides." Jennifer Kozelj, press secretary to Canada's Minister of Jobs and Families, said both sides are working with federal mediators. "We have faith in their ability to reach an agreement. Canadians expect them to work this out at the bargaining table." https://www.reuters.com/business/world-at-work/air-canada-pay-talks-intensify-cabin-crew-protest-threaten-strike-2025-08-11/
