Bob Tita

A rebound in the automotive market is months away, dampening hopes for an uptick in steel demand this year, Cleveland-Cliffs Chief Executive Lourenco Goncalves said. Shares in Cleveland-Cliffs plunged more than 8% Tuesday after the steelmaker posted a steeper third-quarter loss and decline in revenue than analysts had expected. Overall steel shipments fell by 7% in the quarter from a year earlier.

Some executives see the president-elect’s plan nudging customers to increase orders at domestic operations, while others say “the ship has literally sailed” for certain products.

United Steelworkers President Dave McCall says the company can stand alone, without a planned $14.1 billion sale to Nippon Steel.

Deere & Co. forecast another year of lower profit, with a weak U.S. farm economy draining demand for its tractors and harvesters. The world’s largest manufacturer of farm equipment by sales reported a shallower-than-expected drop in quarterly profit Thursday.

Deere & Co. Chief Executive John May said the tractor maker is in a strong position to confront potential tariffs under the incoming Trump administration, since Deere exports more farm and landscaping equipment from the U.S. than it imports from other countries. Trump has pledged to impose sweeping tariffs on imported items to encourage companies to manufacture more products in the U.S. Deere attracted Donald Trump’s ire on the campaign trail this fall after the Illinois-based company said in June it would move production of some models of small and medium-size construction loaders to a plant in Mexico from Dubuque, Iowa. Deere in 2022 decided to move production of cabs for large farm tractors to Mexico from Waterloo, Iowa, to make room for production of a new tractor model at its Waterloo plant.

Steelmakers say duties on imports during the president-elect’s first term helped lift steel prices and expand payrolls.

The Japanese company continues to doggedly campaign for support from mayors, governors and especially members of the steelworkers union.

The Japanese company continues to doggedly campaign for support from mayors, governors and especially members of the steelworkers union.

The Japanese company continues to doggedly campaign for support from mayors, governors and especially members of the steelworkers union.

The Japanese company continues to campaign for support from mayors, governors and especially members of the steelworkers union.