Bob Tita

The United Steelworkers’ opposition to the sale of U.S. Steel was dealt a setback after an arbitration panel ruled Nippon Steel sufficiently complied with the union’s contract to become the storied steelmaker’s new owner. The union filed a grievance earlier this year alleging that Nippon Steel hadn't met the requirements and obligations of its labor agreement with U.S. Steel, which runs into 2026. The three-member arbitration panel determined that Japan’s Nippon Steel provided assurances and showed the financial capability to comply with the contract, U.S. Steel said.

Orders have fallen as labor shortages ease and production volumes slide.

Orders have fallen as labor shortages ease and production volumes slide. Robots are getting less work at U.S. factories.

Steelmaker Nucor said it will take more time for big infrastructure projects and interest rate cuts to revive flagging steel demand in the U.S. Nucor, the largest U.S. steelmaker by sales, dashed hopes for a late-year market rally by forecasting lower-than-expected profit from the fourth quarter. Federal infrastructure legislation approved in recent years hasn’t yet been a boon for the American steel market, according to Nucor Chief Executive Leon Topalian.

Caterpillar tempered its annual sales outlook again, as eroding construction and mining activity weigh on demand for the machinery maker’s equipment. Caterpillar's per-share profit on an adjusted basis came in below analysts’ expectations. Caterpillar reported a 9% decrease in sales of construction equipment and a 10% drop in mining equipment.

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.