- Stelco to recall 175 laid-off workers in Hamilton, Ontario, from December 1
- China warns US against additional semiconductor export controls following Nvidia scandal
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UK public borrowing exceeds official forecast in September
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Government borrowing overshot official projections in September, which is a sign of the difficult fiscal position that the Chancellor faces as she puts the finishing touches on her first tax and spending budget.
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What’s the Latest: Stelco to recall 175 laid-off workers in Hamilton, Ont. on Dec. 1
Stelco will recall 175 temporarily laid-off workers as it plans to restart its Hamilton, Ontario, finishing operations on December 1 due to increased customer demand. The company will ensure that all affected employees receive retroactive wages for the period of their temporary layoff.
Cleveland-Cliffs Inc. announced plans to recall all temporarily laid-off workers due to increased customer demand for steel, with operations set to resume on December 1. The company stated that the affected employees will receive standard wages retroactively for the duration of their layoff.
Stelco plans to recall 175 temporarily laid-off workers in Hamilton on December 1, citing increased customer demand as the reason for the operational restart. Meanwhile, Industry Minister Mélanie Joly has warned Cleveland-Cliffs Inc. that it may face legal action or be forced to divest Stelco if it fails to comply with previously agreed employment guarantees.
What remains unclear — It is not specified how Cleveland-Cliffs plans to address the federal government’s concerns regarding alleged violations of its commitments.
Stelco to recall 175 laid-off workers in Hamilton, Ontario, from December 1
Stelco is set to recall 175 temporarily laid-off workers as the company plans to restart its finishing operations in Hamilton, Ontario, on December 1. The decision follows an increase in customer demand, according to Stelco, which expressed gratitude towards its customers and employees for their patience during this challenging period.
Paul Simon, Stelco’s president, stated, “I would like to thank our valued customers for the faith they have placed in us, and our workers for their patience and resilience.” The recall comes after parent company Cleveland-Cliffs Inc. faced backlash from the federal government over the layoffs announced in September, which Industry Minister Mélanie Joly argued were contrary to the conditions set during the sale approval process.
Cleveland-Cliffs attributed the layoffs to U.S. tariffs, reduced demand for Canadian steel, and competition from imported products. However, following negotiations resulting in agreements with enough customers, the company is repositioning to recall all laid-off workers.
The restart of operations will take several weeks, during which time all affected employees will receive retroactive standard wages for the duration of their layoff. The layoffs coincided with Cleveland-Cliffs’ acquisition of Stelco in 2024, which was conditional upon government approval under the Investment Canada Act.
According to Joly, Cleveland-Cliffs was warned last month to rectify alleged breaches of commitments related to employment guarantees. The government is also consulting legal counsel regarding comments from CEO Lourenco Goncalves, who implied the acquisition was intended to shield U.S. operations from Canadian competition. Joly cautioned that failure to meet these commitments could prompt the federal government to compel the sale of Stelco.
Get you up to speed: China warns against new U.S. export controls on chips in wake of Nvidia’s Huang scandal
China warned the United States against imposing further controls on semiconductor exports amid the controversy surrounding Nvidia and its former CEO Jensen Huang, who resigned on Thursday. The Chinese foreign ministry stated that such measures would disrupt global supply chains and urged for stable economic relations between the two nations.
China’s foreign ministry stated that it opposes additional U.S. export controls on semiconductor equipment, asserting that such actions disrupt global supply chains. Howard Lutnick, the U.S. Commerce Secretary, is set to testify before the Senate Banking Committee on December 10 regarding the oversight of NVIDIA’s AI chip sales and his department’s decision not to place Megaspeed on the Entity List.
China’s foreign ministry has warned the United States against additional semiconductor export controls, stating that such measures “disrupt the stability of global industrial and supply chains.” Meanwhile, House Speaker Mike Johnson noted a growing consensus in Congress regarding the need for tighter controls on chip exports to China, amidst ongoing scrutiny of the Commerce Department’s oversight and potential testimony from Commerce Secretary Howard Lutnick scheduled for December 10.
What remains unclear — It is not known what specific measures the U.S. government might take regarding additional export controls on semiconductors.
China warns US against additional semiconductor export controls following Nvidia scandal
China warned the United States on Friday against imposing additional controls on exports of semiconductors in the wake of the scandal surrounding AI chip giant Nvidia and its now-former CEO Jensen Huang.
China “has consistently opposed the abuse of export control measures, which disrupts the stability of global industrial and supply chains and serves no party’s interests,” foreign ministry spokesperson Mao Ning told a regular press briefing when asked about calls from U.S. lawmakers to impose more limits on exports of chip equipment to China.
“China and the United States should work together to implement the important consensus reached by their respective heads of state and maintain the stable development of China-U.S. economic and trade relations,” Mao said.
Jensen Huang — who resigned Thursday — has admitted to an affair, reportedly with Alice Huang, a former senior executive at Singapore-based data center company Megaspeed. They’re not related.
Commerce Secretary Howard Lutnick is under fire from critics asking whether his ties to Chinese companies and friendship with Jensen Huang contributed to a lack of oversight by the federal agency over billions in Nvidia AI chip sales, WTX US News has learned. The Commerce Department did not respond to a request for comment.
During an interview on CNBC on Friday morning, Treasury Secretary Scott Bessent placed the blame on Lutnick’s Commerce Department for not including Megaspeed on what’s known as the Entity List, which would restrict their ability to access U.S. technology products.
Bessent said that his department, the Defense Department, the State Department and the U.S. trade representative all supported adding Megaspeed to the list.
“They were in favor of putting Megaspeed on the Entity List for months,” Bessent said, before referring to the Commerce Department’s Bureau of Industry and Security. “Commerce BIS has the pen, and you will have to ask them about their internal processes.”
According to a U.S. official, Lutnick has agreed to testify before the Senate Banking Committee on Dec. 10.
Last month, the New York Times reported that about a year ago, President Trump was briefed on intelligence that suggested that Alice Huang was a Chinese asset and that she had grown close to Jensen Huang and the president decided not to do anything with the information.
House Speaker Mike Johnson said there’s a growing consensus in Congress on further tightening controls on chip exports to China.
According to the Times, U.S. officials circulated a memo last spring citing intelligence alleging that Alice Huang was a spy for China’s Ministry of State Security, its main intelligence service.
Beijing has rejected the allegations and said on Thursday that they are a “pretext for imposing a technological blockade” to stop China advancing in artificial intelligence technology.
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