U.S. STEEL CITES TRUMP IN RESUMING CONSTRUCTION PROJECT
U.S. Steel Corp. will restart construction on an idled manufacturing facility in Alabama, and it gave some of the credit to President Donald Trump’s trade policies in an announcement Monday.
Trump’s “strong trade actions” are partly responsible for the resumption of work on an advanced plant near Birmingham, the Pittsburgh-based company said in a statement. The administration’s tariffs have raised prices on imported steel and aluminum.
The manufacturer also cited improving market conditions, union support and government incentives for the decision.
Pompeo warns of risks to U.S. cooperation over Huawei.
U.S. Secretary of State Mike Pompeo said Monday that America might be forced to scale back certain operations in Europe and elsewhere if countries continue to do business with the Chinese telecommunications company Huawei.
Pompeo made the comments in Budapest on the first leg of a fivenation European tour during which he said he would raise American concerns about China and Russia’s growing influence in Central Europe. He said he also would discuss concerns about the rule of law, democracy and human rights in the region, particularly in Hungary, where nationalist Prime Minister Viktor Orban has been criticized for increasingly authoritarian rule.
Amazon to buy Wi-Fi device maker Eero.
YORK» Amazon is buying NEW Wi-Fi device maker Eero, helping the online retailer expand its line of smart home gadgets.
Eero, founded in San Francisco five years ago, sells $200 devices that can spread Wi-Fi throughout a home. Rival Google already sells similar devices.
Seattle-based Amazon did not say how much it is paying for Eero. The deal is expected to be completed sometime in the first half of this year.
Amazon has been growing its smart home gadgets in recent years: Its voice-activated Echo devices have been a hit for the company, and last year it paid about $839 million to buy Ring, the maker of WiFi-connected video doorbells.
Mexican state electric firm aims to rework private contracts.
CITY» Mexico’s state-run MEXICO electric company is looking to renegotiate generous natural gas contracts it has with private sector firms that stipulate payments even when gas isn’t being delivered.
Federal Electricity Commission director Manuel Bartlett said Monday the company runs the risk of bankruptcy if it doesn’t reach new terms with the companies. He said that since 2015, it has paid private sector companies 62 billion pesos ($3.2 billion) under contracts for gas delivered via pipeline to generate electricity, even when the gas isn’t flowing. Several projects have been blocked by community protesters.
President Andres Manuel Lopez Obrador expressed optimism that the contracts could be revised voluntarily, while lambasting their existence in the first place. Several of the companies involved have ties with former government officials in Mexico. — Denver Post wire services