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The companies also identified more than 200 initiatives to boost efficiencies by adding Nippon Steel’s technological expertise to U.S. Steel operations.

The U.S. imposed a 25% tariff on British steel and 10% on the spirit — levies that remain in place despite the U.K. being the first country to reach a trade agreement with Trump.

Cleveland-Cliffs said two of its sites, one in Michigan and another in Minnesota, show “key indicators of rare-earth mineralization.”

The European Commission will propose early next week a long-term mechanism that will also reduce the bloc’s existing quotas for foreign steel by almost half.

Mexico, Brazil and Canada are each seeking to negotiate with the Trump administration to reduce the tariffs, but they’re also focused on blocking the rising tide of cheap Chinese supply.

U.S. Steel approved a $300 million investment to upgrade some of its facilities, advancing part of an $11 billion commitment by Nippon Steel after its takeover of the steelmaker earlier this year.

EU trade chief Maros Sefcovic will meet with U.S. Trade Representative Jamieson Greer on the sidelines of the ASEAN ministerial summit in Kuala Lumpur.

The White House said the president would exercise his “golden share” power that was a key element in the administration’s decision to allow Nippon Steel to buy out U.S. Steel.

As President Donald Trump heads to the U.K. for a state visit, Prime Minister Keir Starmer has punted negotiations on removing U.S. steel tariffs, according to a source. 

The steel division, which employs 26,000 people, has been weighed down by soaring energy bills, rising interest rates and chronically low steel prices.