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Rio Tinto Group has named its iron ore boss Simon Trott as its new chief executive officer, replacing the outgoing Jakob Stausholm. View More

Despite U.S. protectionism, Toyota and Hyundai prioritize the American market, mirroring Trump's 'America first' approach. North America is crucial, accounting for over 40% of their revenue. While tariffs pose challenges, these Asian automakers, especially those with strong hybrid lineups, aim to maintain their U.S. presence. View More

SEOUL/TOKYO: Toyota and Hyundai Motor may have a beef with U.S. protectionism, but they have one thing in common with President Donald Trump: when it comes to global car markets, it's America first for Asia's legacy automakers. Trump's tariffs on imported automobiles have upended the outlook for the global industry, yet the U.S. remains by far the most important market for Japan's Toyota, South Korea's Hyundai and Asian rivals including Honda and Nissan. North America accounts for at least 40% of the revenue at both Toyota and Hyundai, filings show. The market's importance is unlikely to change any time soon, industry insiders and analysts said, especially with China, now the world's biggest auto market, dominated by homegrown electric vehicle makers such as BYD. Those Asian legacy carmakers with more robust margins and a strong hybrid lineup - such as Toyota, Hyundai, Kia Corp and to a lesser extent Honda - are more likely able to weather the U.S. tariffs storm, and potentially take market share from weaker players like Nissan, analysts said. "The environment that we're in now is becoming increasingly harsh and uncertain, starting with U.S. tariffs," Mazda executive officer Noriyuki Takimura told reporters at an event in Tokyo last week. Mazda aims to strike a balance between "defensive" measures like cost-cuts and "offensive" ones like strengthening its product lineup, he said. Live Events Two Hyundai insiders and two Japanese auto executives separately told Reuters they had no intention of downsizing their U.S. businesses in response to tariffs, even as they acknowledged the difficulties ahead. All four spoke on condition of anonymity. The U.S. is Toyota's biggest market in terms of vehicles. It sold 2.3 million vehicles there in 2024, including its Lexus brand, accounting for more than a fifth of its global total. As a source of revenue, North America was second only to Japan in the last financial year. Hyundai's North American revenue was the highest in almost a decade last year. Kim Chang-ho, an analyst at Korea Investment & Securities, estimated it generates around 60% of its profits from the U.S., thanks to higher vehicle prices. Mocked in the U.S. in the 1980s for its perceived shoddy quality, Hyundai doubled down there around a decade ago, especially after tensions between Beijing and Seoul and the rise of domestic EV makers saw it start to lose ground in China. "After years of putting in effort, our brand is finally gaining recognition in the United States," one of the Hyundai insiders said. "So we will not take our hands off the U.S." Game of chicken The U.S. has seen a surge in demand for hybrids as consumers have become more concerned about the battery range, price and charging hassles of EVs. Fuel-efficient models such as hybrids will be a key driver to gaining market share, said Morningstar analyst Vincent Sun. Toyota, Hyundai and Kia have particularly strong hybrid offerings. So far, most legacy Asian automakers have avoided raising prices in the U.S. and stronger players are likely to continue to hold off doing so, despite lower profitability, analysts said. Instead, the focus will likely be on taking market share from lower-margin rivals like Nissan and Stellantis, analysts said. “It will shape up like a game of chicken," said Kim Sung-rae, an analyst at Hanwha Investment & Securities. "Those who will hold up well will emerge as winners.” Over time, tariffs could be a catalyst to help drive consolidation in the industry, or at least deepen existing tie-ups. Investors wonder if tariffs could push Nissan to revive merger talks with Honda that fell apart this year. Mazda, which is 5.1% owned by Toyota, and Subaru, which is 21% owned by Toyota, could become more reliant on the bigger company. More investment? While Hyundai and Kia have three U.S. factories, they still import about two-thirds of the vehicles sold there. Toyota manufactured 1.3 million vehicles in the U.S. last year, equal to 54% of the vehicles it sold there. Japanese automakers have invested more than $66 billion in U.S. manufacturing since the 1980s, building some two dozen plants, according to the JAMA auto lobby group. At a White House event attended by Trump in March, Hyundai announced a $21 billion investment plan, including a new steel factory, and a plan to boost U.S. production capacity to 1.2 million vehicles a year. The tariffs are likely to encourage Japanese and South Korean automakers to invest more into expanding production capacity and localising supply chains to protect their positions, said Justinas Liuima of research firm Euromonitor International. They will also continue to benefit from one aspect of U.S. protectionism: higher tariffs on Chinese EVs, which means they don't face the same Chinese competition in the U.S. that they do in emerging Asian markets, Liuima said. China ships very few cars to the United States, which imposed a 100% tariff on imported Chinese EVs under the previous administration of President Joe Biden. One of the Japanese executives said it wasn't a matter of simply boosting U.S. production, as high costs, especially of labour, would also weigh on profitability. "It is really a game-changer," Julie Boote, analyst at Pelham Smithers Associates in London, said about the potential longer-term tariff impact. Some automakers have held off giving guidance that takes into account tariffs for the full year, meaning investors may be in store for a rude awakening as companies adjust forecasts as they report quarterly earnings, she said. "There's lots of talk that it's already priced in. I don't really think it is."

Sona Comstar has developed new motors using light rare earth elements like cerium, samarium and neodymium, while Ather Energy too is keen to move towards light rare earth magnets. Ola Electric says it has developed magnet-free motors View More

Tata Group Chairman N Chandrasekaran initiated a green steel project in Port Talbot. The project aims to cut carbon emissions significantly. This transformation involves switching to an electric arc furnace. The UK government supports this initiative with a substantial investment. The project is expected to secure thousands of jobs. View More

Tata Group Chairman N Chandrasekaran on Monday held the ground-breaking ceremony at Port Talbot in the UK to kickstart the construction of a GBP 1.25 billion green steel project to cut down carbon emissions by 90 per cent at the site. The company is transitioning from the blast furnace route to the low-emission electric arc furnace process, which will utilise the locally available scrap. " Tata Steel UK today celebrates a historic milestone in its green transformation journey as Natarajan Chandrasekaran, Chairman of Tata Group, joins government ministers at a groundbreaking event for the company's state-of-the-art Electric Arc Furnace (EAF) facility in Port Talbot," the steel player said in a statement. Chandrasekaran was joined by Tata Steel CEO and Managing Director T V Narendran and Tata Steel UK CEO Rajesh Nair, for ground breaking which marks the official start of construction for the UK's largest low-carbon steelmaking facility. This is part of a GBP 1.25 billion transformation to low CO2 steelmaking, supported by a GBP 500 million investment from the UK Government. The joint investment by Tata Steel and the UK Government in green steelmaking at Port Talbot is the biggest in a generation and will secure 5,000 jobs across Tata Steel UK. Live Events The new EAF is set to be commissioned at the end of 2027 and is expected to reduce Port Talbot's carbon emissions by approximately 90 per cent, equivalent to 5 million tonnes of CO₂ per year, and 50 million tonnes over the next ten years. Chandrasekaran said: "This is an important day for Tata Group, Tata Steel and for the UK. Today's groundbreaking marks not just the beginning of a new Electric Arc Furnace, but a new era for sustainable manufacturing in Britain. At Port Talbot, we are building the foundations of a cleaner, greener future, supporting jobs, driving innovation, and demonstrating our commitment to responsible industry leadership." This project is also part of Tata Group's wider investment in the UK, across steel, automotive, and technology among others, which reflects our deep and enduring partnership with this country, said Chandrasekaran, who is also the chairman of Tata Steel. Business Secretary Jonathan Reynolds said: "This is our Industrial Strategy in action and is great news for Welsh steelmaking backing this crucial Welsh industry, which will give certainty to local communities and thousands of local jobs for years to come. "This government is committed to a bright future for our steel industry, which is why we provided GBP 500 million of funding to make this project possible. Our modern Industrial Strategy will set out how we'll back the sector even further to drive growth and create well-paid jobs across the country, as part of our Plan for Change." Secretary of State for Wales Jo Stevens said: "The UK Government acted decisively to ensure that steelmaking in Port Talbot will continue for generations to come, backing Tata Steel with GBP 500 million to secure its future in the town, along with GBP 80 million to support workers and the wider community. Our Steel Strategy will also deliver GBP 2.5 billion of investment to rebuild the UK industry, maintain jobs and drive growth. First Minister Eluned Morgan said: "This is a momentous day for heavy industry in Wales, as the electric arc furnace has secured the long-term future of steel making at Port Talbot. The start of the construction phase is good news for Port Talbot and neighbouring communities, and I'm especially pleased that Tata has committed to employing local contractors and local workers where it can." India-based Tata Steel owned the UK's largest steelworks of 3 million tonnes per annum (MTPA) at Port Talbot in South Wales and employed around 8,000 people across all its operations in that country. To take forward its transition plan, the company shut its upstream operations in a phased manner amid workers' protests and job cuts. At present, Tata Steel UK is using substrate from India and Netherlands operations to service existing customers in the UK. PTI (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

In a recent review, officials flagged tactics by intermediaries to bypass standards, such as altering chemical compositions or reclassifying steel grades.  View More

The project is not just the beginning of a new Electric Arc Furnace, but also a new era for sustainable manufacturing in Britain View More

Wheels India Limited is expanding its reach. The company invests in WIL Europe GmbH. The investment is 50,000 euros. WIL Europe GmbH is a wholly owned subsidiary. It will handle automotive and supply chain activities. Wheels India earmarked Rs 250 crore for capital expenditure. The company reported a net profit of Rs 105.9 crore for the last financial year. View More

Wheels India Ltd , a manufacturer of steel wheels and cast iron-wheels has infused 50,000 euros into its newly formed entity and subsidiary WIL Europe GmbH , the company said on Sunday. The subsidiary WIL Europe GmbH is in the process of formation and is yet to commence operations. It is being developed to expand and do business activities in Europe, Wheels India said. "We wish to inform you that the company has infused funds Euro 50,000 towards the equity share capital of WIL Europe GmbH proposed to be incorporated in the name of WIL Europe GmbH, a wholly owned subsidiary of the company," Chennai-based Wheels India said in a regulatory filing. The company would be engaged in automotive-non-automotive related activities and services, and also in supply chain management and other allied services. The capital infusion was through a cash consideration of 50,000 equity shares having a face value of Euro 1 each, the company said. Live Events In May, Wheels India said it has earmarked Rs 250 crore as capital expenditure for the current financial year, with the majority of it being set aside for manufacturing windmill components. For the financial year ending March 31, 2025, the company reported a net profit of Rs 105.9 crore, as compared to Rs 67.9 crore registered in the previous financial year. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Tata Steel has completed its first paperless import transaction using an Electronic Bill of Lading for a coal shipment from Australia to India. This digitized process, facilitated by ICE Digital Trade and involving multiple banks, aims to enhance supply chain efficiency and sustainability. The initiative aligns with Tata Steel's goal of achieving Net Zero emissions by 2045 through eco-friendly practices. View More

Tata Steel completed its first paperless import transaction under a Letter of Credit, fully backed by digital processes, the company announced on Friday. The company carried out first digitized import shipment of coal using an Electronic Bill of Lading (eB/L) with full bank integration. In its efforts towards fully digitised and sustainable global trade, the company used eB/L for its coal import shipment from Queensland , Australia to Dhamra Port in Odisha , India. The transaction, backed by digital platform provider ICE Digital Trade’s eBL solution, involved coordination between Tata Steel India, ICICI Bank , TS Global Procurement, and Standard Chartered Bank (Singapore). Electronic Bill of Lading (eB/L) is a digital version of the traditional paper document used in global shipping. Tata Steel aims to make its supply chain eco-friendly, as a step to fulfil its sustainability objective of achieving Net Zero by 2045. Live Events "This is a big step forward in making our supply chain smarter and more eco-friendly. By embracing eB/L, we are cutting through traditional bottlenecks and setting a new standard for how goods move globally. It reflects our commitment to building a supply chain that is not just efficient and secure, but also environmentally responsible," said Peeyush Gupta, Vice President - TQM, GSP & Supply Chain, Tata Steel. The digital transaction in imports and exports enables faster access to documents and higher compliance, the company said. “This successful integration of banks and digital documentation marks a leap in trade finance. It enables faster access to documents, brings efficiency, and ensures higher compliance - everything a modern finance ecosystem needs," said Sandeep Bhattacharya, Vice President - Financial Control & Business Analytics, Tata Steel. By removing the need for physical courier services and paperwork, the new system significantly speeds up documentation and reduces risks. The company is taking several measures towards digitisation and environmental sustainability as it executed a blockchain-enabled, paperless trade transaction of steel export to a customer in UAE in 2021. Later in the year in November, the Company executed a blockchain-enabled paperless export order with a metals major in Bangladesh. Banks play a significant role in such transactions as overseas tech-enabled transactions pave the way for future foreign trade . “The eB/L solution represents ICICI Bank’s commitment to transform international trade through technology-driven innovation and strategic global partnerships, while adhering to industry-standard compliance. This is also part of our journey from Bank-to- Bank Tech—an evolution from a traditional bank to a tech-led Bank Tech institution," said Anubhuti Sanghai, Head of Transaction Banking, ICICI Bank. Digitisation of trade finance reduces timelines, eliminates risks and improves transparency in the process. “The success of this landmark transaction marks a significant milestone in the digitisation of trade finance, significantly reducing timelines, eliminating risks and improving transparency. This achievement underscores our commitment to driving innovation and efficiency in global trade, while delivering greater speed, security and transparency to clients," said Maisie Chong, Global Head, Standard Chartered Bank. Tata Steel is working on more blockchain-based paperless transactions in geographies like Bangladesh, Europe, and the Middle East covering three different shipment modes - Road, Breakbulk, and Containers. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

"The mandatory adherence requirement of input steel for imports of steel products with bill of lading having shipped on board date on or before July 15 shall be exempted," the steel ministry said in a clarification. The move brings relief to micro, small and medium enterprises (MSMEs) that had been given little time to comply. View More

NEW DELHI: The Centre on Friday deferred by a month the implementation of quality control order (QCO) for certain steel products . The QCO, issued last month, mandated that input material for imported steel products, whether finished or semi-finished, adhere to Indian standards framed by the country's quality watchdog, the Bureau of Indian Standards (BIS). The QCO was effective for imports having a bill of lading date of June 16. "The mandatory adherence requirement of input steel for imports of steel products with bill of lading having shipped on board date on or before July 15 shall be exempted," the steel ministry said in a clarification. The move brings relief to micro, small and medium enterprises ( MSMEs ) that had been given little time to comply. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Revival of lotus flowers in Kashmir’s Wular Lake after decades sparks hope for ecosystem and local economy. View More