Connect with us

Published

on

US President Donald Trump receives a gold helmet with his name on it during a visit to US Steel – Irvin Works in West Mifflin, Pennsylvania, May 30, 2025, to mark the ‘partnership’ between Nippon Steel and US Steel.

Saul Loeb | AFP | Getty Images

President Donald Trump issued an executive order on Friday approving U.S. Steel’s merger with Japan’s Nippon Steel, after the companies signed a national security agreement with the U.S. government.

U.S. Steel and Nippon said the national security agreement will give the U.S. government a “golden share” and makes certain commitments related to governance, domestic production, and trade. The companies did not elaborate on what powers the U.S. government will wield with its golden share.

“All necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly,” U.S. Steel and Nippon said in a statement.

The national security agreement calls for Nippon to make $11 billion in new investments by 2028, including initial spending on a greenfield project that will be completed after 2028, the companies said.

Trump said Thursday that the golden share gives the president “total control” without elaborating. Pennsylvania Sen. Dave McCormick told CNBC last month that the golden share will effectively allow the government to control a number of board seats.

Trump opposed U.S. Steel‘s controversial sale to Nippon in the runup to the 2024 president election, as Republicans and Democrats have leaned into protecting U.S. companies against foreign competitors.

But Trump started softening his opposition to the takeover after assuming office, ordering a new review of the deal in April. President Joe Biden had blocked U.S. Steel’s sale to Nippon during his final days in office, citing national security concerns, despite Japan being a close ally.

Trump has avoided calling the deal an acquisition or merger, describing it as a “partnership” in a May 23 post on his social media platform Truth Social. He insisted that U.S. Steel will remain “controlled by the USA” during a speech to workers at one of the company’s plants outside Pittsburgh on May 30.

U.S. Steel made clear it would become a “wholly owned subsidiary” of Nippon North America under the terms of the merger agreement in an April 8 filing with the Securities and Exchange Commission. Trump’s description of the deal as a “partnership” caused confusion among investors and union leadership.

The president told U.S. Steel workers that Nippon will be a “great partner.” The Trump administration is currently engaged in trade talks with Japan as investors eagerly await signs that the U.S. will strike deals with key partners that avoid steep tariffs.

Trump told the steelworkers that Nippon had agreed to keep U.S. Steel’s blast furnaces operating at full capacity for a minimum of 10 years. The president said the deal would not result in layoffs and promised there would be “no outsourcing whatsoever.” He said workers will receive a $5,000 bonus.

Trump announced that he was doubling U.S. tariffs on steel imports to 50% during his remarks to U.S. Steel workers. Those tariffs went into effect on June 4.

Continue Reading

Environment

Kia’s electric van makes for the ultimate high-end people mover at luxury resorts

Published

on

By

Kia's electric van makes for the ultimate high-end people mover at luxury resorts

Kia wants your next vacation to be a little greener. The PV5, Kia’s electric van, is getting a new role as a high-end people mover at eco-friendly luxury resorts.

Kia launches PV5 pilot at Red Sea Global’s luxury resorts

You can use the PV5 as a daily driver, delivery van, or even to start a pop-up mobile shop, but now it has found a new use.

Kia launched a new demonstration project on September 29 with Red Sea Global (RSG), one of the developers behind Saudi Arabia’s new gigaprojects.

The project is “the first step toward smarter mobility” as Saudi Arabia aims to break away from its oil-centric economy.

Advertisement – scroll for more content

Kia will provide the PV5 Passenger model for the demo, but promises much more is on the way. The Korean automaker will also help train workers, teaching them about electric vehicles, new technology, and other clean energy solutions.

Kia’s electric vans will be used as customized people movers at RSG’s new resorts and wellness tourism complex in Riyadh, Saudi Arabia.

Kia's-electric-van-resorts
The Kia PV5 electric van (Source: Hyundai Motor Group)

Breaking free from oil opens up a new market

The site, located along the Red Sea, is one of five gigaprojects designed to help the oil-rich nation reduce its dependence on fossil fuels.

Saudi Arabia’s plans, part of its Vision 2030 strategy, include a futuristic new city in Neom, an entertainment complex in Qiddiya, a residential development in Roshn, and a heritage site in Diriyah.

Kia's-electric-van-resorts
The Kia PV5 electric van (Source: Hyundai Motor Group)

Essentially, Saudi Arabia aims to transition from relying on oil revenue to power its economy to generating profits from tourism.

“Saudi Arabia is a very important market,” Jeong Ho-geun, Executive Vice President of Hyundai Motor Group’s Future Strategy Division, said, adding that the PV5 pilot is likely just the start.

Kia's-first-electric-van-PV5
Kia PV5 Passenger interior (Source: Kia)

A PV5 cargo designed for resort logistics and a custom PV5 conversion model could also be in the pipeline, the company said, which would be used at RSG’s high-end resorts. The larger PV7 electric van, set to launch in 2027, is “a possibility.”

With the PV5 arriving as a high-end shuttle in Saudi Arabia, will Kia launch it in other countries for use at resorts? It wouldn’t be a surprise.

Kia’s electric van is already rolling out in Europe, South Korea, and other global markets. The PV5 Passenger and Cargo, designed for personal and business use, are available in parts of Europe and South Korea.

During its PV5 Tech Day event over the summer, Kia revealed plans to launch seven new body types, including a “prime” luxury Passenger model, an open bed (similar to a pickup), and even a light camper version. What’s next?

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Watch delivery rider in Chicago hilariously outrun bumbling ICE agents on an e-bike

Published

on

By

Watch delivery rider in Chicago hilariously outrun bumbling ICE agents on an e-bike

A video circulating on social media this morning has electric bike fans cheering and Homeland Security officers scratching their heads after a man who is reported to be a delivery rider appeared to evade a group of Immigration and Customs Enforcement (ICE) agents in Chicago using nothing more than some quick footwork and an e-bike.

The short clip opens on a fairly routine city sidewalk scene, otherwise ordinary except for the group of around a dozen ICE agents, most with faces obscured and wearing a variety of mismatched uniforms and various military-style fatigues. There doesn’t appear to be any active law enforcement incidents or a clear reason for the large force, and the agents seem to be standing idly in a group on the sidewalk. The delivery rider can be seen walking his bike nearby and bending down to pick something up off the ground, which is followed by one of the agents lunging at him to try and grab him.

Startled, the man stumbles away, pushing his delivery e-bike with him and breaking into an awkward, zig-zagging escape. What follows looks more like a low-budget action comedy than a coordinated enforcement effort, as nearly a dozen ICE officers give chase in what looks like a confused herd. The video has been edited to add the Benny Hill theme song, further lightening the mood.

The rider, clearly no stranger to improvisation, darted past the agents while pushing his e-bike, sometimes switching directions to throw them off or using strangers as a screen to evade the officers, before finally hopping into the air and landing butt-first on his bike to zip away. The last few officers continued to chase the rider briefly as he increased the distance, before they eventually abandoned the pursuit and awkwardly returned to the sidewalk. The cyclist pedaled away, perhaps indicating that the likely throttle-enabled e-bike hadn’t even been turned on at the time.

Advertisement – scroll for more content

It’s unclear what prompted the attempted stop or if ICE agents were actually targeting the man specifically. Many have pointed out recently that such encounters are typical with ICE agents seen simply stopping people of color, often times delivery workers and other laborers.

One thing is for sure, though: As we’ve often said, e-bikes really may be the fastest way around a city, regardless of whether or not you’re being pursued.

Electrek’s Take

Obviously, if police are attempting to legally detain you, evading is not recommended. We don’t have enough context from the video to determine exactly why the ICE agents suddenly lunged at the man. From the video, the incident appears to have started after a single officer decided to attempt to grab the man, and not because he was the target of an investigation. Recent ICE roundups have been widely accused of selective enforcement, mostly preying upon people of color and in working-class areas.

ICE agents are only legally allowed to stop individuals if they have reasonable suspicion that the person has committed a crime, such as an immigration violation.

Electric bicycles continue to be one of the most effective ways to move quickly and efficiently around urban areas.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Newmont Names COO Natascha Viljoen CEO, as Tom Palmer retires

Published

on

By

Newmont Names COO Natascha Viljoen CEO, as Tom Palmer retires

Gold prices were poised for a second consecutive weekly gain on Friday, driven by safe-haven demand amid tensions in the Middle East and rising bets that the U.S. Federal Reserve might reduce interest rates later this year.

Courtesy: Kinross

Newmont Corp. on Monday announced that President and Chief Operating Officer Natascha Viljoen will succeed Tom Palmer as chief executive officer, starting in January.

Palmer, who has served as president and chief executive officer since 2019, will resign from the board and as CEO on December 31.

Viljoen joined the company in 2023 as executive vice president and chief operating officer, according to the company’s website. Prior to joining the gold miner, she served as CEO of Valterra and held leadership positions at BHP and Lonmin.

Viljoen will become the first woman to lead Newmont in its over 100-year history, according to the company.

“I want to express my gratitude to Tom for his mentorship and support, and to the Board for entrusting me with the responsibility to lead Newmont into its next phase of growth,” Viljoen in a press release.

Palmer joined Newmont in 2014 as Managing Director Indonesia before serving as the company’s Managing Director Asia Pacific in 2015, and chief operating officer in 2016, according to its website.

“After 12 years with Newmont, and almost 40 years in the mining industry, it is time for me to retire and hand over to Natascha to lead our Company through the next chapter in its storied history,” Palmer said in a statement.

Newmont earlier this month said it sold its stake in Orla Mining for $439 million as part of its divestiture program.

Continue Reading

Trending