The developer behind a planned $1.1 billion steel mill in northeast Arkansas says he hopes to break ground on the project this fall if everything goes as planned. The Legislature still needs to approve $125 million in state financing for the proposed Big River Steel mill to be built near Osceola.
Suntech, one of the world's biggest solar panel manufacturers, has been forced into bankruptcy court, becoming the latest casualty of a painful slump in the global solar industry. Wednesday's announcement came after Suntech Power Holdings Ltd. missed a deadline last week to make a $541 million payment to bondholders.
Illinois and Iowa could get into a bidding war over the construction of a $1.2 billion fertilizer production facility. According to Illinois officials, Iowa is offering Cronus Chemical LLC an estimated $35 million in taxpayer subsidies to build a plant in Mitchell County near the Minnesota border, the (Decatur) Herald & Review reported.
One of the world's biggest solar panel manufacturers, Suntech, says it has defaulted on $541 million in payments to bondholders after a downturn battered the global industry. The announcement Monday by Suntech Power Holdings Ltd. was a severe setback for one of the renewable energy industry's most successful companies.
The president of one of the nation's oldest gun manufacturers closed down his Connecticut factory Thursday morning and bused 400 of his workers to the state Capitol so they could personally urge lawmakers not to pass gun control legislation that they say could risk their livelihoods.
Toyota Motor Corp. held a ceremony Friday to mark the opening of its second plant in Karawang, Indonesia, to produce the Etios Valco compact hatchback for sale in the country. Built with an investment of about 33 billion yen, Plant 2 Karawang is creating about 1,100 new jobs and will have an annual production capacity of about 70,000 vehicles initially.
French carmaker Renault SA reached a potentially groundbreaking deal with leading unions Wednesday that allows it to reduce its workforce and cut costs in exchange for keeping jobs and production in France. Renault and other European carmakers have been struggling to stay competitive globally as Europe's car market flails.
Vestas Wind Systems is putting some of its factories up for sale, but officials said Wednesday their converted tower factory in Pueblo is still part of their recovery plan. Vestas spokesman Andrew Longeteig said the Pueblo tower factory is still ramping up to meet market demand and hiring more than 100 people by the end of March.
Nippon Steel & Sumitomo Metal Corp. said Wednesday it will halt operations of blast furnace and production lines at its four iron mills in Japan as part of efforts to streamline its business. Nippon Steel plans to close one of three furnaces at its mainstay iron mill in Chiba Prefecture near Tokyo by March 2016, and halt operations of a total of 14 production lines at iron mills in four prefectures.
Hostess is moving ahead with plans to sell its Twinkies, and one of the new owners says the spongy cream-filled snacks could be back on shelves by summer. The bankrupt company had earlier picked a $410 million joint offer from Metropoulos & Co. and Apollo Global Management as the "stalking horse" bid to set the floor for an auction.
Hostess is moving ahead with plans to sell its Twinkies and other snack cakes after nobody stepped forward to top an offer made by two investment firms. The bankrupt company had earlier picked a $410 million joint offer from Metropoulos & Co. and Apollo Global Management as the "stalking horse" bid to set the floor for an auction.
Facing public outrage over smog-choked cities and filthy rivers, China's leaders are promising to clean up the country's neglected environment — a pledge that sets up a clash with political pressures to keep economic growth strong. An array of possible initiatives discussed by officials and state media ahead of this week's meeting of China's legislature include tightening water standards and taxing carbon emissions.
The parent company of the Lipton Tea is planning to invest more than $96 million to expand its Suffolk facility. Gov. Bob McDonnell announced the investment from Unilever on Monday. The largest tea processing facility in the U.S. employs nearly 300 in Hampton Roads.
The automatic sequester budget cuts are expected to slash $43 billion in defense spending over the next seven months - 8 percent of the Pentagon's budget. And, as CBS News' Ben Tracy reports, that will impact thousands of small businesses that work in the defense industry.
After four tumultuous years bookended by an unprecedented recall crisis and a return to the top of the global auto industry, Akio Toyoda is refashioning Toyota Motor Corp. into a leaner company that's more imbued with the venture spirit of founder Kiichiro Toyoda, his grandfather.
Italy's labor minister is criticizing a decision by the Bridgestone tire company to close a plant in southern Italy as "serious and without reason." Corrado Passera protested in a letter to the Japanese company, released by the labor ministry Thursday, that the company had failed to work with authorities to find another solution.
Burning the very fruit of their labor, workers from Goodyear clashed with police outside the tire-maker's French headquarters in a last-ditch attempt to save their jobs. Goodyear has been trying to restructure or close its plant in northern France for five years, saying tires made there no longer sell.
Large electricity consumers were exempt from paying around €300 million ($390 million) in network charges last year alone — an arrangement that may put competitors in other member states at a disadvantage, said the Commission, which is also the 27-nation bloc's antitrust watchdog.
A Geneva Motor Show newcomer is threatening to shake up the European automotive industry. Qoros, a joint venture between Chinese carmaker Chery Automobile Ltd. and an Israeli investor, previewed a compact sedan at the Geneva show that it aims to launch in eastern Europe later this year.
The Commerce Department said Wednesday orders for so-called core capital goods, which also include equipment and computers, rose 7.2 percent from December. It was the biggest gain in more than a year and higher than the initial estimate the government made last week of a 6.3 percent.
Perhaps the largest new investment in Thailand for 2013 is a new Honda assembly plant worth 17.15 billion Baht ($570 million). The company says the new plant is necessary to keep up with demand for small cars in both the domestic and international markets, and is expected to begin production in April 2015.
The court says Tuesday on its website the companies agreed to a pay compensation of close to 180,000 reals ($90,000) to each of the 1,068 workers who were allegedly contaminated. They also agreed to provide workers with lifelong health plans valued at 200 million reals ($100 million).
For the fifth time, the Ethisphere Institute has named Rockwell Automation as one of the “World’s Most Ethical (WME) Companies,” a recognition that highlights companies that outperform industry peers when it comes to business ethics.
ConAgra Foods is combining its North American flour milling business with that of a joint venture of Cargill and CHS Inc. to create a new business that will be called Ardent Mills. The three companies say the deal announced Tuesday will create a business that will have a broader view of the marketplace and be able to serve their customers better.
America's power grid is like an old car. It gets the job done, even if its performance is slipping. But the repair bills go up every year and experts say only a major overhaul will reverse its decline. An Associated Press analysis of utility spending and reliability nationwide found that electric customers are spending 43 percent more than they did in 2002 to build and maintain local electric infrastructure.