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.
Sales of personal computers will continue to shrink this year after a grim 2012, as consumers flock toward tablets, research firm IDC said Monday. IDC expects global PC sales to contract 1.3 percent this year after falling 3.7 percent last year.
Toyota Europe will post for the first time in five years a profit from just its car business for the 2012 fiscal year thanks to cost-cutting and improved efficiency, the head of the regional division said on the eve of the Geneva Auto Show on Monday.
A Hyundai executive says it's unclear what will happen in the European car market this year because manufacturers still haven't gotten a handle on their overcapacity problem. In addition to the difficult economy, idle factory floors are weighing on European manufacturers. But stringent labor protections have meant few factories have closed in recent years.
The U.S. Air Force awarded a high-stakes contract worth more than $427 million to Sierra Nevada Corp. on Wednesday, dealing a major blow to Wichita-based Beechcraft as it emerges from bankruptcy protection. Sierra Nevada, based in Sparks, Nev., will initially build 20 light air support planes for use in Afghanistan under a contract that could ultimately be worth nearly $1 billion.
Automation GT, an automation design-and-manufacturing firm based out of Escondido, Calif., is at the forefront of the “re-shoring” trend that has been sweeping the American manufacturing landscape. The company, which has deployed automation solutions in a handful of industries has seen some of its largest clients put serious thought into the business case of bringing work back to America.
Chrysler said it will invest nearly $400M and create 1,250 new jobs at transmission and metal casting factories in the Kokomo, Indiana, area. CEO Sergio Marchionne confirmed that Chrysler will spend $162M and add 850 new jobs at a former Getrag Transmission plant in nearby Tipton. The company will spend another $212M for equipment and tooling at three other factoring, creating 400 new jobs.
Construction equipment maker Caterpillar says it will cut more than one in three jobs at its Belgian plant because of high labor costs and sluggish growth in its European market. Caterpillar Inc. says Thursday it plans to cut 1,400 of the 3,400 jobs at its Gosselies plant south of Brussels alongside other measures aimed at restoring the site's competitiveness.
The chief executive of electric car maker Tesla Motors says his company plans to pay back an Energy Department loan in half the time required by the U.S. government. CEO Elon Musk said Tesla plans to pay off the $465 million federal loan in five years, rather than 10 years.