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Trump’s 50% tariffs on foreign steel “have fundamentally altered the competitive landscape and sharply limited our ability to access the U.S. market,” a spokeswoman said.

Nippon Steel is seeking a site capable of supporting a steel plant with 3 million tons of annual capacity. The plant will be run by the company’s U.S. Steel subsidiary.

Prime Minister Mark Carney’s government will lower the tariff-rate quota level for steel imports from countries with which Canada doesn’t have a trade agreement to 20% from 50%.

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.