Home

Black Box Casino

This cautionary tale explains how the murky and complex world of mortgage finance caused a global market meltdown―and offers new insights on how to create a stronger world of banking and mortgage finance.

Mr. England writes about the financial crisis with harrowing precision.

-- Daniel Henninger, deputy editorial page director, columnist, Wall Street Journal

First Reckless Endangerment and now it is Black Box Casino's turn to shine a bright light on the root causes of the mortgage meltdown. England, relying on decades of experience as a financial reporter and consummate research skills, documents how government housing policy, political expediency, and crony capitalism combined to cause the mortgage meltdown that nearly sank the world’s economy.

-- Ed Pinto, former chief risk officer of Fannie Mae

Drawing upon sources not available to previous writers, England presents the most complete account yet of how the collapse of an obscure subprime mortgage lender in January 2007 could eventually take down some of the greatest names on Wall Street by September 2008, wreaking massive economic destruction that Americans are still struggling with today.

-- Kenneth Cline, managing editor, Banking Strategies Magazine

US EV policy pivot boosts hybrids, lowers full battery EV share: Krear

A shift in electric vehicle (EV) policy in the US is driving a surge in momentum for hybrid vehicles and a slowdown in momentum for full battery electric vehicles, according to Elizabeth Krear, president and chief executive officer of the Center for Automotive Research

By Robert England
21 May 2026

Fastmarkets Metals and Mining

Changes in EV policy represent “a near complete reversal in direction,” Krear said in a keynote speech at the Great Designs in Steel Symposium held on Wednesday May 20 in Novi, Michigan.

“Hybrids now represent 14.5% of US market share while full battery electric vehicles have declined to 5.1% after peaking at 7.8% in 2024,” Krear said.

“Today electrified vehicles in the US account for 20% market share — and by electrified I mean hybrid, plug-in hybrid and full battery electric vehicles,” the keynote speaker said. Internal combustion engine (ICE) vehicles hold “the remaining 80% of the market share,” she added.

It is unclear how the shift away from full battery electric vehicles will affect overall demand for automotive steel, which surged in the second and third quarters last year as buyers rushed to purchase new cars before tariffs were reflected in prices. That activity drove total US 2025 sales volume to about 16 million light vehicles, Krear said.

US steelmakers face 'robust opportunity' in data center expansion, Zekelman says

Fastmarkets Metals and Mining
By Robert England
March 30, 2026

US steelmakers faced a “robust opportunity” in the data center construction boom, driven by rapid implementation of artificial intelligence programs, according to Barry Zekelamn, executive chairman and chief executive officer of Zekelman Industries.

The industry’s expansion was “definitely driving up steel demand and will continue to do so,” Zekelman told Fastmarkets in the week to Monday March 30.

The US is by far the world’s dominant and pre-eminent participant in the data center industry, giving American producers of steel and steel parts a front-line position in the supply chain.

The steel needed for the data center construction boom “is pretty massive -- it’s all over the place,” Zekelman said.

“It’s not only hollow structural steel and beams, it’s all different types of steel and other materials,” he said.

“There’s all of the lead-up that goes into the building, which [includes] conduit and electrical sourcing for that, whether it’s solar or gas lines or your generation stations that are powering it,” he added.

Fate of SDI's renewed bid for BlueScope requires further engagement: analyst

Fastmarkets Metals and Mining
By Robert England
27 Jan 2026

The fate of Steel Dynamics Inc’s (SDI) efforts to renew its bid to acquire North Star BlueScope rests on its ability to garner engagement with BlueScope’s board in Australia and win over its shareholders, according to Phil Gibbs, metals equity analyst at KeyBanc Capital Markets.

“Eventually shareholders are going to have to weigh in even though the management team said the deal is not credible because it undervalues the company,” Gibbs told Fastmarkets on Monday January 26.

The all-cash $8.8 billion joint bid with Australia’s industrial conglomerate SGH Limited on December 12 sought to acquire 100% of all shares of BlueScope Steel, Australia’s largest steelmaker, with a subsequent on-sale of its US assets, including North Star BlueScope in Delta, Ohio.

Electric vehicle pivot by automakers will likely drive 2026 US auto production trends: analysts

Fastmarkets Metals and Mining
By Robert England
January 7, 2026

US automakers' reset of their strategies for electric vehicles (EVs) is likely to impact overall US automotive production trends in 2026, according to auto and steel sector analysts.

The end of EV mandates and subsidies, combined with a reduction in federal average corporate fuel standards, provides a boost for sales of internal combustion engine (ICE) vehicles as consumer preferences guide trends, slowing the adoption rate for EVs and speeding up adoption rates for hybrids, analysts said.

Overall US-based auto production volumes next year could shift by up to 1% in either direction, analysts told Fastmarkets, reflecting differing assessments of how effective reset strategies are, and how quickly and smoothly automakers can implement those strategies.

The resulting shifts in US automotive production will, in turn, drive demand for US-produced steel, especially for cold-rolled and galvanized steel sheet, as well as special bar quality and cold-heading quality steel rods.

Supreme Court likely to deliver split decision on tariffs: Wilbur Ross

Investor mogul Wilbur L. Ross, who served as US Secretary of Commerce in President Trump’s first term, discussed the potential impact of the Supreme Court’s decision in a case brought against tariffs imposed under the International Emergency Economic Powers Act (IEEPA) during an exclusive interview with Fastmarkets on Tuesday November 11.

By Robert England
Fastmarkets Metals and Mining
November 13, 2025

The Supreme Court heard oral arguments on November 5 in the cases brought by several small businesses led by Learning Resources, Inc. and twelve states co-led by Arizona and Oregon. Lower courts ruled the tariffs exceeded the President’s authority under IEEPA, staying their rulings pending an appeal.

The IEEPA tariffs were imposed by the Trump Administration earlier this year against Canada, Mexico and China over fentanyl flowing into the US. Further, Trump invoked IEEPA when he imposed “reciprocal” tariffs on trading partners to address trade deficits and trading policies the President deemed unfair.

Some of the reciprocal tariffs have been reduced subsequently after countries and trading blocks, such as the European Union, reached new bilateral trade agreements with the US.

Boston Metal scores breakthroughs in carbon-free metals production: exec

Boston Metal’s innovative carbon-free molten-oxide electrolysis (MOE) technology, which can produce iron from iron ore and selected metals from metal oxides, is racking up deployment milestones and breakthroughs in advancing the longevity and durability of its anodes, according to Adam Rauwerdink, senior vice president of business development.

By Robert England
Fastmarkets Metals and Mining
September 12, 2025

The latest milestone was achieved on Tuesday September 9, when stainless steelmaker Outokumpu announced a joint agreement with Boston Metal to provide chromium oxide and chromium feedstock from its Kemi mine in northern Finland, giving Boston Metal a potential significant source of chrome it needs to manufacture its inert anodes.

The joint agreement, inked in a memorandum of understanding with Outokumpu, is part of the Woburn, Massachusetts-based company’s long-term strategy for establishing earnings potential for anode technology, Rauwerdink told Fastmarkets in an interview.

ArcelorMittal’s tailored blanks transform automaking

The automotive industry's embrace of the pioneering steelmaking technology of tailored welded blanks to make hot stamped door rings has reached a break-out point with annual output volumes expected to double over the next five years

June 26, 2025
By Robert England
Fastmarkets Metals and Mining

The door ring is a key structural part in the vehicle body-in-white that encircles each set of side doors. It plays a critical role in protecting the passengers and battery during a crash.

ArcelorMittal Tailored Blanks Americas’ (AMTB) tailored blanks method for making door rings allows for material optimization, weight reduction, cost efficiency and manufacturing simplicity while reducing the carbon dioxide equivalent footprint of the car, according to Gagan Tandon, chief product officer.

In 2024, AMTB produced over 4 million door rings for six automotive brands in North America,

Based on projects in the pipeline, AMTB expects that by 2030 annual production for North America has the potential to grow to over 10 million door rings applied to over 19 brands

The success of this technology will also reaffirm steel’s role as the dominant material used to make cars, the chief product officer said.

US-China lower tariffs deal brightens trade, economic outlook: sources

A US-China trade agreement to sharply lower reciprocal tariffs for 90 days that emerged on Monday May 12 boosts the outlook for trade and the economy, according to analysts and market observers.

Robert England
12 May 2025
Fastmarkets Metal and Mining

Under the bilateral agreement, crafted over the weekend of May 10-11 in Geneva, Switzerland, in high-level discussions, tariffs for US goods going into China will fall from 125% to 10% while duties for Chinese goods going into the US will drop from 145% to 30%, according to The White House.

The impact on metals and minerals may be muted, given the various sectoral tariffs in place or under investigation.

Sectoral 25% tariffs on autos, auto parts, steel and aluminium remain intact.

Investigations into semiconductors, copper, critical minerals, timber, lumber and trucks remain to be completed.

Economic analysts expect the 90-day deal to push up economic growth in the US and China over prior forecasts.

Shipping giant's investment signals turnaround for US shipbuilding: sources

French shipping giant CMA CGM Group’s plan to invest $20 billion in maritime transportation, logistics and supply chains in the US over the next four years signals the start of a turnaround for US shipbuilding and will increase demand for steel plate by as much as an estimated $2 billion over the term of the investment, according to market participants.

Fastmarkets Metals and Mining

By Robert England

March 13, 2025

“While $20 billion is a lot, it’s not a huge amount, but it will give an incentive to fortify the infrastructure to build ships and that capability is definitely missing in the US,” a steel plate distributor said.

"The raw material in a $20 billion investment won’t be much but it’s a lot more than anyone did in the past. I’d guess it will amount to $2 billion over several years. So while it won’t move pricing or demand much, the psychological impact is huge,” he said.

“It also represents an about-face in thinking about shipbuilding. The change in direction is worth so much more than $20 billion. The momentum it is creating is priceless,” the distributor said.

A steel plate buyer also offered a positive view on the investment, saying, “It seems like a huge investment. I am not sure what it equates to from a tonnage perspective. Shipbuilding uses a lot of steel [per ship].”

Trump restores 25% Section 232 steel tariffs, ends exemptions

US President Donald Trump issued an executive order on Monday February 10 restoring the full 25% tariffs that were initially imposed in 2018, under Section 232 of US trade regulations, to apply to imports of steel articles from all countries, in an attempt to stem a surge in imports that he said once again is a threat to national security.

By Robert England

Fastmarkets Metals and Mining
February 11, 2025

The order eliminated exemptions and alternative arrangements for some countries put into place over the intervening years that Trump said have weakened the effectiveness of the tariffs. The order was based on a recommendation from US Secretary of Commerce Howard Lutnick.

Under the order, tariff exclusions currently in place will expire on March 12, 2025.

Trump noted that, while US steel consumption declined in 2024, global steel capacity continued to expand, to an excess capacity of 630 million tonnes per year, according to the Organization for Economic Cooperation and Development.

The president’s order cited an 18% increase in imports from Canada since 2018, and highlighted a surge of exports from China in 2024, reaching 114 million tonnes by November, “displacing production in other countries and forcing them to export greater volumes of steel articles and derivative steel articles to the US.”

“This is a very significant action,” according to Christopher Weld, a trade policy attorney at Wiley Rein in Washington, DC.

Page 1 of 4