Friday newspaper round-up: Speciality Steel UK, Canada tariffs, X and Meta

(Sharecast News) - Ministers are considering options to step in to save another major steel plant if its parent company collapses into administration after a key court case next week. The business secretary, Jonathan Reynolds, is understood to be looking at what the government can do to support Speciality Steel UK (SSUK) - part of the Liberty Steel Group owned by Sanjeev Gupta - should it be faced with possible closure after Wednesday's insolvency hearing. - Guardian

Bad management of private finance contracts is leading to poor quality assets being handed back to the government, including schools and hospitals, according to parliament's spending watchdog. Its report into the use of private finance initiatives (PFI) for infrastructure comes at a time when the government has identified private investment in projects such as power plants and transport outside London as a key part of its growth agenda. - Guardian

The US will impose a new tariff of 35 per cent on Canadian goods, Donald Trump has said. In a letter released on his social media platform, Mr Trump told Canada's prime minister the new rate would go into effect on August 1 and would go up if Canada retaliated. - Telegraph

Elon Musk's X and Mark Zuckerberg's Meta may have profited from spreading misinformation during last year's Southport riots, MPs have said. A report from the Commons Science and Technology committee, covering last year's unrest, found that the business models of social media companies "incentivise the spread of content that is damaging and dangerous". - Telegraph

Meta has agreed a compensation package of more than $200 million to poach a former Apple engineer for its "superintelligence" team, according to a media report. The owner of Facebook and WhatsApp has been luring top artificial intelligence talent from rival companies with huge salaries as it attempts to get ahead in the AI race. - The Times