Group 1 - Japan's Nippon Steel is set to complete the acquisition of US Steel for $14.1 billion, with the final procedures expected to be completed by June 18, 2023 [1][2] - The acquisition was facilitated by a national security agreement signed between Nippon Steel and the US government, which was necessary to address security concerns [1][3] - The US government will receive a "golden share" from Nippon Steel, which grants it veto power over significant operational decisions, although this share will not have voting rights [2][3] Group 2 - To gain support from the US government, Nippon Steel proposed a substantial investment plan of approximately $11 billion by the end of 2028, aimed at upgrading old production facilities and constructing new steel plants [3][4] - The acquisition process faced political challenges, including a halt initiated by former President Biden, which led to legal actions from Nippon Steel [3][4] - The acquisition saga lasted for a year and a half, culminating in a resolution after negotiations resumed under the Trump administration [4]

Group 1 - Japan Steel Corporation's acquisition plan for U.S. Steel has been approved by the U.S. government, allowing Japan Steel to acquire 100% of U.S. Steel's common stock [1] - As a condition of the approval, Japan Steel will issue a "golden share" to the U.S. government, granting it significant influence over key operational matters of U.S. Steel [1][2] - The investment from Japan Steel into U.S. Steel is expected to reach approximately $14 billion, with $11 billion to be invested by 2028 [2] Group 2 - The acquisition is seen as a strategic move to enhance the innovation capabilities of the steel industry in both Japan and the U.S., fostering closer ties between the two nations [2] - Japan Steel's global expansion strategy focuses on three key markets: Japan, rapidly developing India, and the promising U.S. market [2][3] - Following the acquisition, the combined production capacity of Japan Steel and U.S. Steel will position them close to China's Ansteel Group, which ranks third globally in crude steel production [3] Group 3 - Japan Steel has already established a strong presence in the Indian market, having partnered with ArcelorMittal to acquire Essar Steel in 2019 [3] - The U.S. is viewed as the largest high-end steel market globally, with strong demand for high-performance automotive products, which Japan Steel aims to capitalize on [3] - Recent increases in import tariffs on steel and aluminum by the U.S. government are expected to benefit domestic steel producers, including Japan Steel, by allowing them to capture a larger share of the high-end steel market [3]

Core Viewpoint - The acquisition of U.S. Steel by Nippon Steel has been officially approved by President Trump, contingent upon the resolution of national security concerns through an agreement with the Treasury Department [1][2]. Group 1: Acquisition Details - Nippon Steel will invest $11 billion in the U.S. steel industry by 2028 as part of the agreement [2]. - The acquisition allows Nippon Steel to avoid a $565 million breakup fee that would have been incurred if the deal was not approved [2]. - The deal is expected to inject critical investment into the struggling U.S. steel industry and position Nippon Steel favorably in U.S. infrastructure projects [2]. Group 2: Market Reaction - Following the announcement, U.S. Steel's stock rose over 5% in after-hours trading [2]. - On May 23, a previous announcement from Trump led to a 21% surge in U.S. Steel's stock price [3]. Group 3: Government Involvement - Trump has indicated that the U.S. government will retain "golden share" rights in the acquisition, which he claims will ensure U.S. control over the company [3]. - The specifics of the "golden share" arrangement remain unclear, with no details provided on typical rights associated with such a stake [3]. Group 4: Ongoing Discussions - A Nippon Steel executive mentioned that a certain degree of management freedom is necessary for the acquisition to proceed, indicating that final discussions regarding the deal structure are still ongoing [4].

Global Steel Production - In 2024, global crude steel production is projected to reach 1.885 billion tons, remaining stable compared to previous years, with China producing 1.005 billion tons, accounting for 53.3% of the total [1][2] - India ranks second with a production of 149 million tons, showing a year-on-year growth of 6%, while traditional steel-producing countries like Japan, the US, and Russia are experiencing declines [1][2] - The production process is dominated by the blast furnace-converter method, accounting for 70.4%, while electric arc furnace processes represent 29.1% [1][2] Steel Consumption - The global apparent steel consumption in 2024 is estimated at 1.742 billion tons, with a per capita consumption of 214.7 kg [2][3] - China leads in per capita consumption at 601.1 kg, while India lags at 102.6 kg, highlighting significant disparities between developing and developed nations [2][3] - Asia accounts for 72.4% of global consumption, with China and India contributing the majority of the growth, while Europe and North America see declining shares [2][3] Raw Materials and Trade - Iron ore remains a critical raw material, with Australia and Brazil together accounting for 72% of global exports; China is the largest importer, with imports reaching 1.18 billion tons in 2024 [3][4] - The reliance on iron ore has prompted the industry to seek alternatives, with direct reduced iron production increasing from 106 million tons in 2020 to 144 million tons in 2024 [3][4] - Global trade in scrap steel is on the rise, with a total of 95.8 million tons traded in 2024, primarily involving the EU, the US, and China [3][4] Sustainability - The steel industry's carbon emission intensity has decreased, with 2023 figures showing 1.92 tons of CO2 emitted per ton of crude steel produced [4][5] - Energy consumption intensity is reported at 21.27 GJ/ton, with material efficiency reaching 98.15%, indicating ongoing efforts in energy conservation and emissions reduction [4][5] - The industry is investing in new technologies, including electric arc furnaces and hydrogen metallurgy, to meet sustainability goals [4][5] Trade Dynamics - In 2024, global steel trade volume is expected to reach 449 million tons, with China exporting 117 million tons, primarily to emerging markets in Southeast Asia and Africa [5][6] - The EU and the US are major importers, with net imports of 15 million tons and 18.6 million tons, respectively [5][6] - Indirect trade, involving steel-containing products, significantly impacts global supply and demand dynamics, with 2019 figures showing 359 million tons traded [5][6] Future Outlook - The steel industry faces challenges and opportunities in low-carbon transformation, with technologies like hydrogen metallurgy and carbon capture set to play crucial roles [6][7] - Smart manufacturing through industrial internet and AI is expected to enhance efficiency and reduce energy consumption [6][7] - Emerging markets, particularly in Southeast Asia and Africa, are anticipated to drive future steel demand, with India's consumption projected to exceed 200 million tons by 2030 [6][7]

智通财经6月14日电，日本经济产业大臣声明称，欢迎美国批准日本制铁对美国钢铁公司的投资计划。 ...

美国钢铁公司与日本制铁（新日铁）同美国政府进入NATSEC（国家安全）协议。 美国钢铁公司（X）美股盘后涨幅扩大至4.68%。 ...

智通财经6月14日电，美国白宫发布美国钢铁公司（X）与日本制铁（新日铁）交易的声明。美国总统 特朗普修改关于两家公司交易的命令。 ...

美国钢铁公司（X）美股盘后涨2.28%。 美国白宫发布美国钢铁公司与日本制铁（新日铁）交易的声明。 美国总统特朗普修改关于两家公司交易的命令，为批准这笔交易铺平道路。 ...

Group 1 - The acquisition of U.S. Steel by Nippon Steel requires a certain degree of management freedom to proceed, indicating ongoing discussions about the transaction structure [1] - Nippon Steel proposed to acquire all outstanding shares of U.S. Steel at $55 per share by the end of 2023, but the Biden administration previously blocked the deal citing national security concerns [1] - Former President Trump expressed support for the partnership between U.S. Steel and Nippon Steel, stating it would generate approximately $14 billion for the U.S. economy and create around 70,000 new jobs [2] Group 2 - Trump announced that the headquarters of U.S. Steel would remain in Pittsburgh, and emphasized that his tariff policies would ensure the steel industry remains in the U.S. [2] - The U.S. government will retain "golden share" rights after the acquisition, which Trump claims will ensure absolute control, equating to 51% ownership by Americans, though specifics remain unclear [2] - The acquisition is still pending, with two critical deadlines approaching: the lawsuit deadline on Friday and the merger agreement expiration on June 18 [2]

版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 围绕日本制铁收购美国钢铁公司，美国总统特朗普6月12日表示，"我们将拥有（美国钢铁公 司的）黄金股。由总统控制"。谈判已进入最后阶段，但日铁高管强调称，"如果没有经营自 由度，谈判也有可能流产"。日铁将以一贯要求的美国钢铁公司变为全资子公司为条件，与美 国政府进行最后的谈判。 日铁此前也表示，"没有免费的技术。因为将提供高级钢的全部制造技术，所以不能进行没有 回报的投资"，要求将美国钢铁变为全资子公司。日铁高管在听到特朗普的发言后表 示，"（通过日铁投资）重振美国制造业这一想法与美国政府一致"，透露谈判已进入最后阶 段。 日经中文网 https://cn.nikkei.com 特朗普称美国政府将取得美钢的黄金股，"美国人将拥有51%的所有权"。对此，日铁高管表示，"如果 没有经营自由度，有可能无法与美国政府达成协议"，强调了以变为全资子公司为条件的态度不会动 摇…… 视频号推荐内容： 在此基础上表示，"如果没有经营的自由度，有可能无法与美国政府达成协议"，强调了以变 为全资子公司为收购条件的态度不会动摇。而特朗普12日表示，美国政府将取 ...