Group 1 - The president of U.S. Steel Corporation (X) characterized the transaction with Nippon Steel as a "merger" [1]

Core Viewpoint - The Japanese company Nippon Steel is actively seeking approval from the U.S. government to acquire the American steel company X, indicating a strong desire to complete this merger while ensuring that American Steel retains control over its operations [1] Group 1 - Nippon Steel has been persistently requesting the U.S. government to approve the acquisition of American Steel [1] - The acquisition reflects Nippon Steel's significant interest in expanding its presence in the U.S. steel market [1] - American Steel will maintain control over its company post-acquisition, suggesting a structured approach to the merger [1]

Core Points - The agreement related to U.S. Steel is being celebrated by President Trump, indicating a significant development for the company [1] - U.S. Steel will remain an American company, highlighting its commitment to domestic operations [2] - The company is expected to have a strong partnership moving forward, with plans to keep its headquarters in Pittsburgh [3] Summary by Sections - **Company Commitment** - U.S. Steel will maintain its status as an American company, reinforcing its domestic presence [2] - **Leadership and Strategy** - The CEO of U.S. Steel had previously made a plea to "save the company," indicating challenges faced [3] - After discussions with the CEO, there was consideration of using tariffs as leverage against Japan [3] - **Partnerships and Future Outlook** - U.S. Steel is set to have a promising partnership, which may enhance its operational capabilities [3] - The company is committed to remaining headquartered in Pittsburgh, signaling stability in its operations [3]

Group 1 - The event is focused on the American steel industry, specifically highlighting the activities of U.S. Steel Corporation (X) [1]

日本首席谈判代表、经济再生大臣赤泽亮正（Ryosei Akazawa）：正关注美国关于日本制铁（新日铁） 和美国钢铁公司（X）的正式声明。 ...

Core Insights - United States Steel Corporation (USS) has seen a stock increase of over 50% year-to-date, significantly outperforming the S&P 500 Index, which has declined by 1% [1] - The stock price surge is attributed to President Trump's support for a strategic collaboration with Japan's Nippon Steel, which is expected to enhance USS's market position [1][6] Financial Performance - USS reported a revenue increase of approximately 2.5%, rising from $3.64 billion in Q4 2024 to $3.73 billion in Q1 2025, despite continuing to report losses with earnings per share worsening to -$0.52 [3] - Revenue for Q1 2025 showed a 10.4% decrease year-over-year, with adjusted EBITDA reported at $172 million, down from $190 million in Q4 2024 [5] - The Flat-Rolled segment's adjusted EBITDA declined by 33% year-over-year due to lower average realized prices and increased energy costs [5] Market Position and Strategic Developments - The proposed $14.9 billion takeover is being reframed as a "planned partnership," allowing USS to maintain its headquarters in Pittsburgh while the U.S. government retains authority over the company [2] - Nippon Steel plans to invest up to $4 billion in a new steel mill, projected to create 70,000 jobs and contribute $14 billion to the U.S. economy within 14 months [2] Valuation Metrics - Despite negative revenue growth in recent years, USS's price-to-sales (P/S) multiple has increased from 0.4 in 2020 to 0.6 currently, although this is higher than the 0.3 seen at the end of 2021 and 2022 [4]

美国总统特朗普计划于本周五在匹兹堡集会，宣传这项交易成果。白宫方面希望在活动前大致敲定协议 内容，但尚未明确承诺通过CFIUS（美国外国投资委员会）的批准。知情官员表示，相关细节将在适当 时机披露。 宾夕法尼亚州共和党参议员麦考密克在接受CNBC采访时表示，新的交易结构包括美国CEO、美国人主 导的董事会以及"黄金股"机制，以确保美国政府对关键董事任命拥有审批权，从而维护本土产能。他称 此安排由日方提出，"实现了利益平衡"。 尽管特朗普已表态支持，该交易仍需在程序上推翻拜登政府此前基于国家安全理由的否决决定。交易细 节尚未完全披露，投资者正密切关注新增的140亿美元将如何分配。 彭博社28日援引知情人士消息称，美国政府有望在日本制铁收购美国钢铁公司的交易中获得一份"黄金 股"。这意味着美国政府将对美国钢铁公司的某些决策拥有实际否决权。 特朗普的表态提振了市场情绪，美国钢铁公司股价周五收于14年来新高。截至美股收盘，美国钢铁公司 股价上涨超过2%。分析人士指出，所谓"黄金股"可能实质上是CFIUS审查中常见的附带约束机制，例 如限制外包或关闭生产线等操作。 这项交易最初于2023年12月宣布，计划以每股55美元 ...

Core Viewpoint - The acquisition of U.S. Steel by Nippon Steel is moving forward with new terms aimed at securing support from the Trump administration, including U.S. government veto power over key decisions [1][6][12] Group 1: Acquisition Details - Nippon Steel proposed to acquire U.S. Steel for $14.9 billion in 2023, but the deal faced delays due to political opposition, including a block from former President Joe Biden on national security grounds [2] - The Trump administration has initiated a review of the deal and indicated potential support, suggesting that Nippon Steel could invest without full ownership of U.S. Steel [3][4] Group 2: Economic Impact - Trump stated that the partnership would create at least 70,000 jobs and contribute $14 billion to the U.S. economy, with most of the investment expected within the next 14 months [6] - A term sheet proposed to the Committee on Foreign Investment in the United States (CFIUS) includes provisions to prevent production decreases at U.S. Steel facilities for 10 years, addressing national security concerns [12] Group 3: Governance Structure - The deal may include a "golden share" mechanism, allowing the U.S. government to have control over certain operational decisions and board membership, ensuring that U.S. interests are maintained [6][9] - The governance structure will feature a U.S. CEO and a U.S. majority board, with CFIUS approval required for some board members [9][12]

黄金股（附否决权的股票）拥有比普通表决权更大的权限，即使只有一股，也可以否决董事的选 任、解聘或股东大会决议等。日铁为实现收购，正在与美国政府进行最后阶段的磋商，最终也有 可能不转让黄金股…… 美国钢铁公司总部所在的美国宾夕法尼亚州选出的参议员戴维·麦考密克（共和党）27日在接受 美国消费者新闻与商业频道（CNBC）采访时表示，"美国钢铁公司的首席执行官（CEO）必须是 美国人，董事会的一半以上为美国人。可能会发行'黄金股'吧"。 日本经济新闻（中文版：日经中文网）5月27日获悉，围绕收购美国钢铁公司，日本制铁正在讨 论将即使持有少数股份也可以对重要事项行使否决权的"黄金股"让渡给美国政府。黄金股是众多 方案之一，似乎尚未向美国政府提出。日铁为实现收购，正在与美国政府进行最后阶段的磋商， 最终也有可能不转让黄金股。 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。 黄金股（附否决权的股票）拥有比普通表决权更大的权限，即使只有一股，也可以否决董事的选 任、解聘或股东大会决议等。如果拥有美国钢铁公司的黄金股，美国政府在日铁收购后也能保持 对美钢的影响力。 对于提出将美钢全资子公司化的日铁， ...

日本内阁官房长官林芳正：不对美国钢铁方案的"黄金股"置评。 ...