特朗普的决策将左右收购案的走向（REUTERS） 美国外国投资委员会（CFIUS）对日本制铁收购美国钢铁的重新审查预计于5月21日结束。在CFIUS向 特朗普汇报后，特朗普将在15天内做出决定。日本制铁已向美国政府打出了大幅增加对美设备投资这张 王牌…… 围绕日本制铁收购美国钢铁（US Steel）的计划，美国政府的重新审查已进入需由总统特朗 普做出最终决定的阶段。预计相关部门将在完成审查后，向特朗普汇报意见。焦点在于特朗 普是否认可日铁不断增加的收购条件有助于复兴美国制造业。 特朗普4月7日命令美国政府在45天内对日铁的收购计划进行重新审查。美国外国投资委员会 （CFIUS）将在完成审查后，向特朗普汇报审查内容。汇报后，特朗普将在15天内做出决 定。 同样在2024年12月，日铁向美国方面提出了一个提案，承诺在收购完成后的10年内未经 CFIUS批准不会关闭美国钢铁的设施，且维持现有产能。但就在此后拜登发布了停止收购的命 令。 日本经济新闻（中文版：日经中文网）八十岛绫平 华盛顿报道 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。 对于特朗普来说，没有理由不欢迎外资增加投资。他以振 ...

Core Viewpoint - United States Steel is no longer the industry leader it once was, with Nucor and Steel Dynamics expected to be worth more in five years [1] Company Overview - United States Steel primarily produces steel using blast furnaces, an older technology that requires high utilization rates to be profitable [2] - The company has diversified its production processes but still faces challenges during industry downturns when demand and prices are low [4] Competitive Landscape - Nucor and Steel Dynamics utilize electric arc mini-mills, which are more flexible and have better profit margins throughout the steel cycle compared to blast furnaces [4][5] - US Steel is currently "in play" for a potential buyout by Nippon Steel, but the outcome is uncertain, and other suitors are also interested [6][7] Growth Strategies - Nucor is focused on investing in new facilities and expanding into higher-margin steel parts businesses, maintaining a steady growth trajectory [8] - Steel Dynamics has a more aggressive growth plan, also investing in new facilities and expanding into the aluminum sector, with a notable 10-year annualized dividend growth rate of over 10% [9][10] Investment Recommendation - The steel industry is currently facing economic uncertainty, but long-term investors are advised to consider Nucor and Steel Dynamics as they are likely to outperform US Steel in the coming years [11]

Core Viewpoint - Japan's Nippon Steel is pushing for the acquisition of U.S. Steel by proposing a significant increase in investment, contingent upon approval from the Trump administration [1][2] Group 1: Acquisition Plans - Nippon Steel has proposed a production-related investment of up to $14 billion (approximately 2 trillion yen) to enhance U.S. Steel's domestic capacity, including a new steel plant with a maximum investment of $4 billion [2] - The investment plan aims to inject $11 billion before 2028, which was not part of the initial acquisition strategy [2] - The U.S. government, through the Committee on Foreign Investment in the United States (CFIUS), is reviewing the acquisition for national security concerns, with a deadline for the review set for May 21 [1] Group 2: Strategic Intent - Nippon Steel's executives emphasize that significant investment is necessary to revive U.S. manufacturing, aligning with Trump's tariff policies [1] - The company insists that it cannot make substantial investments unless it becomes a 100% subsidiary of U.S. Steel, indicating a strong commitment to the acquisition [1]

美国钢铁公司（X）股价短线跳水将近1美元，日内整体转而跌超1.8% 据路透报道，日本制铁（新日铁）将在美国总统特朗普批准（收购）交易的情况下对美国钢铁公司（X）投资 140亿美元。 ...

Mori将与特朗普政府讨论日本制铁和美国钢铁公司（X）之间的合并交易。（Semafor） 日本制铁（新日铁）高管Mori将前往美国华盛顿，会见特朗普政府的官员们。 ...

日本制钢公司总裁：我们仍然相信收购美国钢铁公司不会对美国国家安全构成任何风险。 ...

日本制钢公司总裁：我们对计划收购美国钢铁公司的立场保持不变，坚持所有权益是与美国政府谈判的 起点。 ...

Core Viewpoint - Investors in the Steel - Producers sector should consider Posco (PKX) and United States Steel (X) for potential value investment opportunities [1] Group 1: Zacks Rank and Value Scores - Posco has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision trend compared to United States Steel, which has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank strategy focuses on companies with positive earnings estimate revisions, while the Style Scores system evaluates companies based on specific traits [2] Group 2: Valuation Metrics - Posco's forward P/E ratio is 12.05, significantly lower than United States Steel's forward P/E of 26.61, suggesting that PKX may be undervalued [5] - Posco has a PEG ratio of 0.33, while United States Steel has a PEG ratio of 1.31, indicating that PKX is expected to grow earnings at a more favorable rate relative to its price [5] - Posco's P/B ratio is 0.33, compared to United States Steel's P/B of 0.84, further supporting the notion that PKX is undervalued [6] Group 3: Overall Assessment - Posco's improving earnings outlook and favorable valuation metrics suggest it is the superior value option compared to United States Steel [7]

Merger and Corporate Structure - The Company entered into a Merger Agreement on December 18, 2023, with the Merger Sub merging into the Company, which will continue as a wholly owned subsidiary of Purchaser [131]. Financial Performance - Net sales for the three months ended March 31, 2025, were $3,727 million, a decrease of 10% compared to $4,160 million for the same period in 2024 [140]. - The Flat-Rolled segment reported net sales of $2,189 million, down 8% from $2,391 million in the prior year, primarily due to lower average realized prices and decreased shipments [140]. - The Mini Mill segment saw an increase in net sales to $627 million, up 8% from $578 million, driven by higher shipment volumes [140]. - The U.S. Steel Europe segment experienced a 28% decline in net sales to $659 million from $918 million, mainly due to lower sales volume and prices [140]. - For the three months ended March 31, 2025, United States Steel Corporation reported a net loss of $116 million, compared to net earnings of $171 million for the same period in 2024, reflecting a significant decline in performance [159]. EBITDA and Segment Performance - EBITDA for the Flat-Rolled segment decreased by 33% to $104 million compared to $156 million in the same period last year [150]. - The Mini Mill segment's EBITDA plummeted by 97% to $5 million from $145 million, reflecting lower average realized prices [152]. - The Tubular segment's EBITDA decreased by 64% to $25 million from $69 million, primarily due to lower average realized prices and unfavorable product mix [150]. - EBITDA for the USSE segment decreased by 24% to $35 million in Q1 2025, down from $46 million in Q1 2024, primarily due to lower average realized prices and decreased steel shipments [153]. - Tubular segment EBITDA fell by 64% to $25 million in Q1 2025, compared to $69 million in Q1 2024, driven by lower average realized prices and higher other costs [156]. Cash Flow and Liquidity - Net cash used in operating activities was $374 million for Q1 2025, a significant increase from $28 million in Q1 2024, primarily due to lower net earnings and changes in working capital [161]. - Capital expenditures for Q1 2025 were $359 million, down from $640 million in Q1 2024, indicating a reduction in investment activities [166]. - Total estimated liquidity as of March 31, 2025, was $2,868 million, including $594 million in cash and cash equivalents [172]. - The cash conversion cycle increased to 28 days in Q1 2025 from 26 days in Q4 2024, indicating a decline in working capital efficiency [163]. - The company has committed approximately $193 million of liquidity sources for financial assurance purposes as of March 31, 2025 [169]. - The company expects to fund its liquidity requirements primarily through planned strategic capital expenditures, working capital needs, and debt service [173]. Regulatory and Environmental Compliance - The U.S. EPA announced intentions to reconsider the Integrated Iron and Steel Rule, with a final rule published on April 3, 2024, and a petition for reconsideration filed by the company [191]. - The U.S. EPA published the final Coke MACT rule on July 5, 2024, imposing lower emission limits, with the company reviewing the rule for next steps [194]. - The U.S. EPA's final rule on Regional Ozone Transport was announced on March 15, 2023, affecting several industries, including those operated by the company [195]. - The U.S. EPA lowered the National Ambient Air Quality Standards (NAAQS) for ozone from 75 ppb to 70 ppb in October 2015, with ongoing litigation regarding this standard [196]. - The company submitted a request for a two-year Presidential Exemption in response to the U.S. EPA's reconsideration of several rules, including the Integrated Iron and Steel Rule [191]. - The company continues to monitor emerging regulations on Per- and Polyfluoroalkyl Substances (PFAS) and their potential impact [188]. Trade and Tariffs - U.S. Steel continues to face significant import competition, with global steel overcapacity estimated at over 663 million net tons per year, impacting operational and financial performance [200]. - The Section 232 tariffs on steel imports, implemented in March 2018, impose a 25% tariff on certain steel products, supporting the U.S. steel industry and U.S. Steel's investments [201]. - Additional tariffs of 7.5% to 100% on most imports from China remain in effect, affecting raw materials and steel products [203]. - In March 2025, new Section 232 tariffs of 25% on U.S. imports of passenger vehicles and light trucks will take effect, impacting the automotive supply chain [204]. - U.S. Steel is actively defending 69 U.S. antidumping and countervailing duty orders, as well as 15 EU orders, to protect its products from unfair trade practices [207]. - The Department of Commerce initiated new antidumping and countervailing duty investigations on corrosion-resistant steel imports from ten countries, with final determinations expected in Q3 2025 [208]. - The European Commission's safeguard on global steel imports, imposing 25% tariffs on imports exceeding quota limits, is set to expire in June 2026 [206]. - U.S. Steel will continue to execute a global strategy to maximize opportunities and navigate challenges related to imports and international trade policies [210]. Market Risk and Off-Balance Sheet Arrangements - There were no material changes in U.S. Steel's exposure to market risk from December 31, 2024 [212]. - U.S. Steel did not enter into any new material off-balance sheet arrangements during Q1 2025 [199].

United States Steel Corporation (X) logged a loss of $116 million or 52 cents for first-quarter 2025. This compares unfavorably with a profit of $171 million or 68 cents per share in the year-ago quarter.Barring one-time items, the adjusted loss per share was 39 cents against earnings of 82 cents a year ago. The figure was narrower than the Zacks Consensus Estimate of a loss of 48 cents.Revenues fell around 10.4% year over year to $3,727 million in the reported quarter but beat the Zacks Consensus Estimate ...