U. S. Steel(US:X) 日经中文网·2025-09-22 08:00Core Viewpoint - The article discusses the challenges faced by Nippon Steel in acquiring U.S. Steel, particularly due to U.S. government intervention and labor union pressures, which complicate operational decisions and investment plans [2][4][10]. Group 1: Acquisition Challenges - The U.S. government intervened to stop U.S. Steel's plan to close the Granite City steel plant, highlighting the difficulties Japanese companies face in communicating with the U.S. government [2][4]. - Nippon Steel's acquisition of U.S. Steel involves a "golden share" agreement, which grants the U.S. government veto power over significant operational decisions, including plant closures [4][10]. - U.S. Steel had previously indicated intentions to close the Granite City plant, which has two blast furnaces that were already inactive before the acquisition [5][6]. Group 2: Investment Plans - Nippon Steel plans to invest approximately $11 billion in U.S. Steel by 2028, focusing on enhancing production capabilities and introducing advanced technologies [8]. - The company aims to increase U.S. Steel's crude steel production from 14.18 million tons in 2024 to over 20 million tons within the next decade [6]. - Investments include $3.1 billion for upgrading the largest blast furnace in Indiana and discussions for a $4 billion electric furnace plant in the U.S. [8][9]. Group 3: Labor and Political Dynamics - The U.S. government is sensitive to employment issues, as the Granite City plant employs around 800 union members, leading to strong political pressure against any job losses [5][9]. - The United Steelworkers union has expressed strong opposition to U.S. Steel's closure plans, indicating potential political ramifications for Nippon Steel's operational strategies [9][10]. - Nippon Steel's ability to implement its mid-term business plan and reform U.S. Steel will be a critical test of its operational freedom under the current political climate [10].