[SMM Titanium Express] Asahi Kasei, Nippon Steel and Nippon Steel Trading have jointly launched a titanium recycling system for chlor-alkali electrolysis cells, processing production scrap into pure titanium feedstock for corrosion-resistant anode components. Through supply chain collaboration and digital traceability, the closed-loop system enhances resource efficiency and reduces environmental impact. The partners plan to expand cooperation to further integrate secondary raw materials into production processes.

[SMM Steel] Andhra Pradesh Chief Minister N. Chandrababu Naidu announced that construction of the ArcelorMittal/Nippon Steel (AM/NS) integrated steel plant in Anakapalli district will officially begin with a groundbreaking ceremony on March 23, 2026. The state government aims to complete the project by March 2028, alongside plans to accelerate industrial development and establish new industrial clusters in the region.

【SMM Steel】Toyota began buying green steel from Nippon Steel, JFE, and Kobe Steel late last year. Green steel costs ~40% more than conventional, but govt subsidies help. Volumes undisclosed. Using EAFs instead of blast furnaces cuts CO₂ by ~75%. Toyota gets official certificates, joining Nissan and Isuzu. The move by the world's top automaker may push wider adoption of cleaner tech.

December 21, 2025，ArcelorMittal Nippon Steel (AM/NS) India has announced the commissioning of a new coke oven battery at its Hazira plant. With a designed capacity of 1.5 million tonnes per year, this addition is part of the company’s broader strategy to achieve self-sufficiency in raw materials for its blast furnace operations. This move reduces the plant's reliance on merchant coke imports, impacting the regional trade balance for coking coal and coke in South Asia.

Since Q2, the issuance of local government bonds has significantly accelerated. A review of the Special Bond Information Network by reporters revealed that as of June 12, local government bond issuance this year had exceeded 4 trillion yuan, with newly added special bonds accounting for nearly 40%. Experts stated that fiscal policy will remain one of the key supports for economic resilience in Q2, and the issuance of local government bonds is expected to further increase, driving steady growth in infrastructure investment throughout the year. This year, there has been a notable increase in the issuance scale of new bonds allocated to major projects through local government bonds, primarily in the form of newly added special bonds. Data shows that among the 4,483.4 billion yuan of local government bonds issued so far, 1,645.7 billion yuan are newly added local government bonds, and 359.6 billion yuan are newly added general bonds.

According to CME's "FedWatch Tool": The probability that the US Fed will maintain interest rates unchanged in May is 96.3%, and the probability of a 25-basis-point interest rate cut is 3.7%. The probability that the US Fed will maintain interest rates unchanged by June is 22.1%, the cumulative probability of a 25-basis-point interest rate cut is 75.0%, and the cumulative probability of a 50-basis-point interest rate cut is 2.8%.

On May 28, 2025, the European Commission issued a notice, making an affirmative final determination on anti-dumping measures against flat-rolled products of iron or non-alloy steel plated or coated with tin originating in China. It ruled that the anti-dumping duties for Baoshan Iron & Steel Co., Ltd. and WISCO-Nippon Steel Tinplate Co., Ltd. would both be 13.1%, for Shougang Jingtang United Iron & Steel Co., Ltd. would be 46.8%, for other cooperating enterprises (see the attachment in the original text for details) would be 24.6%, and for other companies would be 62.3%. The EU Combined Nomenclature (CN) codes for the products in question are 7210 11 00, 7210 12, ex 7210 70, 7210 90 40, ex 7210 90 80, 7212 10, and ex 7212 40 (with TARIC codes 7210701015, 7210708020, 7210708092, 7210908020, 7212402010, 7212408012, 7212408030, 7212408080, and 7212408085). The dumping investigation period for this case was from April 1, 2023, to March 31, 2024, and the injury investigation period was from January 1, 2020, to the end of the dumping investigation period. The measures took effect on the day following the publication of the notice. On May 16, 2024, the European Commission initiated an anti-dumping investigation into flat-rolled products of iron or non-alloy steel plated or coated with tin originating in China. On January 14, 2025, the European Commission made a preliminary determination on anti-dumping measures against flat-rolled products of iron or non-alloy steel plated or coated with tin originating in China. (Compiled from: European Commission website) Original text: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L_202501042

According to media reports, in the potential acquisition of US Steel by Nippon Steel Corporation, the US government is expected to obtain "golden shares" in US Steel, which would grant the US government veto power over decision-making at the company. Sources familiar with the matter revealed that the arrangement is still under negotiation between the government and the companies, and the specific scope of the veto power, as well as the US government's stance on the current merger and acquisition agreement, remains unclear. Last Friday (May 23), US President Trump stated on social media that the "planned cooperation" between US Steel and Nippon Steel would create 70,000 jobs and generate $14 billion in economic benefits. Investors believe that Trump's statement implies that Nippon Steel has secured approval for the long-planned acquisition. According to multiple media reports, Nippon Steel plans to acquire US Steel at $55 per share and invest an additional $14 billion. Sources familiar with the matter revealed that of the $14 billion mentioned by Trump, Nippon Steel will invest approximately $11 billion by 2028. This includes over $2 billion for renovating the Mon Valley plant, $200 million for building a new R&D center, and $3.1 billion for upgrading US Steel's largest plant in Indiana. In addition, Nippon Steel will invest $3 billion in Big River Steel in Arkansas, with part of the funds going towards building electrical steel capacity to strengthen the US power grid. The company will also invest $800 million in an iron ore mine in Minnesota and $500 million in Alabama. Regarding the "golden shares," according to Japanese media, the powers granted by these shares will be included as part of the US national security agreement. Sources familiar with the matter said it is unclear whether this power implies that the US government holds equity in the company or is merely a mitigation measure. It is worth noting that Trump plans to hold a rally in Pittsburgh, where US Steel's headquarters are located, this Friday. He may promote the deal as a victory for his tariff policies and protection of American workers. However, according to sources familiar with the matter, all parties are still negotiating the details. Without explicit approval of the existing merger and acquisition agreement, these companies will not appear on stage with Trump at his rally. Pennsylvania Republican Senator and Trump ally Dave McCormick told the media on Tuesday that some arrangements are essentially finalized, as Trump announced last week. McCormick said, "The control structure will be somewhat unique. The CEO will be American, and the majority of board members will be Americans. Additionally, there will be golden shares, with some board members approved by the US government, which will enable the US to ensure that production will not be cut, and so on." Even if a deal is reached, Trump would still have to overturn the Biden administration's decision to block the transaction on national security grounds.

On May 26, the Australian Anti-Dumping Commission issued Notice No. 2025/043, stating that in response to an application submitted by Echeng Steel Co., Ltd., a subsidiary of Baowu Group, a Chinese exporter, it had initiated an anti-dumping review investigation into rebar with a diameter of 50 millimeters or less exported to Australia, to examine whether variable factors related to the existing anti-dumping measures should be changed. The dumping investigation period for this case was from April 1, 2024, to March 31, 2025. The Australian Anti-Dumping Commission is expected to complete the basic facts report of this case no later than September 15, 2025, and submit the final determination report to the Australian Minister for Industry and Science no later than October 28, 2025.

On Sunday, Eastern Time, US President Donald Trump stated that the US would still maintain control over US Steel as part of its cooperation with Japan's Nippon Steel Corporation in the latter's acquisition plan. Last Friday, Trump suddenly made a public statement in support of Nippon Steel's $14.9 billion deal to acquire US Steel. This immediately ignited enthusiasm in the capital markets. US Steel's stock price surged by 21% last Friday, and after the Tokyo stock market opened on Monday, Nippon Steel's stock price also soared by 5% at one point, reaching 3,030 yen per share, becoming one of the biggest gainers among the Nikkei 225 Index components. However, on Sunday, Eastern Time, when asked about more details of the agreement, Trump added and emphasized: "It (US Steel) will be controlled by the US, otherwise I wouldn't have agreed to the deal." As part of the deal announced last Friday, Nippon Steel plans to invest $14 billion in US Steel's operations, including up to $4 billion in a new steel mill. Trump had stated last Friday that the merger would create 70,000 jobs. Trump made this statement to reporters while traveling from New Jersey to Washington over the weekend. He revealed that relevant members of Congress had previously urged him to reach an agreement. "This is an investment, about partial ownership (of US Steel), but it will still be controlled by the US," he emphasized. Nippon Steel is currently the world's fourth-largest steel producer. Data from the World Steel Association shows that, in terms of production, this merger will create the world's third-largest steel producer, second only to China's Baowu Steel Group and Luxembourg-based ArcelorMittal. Although details of the acquisition agreement have not yet been disclosed, investors have expressed confidence that the terms of the agreement will be similar to those reached in 2023. Investors expect that US Steel will eventually be delisted, and its shareholders will receive cash payments. This deal has been one of the most anticipated on Wall Street. Previously, due to concerns that a foreign acquisition would mean a reduction in jobs in Pennsylvania, where US Steel's headquarters is located, the deal had been controversial in US political circles. It is worth noting that despite Trump's public endorsement, the deal still needs to pass the national security review by the Committee on Foreign Investment in the United States (CFIUS).