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Nippon Steel declared it would sue President Joe Biden for his actions in approving the United States Steel and Nippon Steel merger.Follow the MRS article below to update the latest information about the incident.Nippon Steel intends to acquire United States Steel for approximately $15 billionUnited States Steel and Nippon Steel merger deal turns sourUpon January 6, Nippon Steel Corporation elected to file a lawsuit against President Joe Biden. Specifically, Mr. Joe Biden prevented this organization from acquiring United States Steel of America for approximately $15 billion USD. As a consequence, the US President declared that the acquisition of United States Steel by Nippon Steel would jeopardize the nation's national security and critical supply chain. However, in response to Mr. Biden's decision, Nippon Steel and United States Steel declared that they would exert every effort to safeguard their legal rights. Nippon Steel and United States Steel will also argue in court that Mr. Biden's decision violated due process under the US Constitution and that he failed to present sufficient evidence to demonstrate that the agreement between the two companies would endanger US national security. Furthermore, this is the first instance in which a Japanese company's merger and acquisition deal has been thwarted by a US president.Nippon Steel justified its acquisition of United States Steel by asserting that it would facilitate the company's resumption of operations, despite its numerous challenges. Additionally, the authorization of the acquisition will ensure that American individuals will continue to hold management positions and serve on the board of directors of United States Steel, as Nippon Steel will invest more than $2.7 billion. Nippon Steel's objective is to elevate its annual production capacity from 65 million tonnes to 85 million tonnes on a global scale. If the merger with United States Steel is finalized, this objective will be entirely feasible.Outside Nippon Steel headquarters in TokyoWhat impact would a combination between United States Steel and Nippon Steel have on the world steel market?A merger between Nippon Steel and United States Steel might result in a multinational steel corporation with significant future effects on the steel sector. Expanding the global supply chain: With their respective worldwide production and distribution networks, Nippon Steel and United States Steel will be better equipped to satisfy demand from a wide range of geographical areas as a result of the merger. Stronger competition: Following the merger, Nippon Steel and United States Steel will be better equipped to compete with ArcelorMittal, Tata Steel, and POSCO, among other significant international rivals.Impact on steel prices: A significant portion of the steel market would be controlled by the merger of Nippon Steel and United States Steel, which might have an impact on steel pricing worldwide.Increase investment in green technology: Post-merger companies may need to invest more in clean technologies and lower carbon emissions due to the growing demand on environmental protection worldwide. This could alter the way steel is made and have an impact on the company's long-term strategy.Changing the structure of the steel industry: Since two of the biggest steel producers would unite to form a single organization that controls the global steel market, the merger of these two businesses might drastically alter the composition of the steel sector. The merger of Nippon Steel and United States Steel may alter the structure of the steel industryAll things considered, the combination of Nippon Steel with United States Steel might result in a strong steel corporation, but it would also bring about significant changes to the world economy and the steel sector. Even while it might have a lot of positive economic effects, there will be significant obstacles to upholding fair competition and safeguarding workers' rights.In the article above, MRS has provided you with the most recent information regarding the merger between the United States and Nippon Steel. Stay informed about the most recent advancements in the steel industry by following us. If you have any inquiries, please do not hesitate to contact us

According to a report from the General Department of Customs, Vietnamese iron and steel exports in March 2024 reached nearly 1.1 million tons with a turnover of more than 834.8 million USD, an increase of 10% in volume and 11.4% in value compared to February 2024. Italy remains Vietnamese largest iron and steel import market with 483 thousand tons, an increase of 80.4% in volume and 64.2% in value compared to the same period in 2023. Vietnamese iron and steel exports in March 2024 witnessed a notable surge, marking a significant uptick in the industry's performanceVietnamese steel export situation in March and Q1/ 2024 In the first quarter of 2024, Vietnamese iron and steel exports earned nearly 2.4 billion USD with more than 3.23 million tons, up 42% in volume and 40.1% in value compared to the same period in 2023. The export situation of Vietnamese iron and steel exports of all kinds has prospered since the beginning of the year, showing positive signs for the steel industry in 2024. Vietnamese iron and steel exports saw a remarkable performance, generating revenue close to 2.4 billion USDRegarding markets, Italy, the US and Cambodia remain the top 3 largest import markets for Vietnamese steel with a total export value in the first quarter of 299 million USD, 399.6 million USD and 182.8 million USD respectively. Notably, iron and steel exports to some markets grew strongly. Specifically, in March 2024, Singapore imported more than 42,000 tons of Vietnamese steel with a turnover of 23 million USD, an increase of 24,000% in volume and 7,456% in value compared to the same period last year. Vietnam is one of Singapore's key steel import markets to reduce dependence on massive Chinese steel sources. According to the Vietnam Steel Association (VSA), steel consumption in 2024 is expected to increase by 6.4% to nearly 21.6 million tons. Among them, exports of finished and semi-finished steel products are expected to reach 13 million tons, an increase of 12%. World steel demand is forecast to recover strongly in 2024, reaching 1.79 billion tons, an increase of 1.7%. Therefore, Vietnamese steel production will have many positive signs, expected to increase by about 10% in 2024. Finished steel production in the two years 2024 - 2025 is estimated to reach about 28 - 30 million tons, with consumption demand domestic steel is about 22 - 23 million tons. Italy, the US, and Cambodia continue to hold their positions as the top 3 largest import markets for Vietnamese steelMRS Steel as a trusted Vietnamese steel supplier MRS Steel specializes in providing comprehensive Vietnamese steel import solutions, including consulting, sourcing, purchasing, quality control, delivery support and issue resolution. MRS Steel supplies Vietnamese iron and steel of all kinds to many markets such as the United States, Italy, Belgium, Australia, Malaysia, Indonesia, Singapore,... Over the years, MRS Steel has been famous for providing quality and time-saving solutions to many Vietnamese steel importers worldwide. Our office has a team of experienced experts in the field of iron and steel to provide you with the most optimal advice and solutions for your project. MRS Steel has a wide network of connections with all Vietnamese factories, helping to offer the most diverse and competitive prices and products to customers. Above is some information about Vietnamese steel export situation in Q1/2024. Hopefully this article has provided you with useful information about the Vietnamese and global steel markets. You can contact MRS Steel via Whatsapp: +84 76 911 2358 and Email: vanloc@mrssteel.com.vn for advice and answers to questions about the Vietnamese steel import process.

The year 2024 is expected to mark the recovery of the steel industry. Efforts to increase the disbursement of public investment capital along with promoting credit loan packages for social housing projects can have a positive impact on the steel market.Pressure from cheap Chinese steelAfter COVID-19, China gradually reopened to recover the economy. Being the country with the most developed steel industry in the world, however, the persistent situation of the real estate crisis also makes the business activities of this country's steel industry not very positive. Weak demand in the Chinese steel market in the context of the country's slowing economic growth, the real estate market not yet recovering, the electric vehicle manufacturing sector showing signs of oversupply, making steel products China continues to be exported at low prices to reduce inventory. This is a factor that puts great pressure on Vietnam's steel industry. Previously, in 2023, China exported 91.2 million tons of steel, an increase of 35% compared to 2022. China exports steel mainly to Southeast Asian countries such as Indonesia, Thailand, the Philippines, Vietnam, etc., which also puts more competitive pressure on Vietnamese businesses because these have been the main export markets of the Vietnamese steel industry for many years. China's promotion of exports has led to a decrease in steel prices, causing the gross profit margin of many Vietnamese steel manufacturing enterprises to recover more slowly than expected.The steel industry is expected to recoverIn 2024, along with the recovery of the steel industry market, profit margins of steel manufacturing enterprises will improve after a long period of suffering losses and inventory.According to a recent report from the Vietnam Steel Association (VSA), Vietnam's economy will have positive bright spots in 2023 when growth is promoted, inflation is controlled, and major balances of the economy are guaranteed. However, due to the impact of the world economic downturn, in 2023, the finished steel products of Vietnamese steel industry enterprises will only reach 27.76 million tons, down 5%. Consumption of finished steel products will reach nearly 26.3 million tons, down 3.5% compared to 2022. However, exports are a bright spot with significant growth, reaching 8 million tons, up 29% over the year. Previously, with the main export markets in the ASEAN region, EU, United States, and India,...VSA also said that it is expected that in 2024, steel industry consumption will increase by about 6.4% and steel exports will increase to nearly 13 million tons. This target is set based on the expectation that Vietnam's GDP will grow by 6 - 6.5% this year. In addition, world steel demand is expected to increase by 1.9%, reaching 1.8 billion tons in 2024, of which ASEAN steel demand is expected to increase by 5.2%. VSA said that the steel production prospects of Vietnam's steel industry will increase by about 10% in 2024 and 8% in 2025 when the demand for steel in domestic economic sectors recovers. Finished steel product production in 2024 and 2025 is estimated to reach about 28 million - 30 million tons; domestic steel consumption demand is about 22 million - 23 million tons.The business picture of steel industry enterprises has passed the gloomy period when steel prices showed signs of recovery. Businesses do not have to set up large inventories like last year. Profits of steel enterprises are gradually improving thanks to increased steel consumption and exports and reduced inventories at enterprises. With the government's economic promotion programs, including removing difficulties in the real estate sector, supporting interest rates, promoting public investment, etc., Mr. Nghiem Xuan Da, General Director of Steel Corporation Vietnam (JSC), forecasts that steel industry output in 2024 could increase by 10%.Expecting the real estate market to recover in the second half of 2024, creating demand for the steel industry, Hoa Phat plans to increase steel output by more than 10% this year. In addition, this enterprise also invests in new projects to continue to strengthen its position as the leading steel manufacturer in Southeast Asia.