Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Nippon Steel Placement - Relatively Small Deal with Recent Pick-Up in Momentum

Nippon Steel Placement - Cleanup by Posco Right After Expiry of Previous Deal

Nippon Steel (5401) – $14.2B U.S. Steel Bet Targets Growth, Faces U.S. Market Maturity Risks

Nippon Steel (5401 JP) – No Rival, No Discount, Limited Control

Nippon Steel (5401 JP): Navigating Decline at Home, Expanding Abroad

Equity Bottom-Up

Nippon Steel Corporation / Equity Bottom-Up

<ul>
<li>Nippon Steel’s $14.9 billion acquisition of U.S. Steel, finalized in July 2025, significantly expands its North American presence but introduces margin and cost challenges.</li>
<li>Announced Plans: A $11 billion capex plan through 2028 targets a new EAF mill, Gary Works upgrades, and efficiency enhancements to drive synergies.</li>
<li>What to Watch: Monitor synergy execution, steel price trends, and U.S. Steel’s FCF generation to assess whether Nippon can offset margin dilution and balance sheet strain.</li>
</ul>


Nippon Steel’s $14.9 billion acquisition of U.S. Steel, finalized in July 2025, significantly expands its North American presence but introduces margin and cost challenges.
Announced Plans: A $11 billion capex plan through 2028 targets a new EAF mill, Gary Works upgrades, and efficiency enhancements to drive synergies.
What to Watch: Monitor synergy execution, steel price trends, and U.S. Steel’s FCF generation to assess whether Nippon can offset margin dilution and balance sheet strain.


Nippon Steel (5401.T) – Financial and Strategic Analysis Post-U.S. Steel Acquisition