# If Nippon Steel moves, who benefits? How far does the value-chain ripple reach?
Canonical: https://valuechain.wiki/nippon-steel · Facet: ripple · Updated: 2026-10-31T16:04:22.331636+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Per the valuechain.wiki graph, Nippon Steel is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 3 companies within two hops; the links are backed by 15 dated sources, 5 of them primary filings (as of 2026-10-31).

Nippon Steel rose 47.1% in 2021, 32.7% in 2022 and 48.3% in 2023, well before its auto customers, then slowed to 3.3% in 2024, 14.1% in 2025 and 6.3% through October 30, 2026. Mazda was up 1.8% in 2026, Nissan down 32.8%, and peer POSCO Holdings down 1.4%. The sequence fits a raw-material, steel-price and capital-allocation clock better than a clean propagation from vehicle demand. Blackwater and Elk Valley stakes with long-term offtake hedge rising input costs, but mine earnings can fall when coal prices soften. U.S. Steel consolidation lifted FY2025 revenue 15.7%, yet net profit was only JPY17.2bn and interest-bearing debt more than doubled to JPY5,174.2bn. The lagging test is whether U.S. investment becomes cash flow rather than whether automotive sheet volume simply rebounds. FX, coal prices and acquisition accounting are the exceptions that separate customer sales from the stock.

## Demand chain (leading)
- T1 Mazda Motor (https://valuechain.wiki/mazda-motor.md)
- T1 Nissan Motor (https://valuechain.wiki/nissan-motor.md)
- T2 Mitsubishi Motors (https://valuechain.wiki/mitsubishi-motors.md)

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Full node: https://valuechain.wiki/nippon-steel.md · JSON: https://valuechain.wiki/nippon-steel.json