Advanced & automotive steel · Coal integration · U.S. Steel
Nippon Steel
Japan’s largest steelmaker generated JPY10.063tn of FY2025 revenue, up 15.7% with U.S. Steel consolidation, while net profit fell to JPY17.2bn on acquisition-related items and weak domestic steel conditions. Steelmaking contributes about 92% of revenue. Nippon Steel supplies high-strength automotive sheet to Mazda and Nissan, while Blackwater and Elk Valley coal stakes plus long-term offtake partly hedge raw-material volatility.
Business categories Advanced Structural & Industrial Materials · Industrial Materials & Chemicals · primary
- Advanced Structural & Industrial Materials: Steel Dynamics, Inc. · Martin Marietta Materials, Inc. · Nucor Corporation · CRH plc · Sumitomo Metal Mining
5401.T Updated Oct 31, 2026 5 AI consumers· 3 recurring
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).
Financials & Segments
- Total revenue · Revenue JPY10,063.2bn · business profit JPY514.1bn · net profit JPY17.2bn (year ended Mar 2026, IFRS)
- Customer concentration · Steelmaking and steel fabrication generated JPY9,221.7bn, about 91.6% of consolidated revenue. U.S. Steel entered consolidation in H2 and interest-bearing debt rose to JPY5,174.2bn from JPY2,507.4bn.
- Segments · Steelmaking & steel fabrication · Engineering & construction · Chemicals & materials · System solutions
Revenue from
- Mazda Motor High confidence
Supplies high-strength steel for the all-new CX-5. Co-development reduced steel weight by 10%; bilateral sales value is undisclosed.Confirms EN Mazda Motor Published Sep 11, 2026: How Nippon Steel and Mazda Reimagined Car-Making with the All-New CX-5 - Nissan Motor High confidence
Nippon Steel's hydrogen-embrittlement-resistant 2.0 GPa aluminized hot-stamping sheet was adopted for body reinforcements in Nissan's all-new Elgrand; value is undisclosed.Confirms EN Nippon Steel Published Oct 8, 2026: Nippon Steel's 2.0 GPa-Class Steel Adopted for Nissan's All-New ELGRAND
Pays to
- Whitehaven Coal (Blackwater) High confidence
Procures steelmaking coal under a long-term Blackwater offtake agreement. Nippon Steel owns 20% and Whitehaven retains 70%.Confirms EN Whitehaven Coal Published Mar 31, 2025: Whitehaven Completes Sell Down of 30% of Blackwater MineConfirms EN Nippon Steel Published Nov 7, 2024: Strategy: Procure and Earn Profit in Raw Materials BusinessConfirms KO Haidong Japan Technology Information Center Published Oct 1, 2024: Nippon Steel and JFE Make Large Investments in an Australian Coal MineConfirms EN Nippon Steel Published Aug 22, 2024: Nippon Steel Acquires Equity Interests in Blackwater Coal Mine in Australia - Elk Valley Resources High confidence
Takes high-quality hard coking coal from Canadian producer EVR under a long-term agreement. A 20% stake and offtake partly hedge raw-material volatility.Mentions KO Hana Securities Published Jun 11, 2025: Nippon Steel: Sharp Profitability Deterioration in Q1 2025Confirms EN Teck Resources Published Jan 3, 2024: Teck Announces Completion of Sale of Minority Interest in Steelmaking Coal BusinessConfirms EN Nippon Steel Published Nov 14, 2023: Nippon Steel to Acquire a 20% Interest in Elk Valley Resources
Investments
- Blackwater Coal Mine High confidence· Market share 20 percent · 2025 · Economic interest in Blackwater mine
Acquired a 20% Blackwater interest from Whitehaven for $720 million; the transaction completed in March 2025.Confirms EN Whitehaven Coal Published Mar 31, 2025: Whitehaven Completes Sell Down of 30% of Blackwater MineConfirms EN Nippon Steel Published Nov 7, 2024: Strategy: Procure and Earn Profit in Raw Materials BusinessConfirms KO Haidong Japan Technology Information Center Published Oct 1, 2024: Nippon Steel and JFE Make Large Investments in an Australian Coal MineConfirms EN Nippon Steel Published Aug 22, 2024: Nippon Steel Acquires Equity Interests in Blackwater Coal Mine in Australia - U.S. Steel High confidence· Amount 14.2 USD_billion · 2025 · Total common-stock acquisition value
Completed the acquisition of 100% of U.S. Steel common stock in June 2025 for approximately $14.2bn; the U.S. government holds a golden share.Mentions KO Hana Securities Published Sep 12, 2025: Nippon Steel: Financial Structure after U.S. Steel AcquisitionConfirms EN Nippon Steel Published Jun 18, 2025: Nippon Steel and U. S. Steel Finalize Historic PartnershipConfirms EN U.S. Securities and Exchange Commission Published Jun 18, 2025: U.S. Steel Form 8-K: Completion of MergerConfirms KO Yonhap News Agency Published Jun 18, 2025: Nippon Steel Completes U.S. Steel Acquisition
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Mitsubishi Motors | lead2 | +47.9 | +58.9 | -10.4 | +22.1 | -28.3 | -4.3 |
| Mazda Motor | lead1 | +18.8 | +22.8 | +81.1 | -39 | +17.3 | +1.8 |
| Nissan Motor | lead1 | -0.7 | -24.1 | +36.3 | -11.2 | -18.7 | -32.8 |
| Nippon Steel | node | +47.1 | +32.7 | +48.3 | +3.3 | +14.1 | +6.3 |
YTD as of 2026-10-30 · source: Yahoo Finance
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.
Analysis generated from returns as of 2026-10-30← All companiesMarkdown · JSON · Customers · Suppliers · Ripple