Japan won the steel industry.

Steel industry earnings (2024)
- Nippon Steel (JP): $5.47 billion
- ArcelorMittal (EU): $3.93 billion
- Nucor (US): $3.13 billion
- Tenaris (EU): $2.88 billion
- Steel Dynamics (US): $2.03 billion
- POSCO (KR): $2.03 billion
- JFE Holdings (JP): $1.99 billion
- Tata Steel (India): $1.83 billion
- Bao Steel (China): $1.50 billion
- US Steel (US): $0.43 billion
- Cleveland-Cliffs (US): -$0.58 billion

Nippon Steel beats its rivals in earnings, this is all because Japan produces more added-value special steel (e.g. high-tensile steel, electrical steel, 80kg rail steel). With the US Steel acquisition, Nippon Steel is only going to grow even more.