USS / Nippon Steel

Merger Analysis Dashboard

By: Team 12 (Rambas)

Scenario

Steel Price Assumptions

HRC Price Factor

1.0x

Volume Factor

1.0x

Annual Price Growth

1.0%

Section 232 Tariff

0%

25%

50%

100%

EUR/USD Rate

1.08

Valuation Parameters

USS WACC

10.9%

USS WACC

10.9%

Nippon WACC (IRP-Adjusted)

7.95%

Terminal Growth

1.0%

Exit Multiple

5.0x

Synergy Execution

Synergies

Capital Projects

BR2 Mini Mill (3,000 kt)

Gary Works BF (2,500 kt)

Mon Valley HSM (1,800 kt)

Greenfield MM (500 kt)

Mining Investment (6,000 kt)

Fairfield Works (1,200 kt)

Advanced Inputs

Executive

Valuation

Projections

Risk Analysis

Competitive & Peer Comps

Deal Rationale

Deal & Governance

Model Mechanics

Assumptions

Sources & Methods

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