In short: Cited, not picked: an energy-intensive global steelmaker drawn to the US by cheap natural gas ("if you're Nippon Steel you'll want to be in the United States"). ArcelorMittal recently bought out Nippon's stake in a North American JV.
Nippon Steel is one of the world's largest steelmakers. Robotti doesn't pitch it as a buy — he uses it to illustrate his North America thesis: steel is energy-hungry, and U.S. natural gas is so cheap that even a Japanese giant "wants to be in the United States."
He also notes that ArcelorMittal recently bought out Nippon's stake in a shared North American operation — a concrete example of the consolidation and U.S.-footprint expansion he likes in the steel space.
40:32The sticks and the carrots go away. The fact of the matter is we have much lower energy costs than the rest of the world. You're an energy-intensive business. You want to do business. You want to be based here. If you're Nippon Steel, one of the largest steel companies in the world, you'll want to be in the United States because that industrial activity is coming here.
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