Nippon Steel Corp.'s new president, Tadashi Imai, is committed to the $14.1 billion acquisition of United States Steel Corp., emphasizing the deal's importance for enhancing US Steel's competitiveness. Imai, who replaced Eiji Hashimoto as president, highlighted Nippon Steel's technological edge and patent portfolio in North America. The acquisition faces political scrutiny from President Joe Biden, who prefers US Steel to remain domestically owned. Biden's stance aligns with the United Steelworkers union and could affect US-Japan relations. A summit on April 10 between Biden and Japan's Prime Minister Fumio Kishida, followed by a US Steel shareholder meeting, will be pivotal for the deal's future.

Nippon Steel Corp. has justified the 142% premium it's paying for United States Steel Corp., aiming to become a global steel production leader and counter a weak domestic market. The $14.1 billion all-cash acquisition was unexpected, as Nippon Steel was not previously seen as a front runner. The deal, which creates the world's second-largest steel producer, is seen as a bet on US demand growth, potentially fueled by infrastructure spending and clean-tech manufacturing. However, it raises financial and execution risks, and could lead to a stretched balance sheet or require a capital raise. The acquisition has political and labor implications, with US senators and the United Steelworkers union expressing concerns. Nippon Steel aims to honor existing commitments and engage in dialogue with the union. The deal also aligns with Nippon Steel's net-zero emissions by 2050 goal and its interest in green steel technology.

Grace Huang discusses the optimization of the 4% rule for Safe Withdrawal Rates (SWR) in retirement portfolios, questioning whether annual or quarterly withdrawals yield a better SWR. The article proposes that quarterly withdrawals may allow more of the portfolio to remain invested and compound, potentially leading to a better SWR. Huang's book 'Optimizing the 4% Rule' is available on Amazon and covers various aspects of financial independence portfolio design.

Japanese trading houses, which are favored by Warren Buffett, reported strong earnings last quarter despite a drop in commodity prices and China's economic rebound. The five major firms, Mitsubishi Corp., Mitsui & Co., Sumitomo Corp., Marubeni Corp., and Itochu Corp., all exceeded net-income estimates. Mitsubishi and Mitsui are considering additional shareholder returns, while Itochu plans a share buyback. Buffett's Berkshire Hathaway increased its stake in these companies to over 8.5%. The trading houses' diverse portfolios, including convenience stores and salmon farming, helped them perform better than energy majors like Exxon Mobil and Shell, which missed estimates due to falling gas prices and weak oil-refining margins.

Grace Huang shares her experiences traveling to Osaka and nearby cities, highlighting Osaka's distinct culture, humor, and history of innovation. She notes the invention of conveyor belt sushi by Yoshiaki Shiraishi, the creation of Cup Noodles by Momofuku Ando, and the concept of capsule hotels. The article also mentions a visit to the Cup Noodles Museum and the city's free walking tours.