Jeremy Flack covers the jeopardized Nippon Steel/U.S. Steel (X) deal and the steel industry outlook. He’s “constructive” on the deal and sees “no downsides.” He describes the “knock-on” effects of the deal falling through, which he thinks would be due to political pressures rather than good business decisions. All in all, though, he thinks we have a “healthy” steel industry in the U.S.