President Donald Trump’s proposal to allow Nippon Steel to invest in U.S. Steel could produce a genuine victory out of the embarrassing saga of the past year. Andrew McDermott, a long-term investor in Japan, says the key question in any new deal will be whether the terms allow Nippon Steel to deploy its management strengths and show Americans the path back to their manufacturing glory days. For this, we need to once again value real engineering over financial engineering. Read more.