Former Treasury Secretary Larry Summers has defended the proposed takeover of United States Steel Corp. (NYSE:X) by Japan’s Nippon Steel Corp. (OTCPK: NISTF) despite the Biden administration’s national security apprehensions. What Happened: As reported by Bloomberg, Summers dismissed any “remotely plausible national-security rationale” for questioning the Nippon-US Steel deal, emphasizing Japan’s status as a “staunch ally.” The $14.1 billion agreement is currently under review by US officials, a process that may extend into 2025. The Biden administration’s top economic adviser, Lael Brainard, …
