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Planet Money

How Big Steel in the U.S. fell

Mar 20, 2024
Explore the rise and fall of the steel industry in the US, from traditional big steel companies to innovative mini mills. Learn how a smaller company challenged the established industry with cutting-edge technology, showcasing the importance of innovation and adaptation in a once-great industry.
22:19

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Quick takeaways

  • Labor strikes led to wage increases in the US steel industry, impacting prices.
  • Mini mills innovated with electric arc furnaces, challenging traditional methods and increasing efficiency.

Deep dives

The Fall of the US Steel Industry

The decline of the US steel industry was influenced by labor issues, foreign competition, and reluctance to adopt new technologies. Labor strikes led to wage increases and subsequent price hikes in steel. Foreign countries innovated with new efficient furnace technologies, making their steel more competitive. US companies hesitated to invest in new technologies, leading to a lack of innovation.

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