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How Big Steel in the U.S. fell

Planet Money

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Innovating Through Industry Transformation

The decline of a once-powerful industry sparked a revolutionary transformation plan. This shift highlights key lessons on innovation, technology, and the potential of underdogs. The traditional steel-making process for a century entailed using limestone, iron, and coal in a massive open hearth furnace, indicating a stagnant approach. The message emphasizes how disruption and innovation can enhance industries by showcasing the evolution in banking services pioneered by Capital One and Discover, underlining the importance of reimagining traditional practices and embracing change for growth and success.

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