How Big Steel in the U.S. fell
Planet Money
00:00
Steel Industry Lobbying and Protectionism
The steel industry has a long history of lobbying for protection through tariffs, anti-dumping measures, and quotas on steel imports. Politicians found it easy to support the industry due to its association with national security and traditional blue-collar jobs. This lobbying resulted in small rule changes over decades, making it easier to impose tariffs on foreign steel. Additionally, the industry faced challenges such as legacy costs and outdated facilities, leading many big steel companies to go bankrupt. Ultimately, the minimills emerged as winners in this industry evolution.
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