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  Plant idlings, employee furloughs and a production downturn, hit the industry hard.
  At the same time, mega consolidations and acquisitions hold promise to lead the iron and steel industries into a new future.
  Major industry consolidation occurred some 20 years ago. However, even more consolidation took place this year. Cleveland-Cliffs, Inc. led the way.
  ⢠Cliffs completed two major consolidations which for the first time moved the 173-year-old company into steelmaking.
  ⢠United States Steel Corp. expanded into electric arc furnace steelmaking and agreed to option interest in its mammoth Minntac Mine in Mountain Iron.
  After the industry hit the skids in the spring, domestic steel prices and global iron ore prices by the end of 2020 skyrocketed to the highest levels in years.   Â