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© Getty Images For most of the last century, America was the king of steel. In 1900, the United States was the leading steel producer of the world. By the middle of the 20 th century, the United States was producing roughly half of the world’s supply. At the time, the U.S. steel industry employed up to 650,000 workers, with pay significantly above the national average wage. The U.S. dominance of the global steel industry contributed to the allied victory in two world wars. Steel was the symbol of American military strength and economic power. But by the late 1970s, the steel industry was under assault by rising economic powers. Fueled by low-cost labor and raw materials, government subsidies and investments in new technology, foreign producers rapidly gained market share. Yet, the U.S. government chose not to act on clear-eyed assessments of the need to invest in modernizing the American steel industry, opting for a

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