Do We Really Want a Domestic Iron and Steel Industry?

The domestic iron and steel industry is a vital and major segment of the US economy. Including its employees in coal mining, iron ore mining, limestone quarrying, and related transportation, the industry directly provides jobs for approximately 750,000 people, has a $10 billion annual payroll, and indirectly supports a substantial volume of employment for the entire country. Because of its size and visibility, if nothing else, the US iron and steel industry has always been an easy target of attack and has often been subjected to a great deal of political sound and fury. Today, the industry has different troubles and is fighting for survival: it is faced with spiralling costs, inadequate earnings, labor unrest, foreign competition, government over-regulation, an acute shortage of investment capital, and an all-time high debt burden.