This podcast episode explores the rise and decline of the steel industry in the United States. It discusses the factors that contributed to the industry's downfall, including rising labor costs, foreign competition, and a failure to adopt new technologies. The episode also highlights the emergence of mini mills as a more efficient alternative to traditional mills and how Nucor, a small company using mini mills, was able to disrupt the industry. It also examines the challenges faced by Nucor in establishing its mini mill and the resistance from unionized workers. The episode concludes by discussing the blame placed on foreign trade by big steel companies and the ultimate acquisition of Steel, one of the last big steel companies, by a Japanese company.
