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Podcast: Planet Money
Episode: How Big Steel in the U.S. fell
Description: Steel manufacturing was at one point the most important industry in the United States. It was one of the biggest employers, a driver of economic growth, and it shaped our national security. Cars, weapons, skyscrapers... all needed steel.But in the second half of the 20th century, the industry's power started to decline. Foreign steel companies gained more market power and the established steel industry in the U.S. was hesitant to change and invest in newer technologies. But then, a smaller company took a chance and changed the industry. On today's episode: What can the...