Not many years ago, the U.S. steel industry found itself losing ground.
U.S. Steel Corp., the country’s largest producer, still had billions of dollars in revenue, but had posted large losses for three consecutive years. Meanwhile, China was offering cheaper labor and an abundance of the raw materials used to make steel. As a result, the World Steel Association reported that Chinese production of steel increased 57 percent between 2007 and 2013, while American production during that time period declined by 11 percent.
But then came the domestic shale gas boom, which has put the American steel industry back in the business of making pipes for drilling rigs and new pipelines.