Clayton Christensen's *The Innovator's Dilemma* — steel mill cost data

Tom's daughter Rebecca worked for Christensen as a summer researcher on the steel chapter; couldn't find integrated-mill cost data anywhere. Tom had estimated $15 billion in an airport (Saginaw, Michigan) with a graduate student.

The other part of the question was, why did the developing world do all the steelmaking? That's another interesting story. Anybody ever heard the book The Innovator's Dilemma? Clayton Christensen up at Harvard Business School, 10 or 12 years ago published this book The Innovator's Dilemma, where he looked at technology advancements. One of them was the steel industry. My daughter — I guess she was either in high school or in college — worked for Clayton one summer as a researcher, and she was working on the steel chapter. He wanted to know what it costs to build an integrated steel mill. An integrated steel mill is one that has basic oxygen furnaces and blast furnaces and coke ovens — turns out five or ten million tons of steel a year, times three or four hundred dollars a ton, times 5 million, and you get a fairly large number in terms of sales out of that one plant.