Post-1965 greenfield steel mills

Roughly a dozen built worldwide since 1965; none by a shareholder-funded company. Sets up the $1B-investment threshold argument that Boeing (Dreamliner, $20B), Intel ($1B+ fab) can clear but most companies cannot.

Let me finish that story. We've had new steel mills built since 1965. POSCO, the world's largest steel company, in Pohang, Korea, built a steel mill in the 1970s. But POSCO Steel was not bankrolled by financial people — it was bankrolled by the Korean government. There have been probably a dozen steel mills built in the world since 1965 on greenfield sites, but not a single one has been built by a company that was risking shareholder money. It was countries who built a steel mill because they saw steel as vital to the growth of their nation.