Tom Eagar's 1974 employment in the steel industry

I happen to have worked in the steel industry, and I will tell you that's not what destroyed the steel industry. Maybe they weren't as profitable as they wanted to be, but what destroyed it was bad management. For example, after World War II, the United States controlled seventy-five percent of the world's steel industry. Do you know why? They bombed out the rest. It's a wonderful thing to go to war and have your competition bombed out. In the marketplace you can become the best in the world. And they had that attitude. When I went to work for them in 1974, they still had the attitude that they controlled seventy-five percent of the world's steel market. At that time they controlled twenty-five percent. Today they control ten percent or less, actually less now.