Decline of The Steel Industry

In the discussion over Bain Capital's "investments" in the steel industry, here's a chart:

The reality is that producing 50% of the world's steel wasn't sustainable.  In fact, a number of factors played a part in the changes, including lack of capital investment, failure to adapt to new technology, the decline of quality ore in the Mesabi Range, massive iron ore deposits discovered in Australia, labor-management strife, environmental regulation and U.S. bank financing of foreign steel mill construction.  There's a lot of blame to go around, but even now we are producing our share of steel based on our ratio of world population.