Steve Miller's Plan to Reforge Big Steel

Bankrupt Bethlehem Steel's CEO wants to salvage the entire industry. What he needs is a lot of help from rival U.S. Steel -- and taxpayers

A century ago, U.S. Steel was the colossus of the industry, pouring more steel than any company in the world. These days, it doesn't even rank among the top 10. It has been surpassed by rivals in Europe and Asia that have built up their metal-making capacity while U.S. Steel has downsized -- and then downsized some more. Now, Robert "Steve" Miller Jr. has a scheme that could enable the Pittsburgh-based corporation to reclaim at least some of its glory. He wants the company to take over as many as a half-dozen other, old-line steel producers, which would triple its annual tonnage and vault it back into the ranks of world leaders.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.