British Steel Dies, But Carmaking Thrives

Knowledge workers will replace assembly-line labor.

Steel yourself for more bad news.

Photographer: TOBIAS SCHWARZ/AFP/Getty Images

In 2007, the Indian conglomerate Tata paid $12 billion for Corus, Europe's second-biggest steelmaker. Britain's Telegraph newspaper hailed "an amazing turnaround" in Corus's fortunes. A year later, Tata paid $2.5 billion for Jaguar Land Rover, an iconic British car brand that had limped through the credit crisis in the hands of Ford. The Financial Times said the deal lacked logic: "Jaguar and Land Rover will be millstones around the neck of Tata Motors."

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