Its an iron asteroid, not a steel one. How would it hurt the steel industry if its main raw material got cheaper? But wait, is launching big rockets to get iron from space really cheaper than mining iron on earth? Nope! As Isaac Arthur points out, we will mine asteroids for construction projects off-earth, not to send the mined materials down to earth (unless were talking about rare materials, which iron and nickel are NOT).
He explains Orbital ring here. He talked about the sacrifice of 16 psyche some place else i don't remember
https://www.bitchute.com/video/LMbI6sk-62E/