No flames here, just logic. You have an interesting premise. Let’s say that there are two animals living in a cage where only enough oxygen can get in to nourish them if they both act the same way. One animal decides to consume all the oxygen. The other animal will quickly die and then there will be just one.
Once there is just one animal, what do you think will happen to the price of steel?
You can’t shut down the steel production in the US and wait for better times. Once shut down the creditors will sell the assets and there will be nothing to restart. What the Chinese are doing is no different than the nineteenth century cartels.