[mvpel]

The reason the steel company is bankrupt is because their retiree benefits package added so much to the cost of each ton of steel that they weren't able to compete in a global marketplace, even with government protectionism.

[Lurking2Long]

And a hearty AMEN to your post as well!

[Thoro]

The reason the steel company is bankrupt is because their retiree benefits package added so much to the cost of each ton of steel that they weren't able to compete in a global marketplace, even with government protectionism.

Other factors include:
Managerial incompetence.
Unions protecting the dead weight.
And failure to upgrade equipment so that the process of business was cost-effective.

Plainly speaking, the business was run into the ground.