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Last summer US Steel was considering taking the capitalists’ way out—by selling itself. American steelmaking has suffered decades of decline, ostensibly as a result of foreign competition. At home traditional integrated producers like US Steel have been overtaken by “mini-mills” powered by electricity and non-union workers. In August Cleveland-Cliffs, a rustbelt rival, announced that it had made an offer to buy US Steel and had been rebuffed. Dozens of suitors emerged. In December Cleveland-Cliffs made a final bid of $54 per share, to
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