The steel industry, having entered the recession in the best of health, is emerging as a leading indicator of what lies ahead. As steel production goes -- and it is now in collapse -- so will go the national economy.
That maxim once applied to Detroit's Big Three car companies, when they dominated American manufacturing. Now they are losing ground in good times and bad, and steel has replaced autos as the industry to watch for an early sign that a severe recession is beginning to lift.
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