@luckytran I grew up in Pittsburgh. My grandfather talked about businessmen changing their white shirts at lunchtime because by then the one they wore to work had turned grey. By the 1980s, most of that had cleared.
And I know that was because most steel mills shut down rather than modernize. But it’s not because they were bankrupt, they just refused and bought the steel from new modern Japanese factories.
Now China is a leader in renewable energy and the US still refuses to catch up.