In their relentless decline since the 1950s, American steel giants have become a symbol of the country's lost industrial might. Beset by foreign competition, decaying plants and ceaseless labor strife, Big Steel sank into a 30-year slump from which it has only recently begun to recover. That fragile comeback suffered a heavy blow last week when a U.S. government panel tore down many of the protections that the Commerce Department had erected in June against steel imports. In a ruling that stunned the industry and Wall Street, the International Trade Commission overturned most tariffs on imported steel.
Though the decision gave...
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