Since 2001, I have been following the financiers, directors, and managers who were involved in the Chapter 11 disassembly of Bethlehem Steel Corp. My research has taken me into the billionaire world of Indian mogul Lakshmi Mittal, his operation of U.S. steel mills and his takeover battle with Arcelor. Other people and organizations keep popping up, cutting deals and causing things to happen – Robert Steve Miller (Delphi Corp.), Lewis Kaden (Citigroup), Alexei Mordashov (Severstal), Rodney Mott (ISG and Stelco), John Surma (U.S. Steel), Nathaniel Rothschild and Rothschild Inc. (Arcelor, Delphi, coal), and Wilbur Ross (steel, coal, and the Sago mine accident). What’s going on? No less than a quiet restructuring of U.S. industry.

Steel in Crisis: Special Report

Follow-Up: Is Time Running Out for Lakshmi Mittal?
How crushing debt, low cash flow, and labor discontent weigh on the Steel King. (6/8/09)

Part 1: Free Fallin’
At least $600 billion of market value has vanished. (4/7/09)

Part 2: The Debt Noose
The world’s biggest steelmaker faces a liquidity squeeze. (4/7/09)

Part 3: Sparrows Point’s Owner Mauled
Russian oligarch Alexei Mordashov overbuys. (4/7/09; Updated 5/7 and 5/8/09)

Chart 1: Hard Times
A collapse felt around the world.

Chart 2: Spinning Wheels
Detroit stops buying steel.

Chart 3: The Market Crash
Highs and lows by company.

Part 4: Memo to President Obama
How to get steel back on solid footing with green technology. (5/28/09)