“Iron is the country.” Tetsu wa kokka nari. That is what Japan’s first prime minister, Prince Ito Hirobumi, said in 1901, channeling nineteenth century German statesman Otto von Bismarck, when the first blast furnace of Yahata Steel Works, Nippon Steel’s main antecedent company, was fired up. But that hardly applies to the United States and its iron and steel sector today, Paul Sheard writes in early 2025.