Bethlehem Steel has recently dissolved

Bethlehem Steel has recently dissolved

According to latest industry news, US firm Bethlehem Steel has recently announced that it decided to close its mill. The decision was disclosed at 11.59 pm on December 31, 2003, about 100 years after its corporation. Bethlehem Steel was the second largest mill of US for a long time till 1980s, at a time which indicated the beginning of certain problems such as high labor costs, bad management, outdated technology and foreign competition. In 2001, Bethlehem Steel declared bankruptcy and in May 2003 announced that it sold its assets to International Steel Group (ISG), as previously reported by SteelOrbis. An official from Bethlehem Steel commented on the issue, stating that the closure of the firm was not a surprise.