That is a mischaracterization. Steel had every chance to adapt to changing markets. They enjoyed trade protection, minimum buying contracts, subsidies, the works. But management stuck to antiquated production methods using coke and old technology furnaces when the handwriting was on the wall that efficient production meant a move to electric arc furnace technology. They didn't make they investments, as a matter of fact they sucked the capital reserves dry. Yes, the workers paid the price for bad managent decisions, but then, they always do. As I pointed out, Nucor started up here, in NC, with mini-mills and electric arc, and is doing just fine.
The essential difference is that old technology furnaces had to run continually, moths, even years at a time, regardless of the demand for product. Electric arc can be started and shut down at a comparative moments notice. Big cost advantage.