I hate to burst your bubble chukkk, but US Steel doesn't control the steel market. At best, they are reacting to Global market forces.
The top 10 steel producers in the world have either Indian, Chinese, Korean or Japanese majority ownership. The rest of the top 20 with the exception of 2, (US Steel and Nucore), are Chinese, Russian, Brazilian, German, Indian and Pakistani.
The total Global Steel output is 1.3 Billion tonnes, China produces almost 40% of this!!! India will probably be number 2 in terms of output by 2015.
One thing that I agree with you on is that this downturn is different than anything most of us have seen in our lifetimes. We will get through it, but it will take much longer than we think it will.