And in your thinking the compnay had no role in that negotiation? Let's take a mini look at the history:
After 1970 the company could no longer compete effectively with low-wage producers elsewhere. Imports and mini-mills undercut its sales -
History of the modern steel industry - Wikipedia, the free encyclopedia
Steel production had increased exponentially since the industrial revolution, and demand had been especially high during the world wars. Steel prices significantly dropped as the market became saturated with steel, and many steel mills in the Western world were driven out of business.
Steel crisis - Wikipedia, the free encyclopedia
You seem to be making a link that isn't fully supported by fact. Sure, workers could have agreed to lower wages, and it might have still fell. They could have accepted thrid world country wages, but how would that be for workers here? Would it really be better than being changing to a new field?
Trying to reduce complicated issues to single person blame is usually a mistake. Both workers and managment likely hold a share of the blame in most cases. And we can't forget the role of the arket in all this. With health insurance benefits and such paid by employers, we are behind the eightball with competing with the rest of the world.