The Bethlehem Steel Corporation (1857–2003), based in Bethlehem, Pennsylvania, was once the second-largest steel producer in the United States, after Pittsburgh PA-based US Steel. After a decline in the U.S. steel industry and management problems leading to the company's 2001 bankruptcy, the company was dissolved and the remaining assets sold to International Steel Group in 2003. In 2005, ISG merged with Mittal Steel, ending US ownership of the assets of Bethlehem Steel.
Bethlehem Steel was also one of the largest shipbuilding companies in the world and one of the most powerful symbols of American industrial manufacturing leadership. Bethlehem Steel's demise is often cited as one of the most prominent examples of the U.S. economy's shift away from industrial manufacturing, its inability to compete with cheap foreign labor, and its traits of business management that value short-term benefit over long-term strategy.
The site of the company's former main plant in Bethlehem, PA, is now home to an arts and entertainment district called SteelStacks. The plant's 5 blast furnaces have been left standing and serve as the back drop for this new campus. The site currently features a contemporary performing arts center, called the ArtsQuest Center, at the west end and the Sands Casino Resort Bethlehem, to the east of the site. Future attractions include a free music pavilion, Levitt Pavilion SteelStacks.