Steel ~ US Still has ALL the serious specialty steel manufacturing. Semiconductor devvices? ~ we have the semiconductor manufacturing edge and are producing more and more of the suckers with less and less input, and smaller and smaller sizes. It’s hard to tell what you mean here ~ depends on which stage of the industry is relevant at any given time.
But in time of war, depending on the opponent, it may still be very bad to have to import ordinary, non-specialty steel and so many of our chips. Hence, my suggestion that strategically we should have retained more capacity in those sectors.