The American steel industry could have competed with any country if they were not so saddled with regulations,unions, and other government intrusions. No doubt that some of the free trade agreements were poorly thought out, but that is not the biggest reason the industry has all but folded here imho.
Without a horrendously severe reduction in American steel-industry wages (like 75% or more) and wipe-out of benefits, any tax & regulation decreases would not be enough. Now if you combine the tax & reg decreases with tariffs to wipe out the foreign competitions' otherwise insurmountable advantages (especially with regards to the Chinese) then you'd have a winning combo.