- Tem co - V ought ▁Corporation , ▁and ▁the ▁mer ger ▁of ▁Young st own ▁Ste el ▁with ▁the ▁Ly kes ▁Corporation . ▁ ▁Ch alleng es ▁and ▁set back s ▁ ▁The ▁next ▁de cade ▁and ▁a ▁half ▁proved ▁to ▁be ▁a ▁period ▁of ▁trem end ous ▁challeng es ▁and ▁set back s ▁for ▁Cont inental ▁Ste el ▁and ▁for ▁the ▁American ▁steel ▁industry ▁as ▁a ▁whole . ▁Despite ▁a ▁world wide ▁steel ▁bo om ▁in ▁ 1 9 7 3 – 1 9 7 4 , ▁American ▁produ cers ▁were ▁confront ed ▁by ▁labor ▁disput es , ▁the ▁costs ▁of ▁modern izing ▁an ▁ag ing ▁infrastr ucture , ▁environmental ▁issues ▁and ▁foreign ▁competition ▁from ▁Europe ▁and ▁Japan . ▁ ▁In ▁ 1 9 7 1 ▁Cont inental ▁Ste el ▁experienced ▁a ▁content ious ▁strike ▁involving ▁the ▁issue ▁of ▁p ension ▁funds . ▁ ▁Crit ics ▁accused ▁Castle ▁of ▁mis management ▁and ▁of ▁wrest ing ▁maximum ▁prof its ▁from ▁operations ▁without ▁invest ing ▁sufficient ▁capital ▁into ▁expansion ▁and ▁modern ization . ▁ ▁In ▁ 1 9 7 7 , ▁Castle ▁was ▁dismiss ed ▁from ▁his ▁posts ▁at ▁P enn - D ix ie ▁for ▁s elling ▁Florida ▁sw am pl and ▁to ▁the ▁corpor ation ▁far ▁above ▁its ▁actual ▁worth . ▁ ▁Two ▁years ▁later , ▁he ▁was ▁conv icted ▁of ▁def ra ud ing ▁P enn - D ix ie ▁in ▁this ▁consp i racy ▁and ▁sent enced ▁to ▁ 1 5 ▁months ▁in ▁prison . ▁ ▁Bank rupt cies