This paper is part of a study which attempts to take a different approach to understanding the events which occurred in the U. S. steel industry during the period 1945 to 1985. In undertaking to provide a different form of explanation, this project was principally concerned with searching for an understanding of how those in the industry chose to act in the manner they did. The findings presented demonstrate the extent to which organizational and industry history influence managers′ interpretations of the world in which they exist, and the possibilities for action within that interpretation. Attributions about ones′ self, and others, are slow to change. The narratives which reflect those attributions are important to the organization and to the development of strategic actions. The manner in which steel industry managers chose to understand their role, and the role of others in the industry, had a long‐term impact on the strategies they developed.