There were plenty of profits to be had. I've lived in steel towns almost my entire adult life, and you can see exactly how that manifested in region. Drive around these towns and you'll see the names of wealthy steel tycoons on roads, parks, schools, and even whole towns. You'll also see stark divides between streets with lavish mansions where management lived, and dilapidated row homes where workers lived. The divide was so deep that workers literally fought and died for better conditions at a time when steel prices and profits were actually increasing (https://en.wikipedia.org/wiki/Homestead_strike).

Ever heard of Carnegie Tech (CMU), the Wharton School, or Swarthmore college? They exist precisely because of the existence of massive profits from steel.