Earlier quoted context omitted.
One of the interesting possibilities for the Fermi Paradox is the fact that we've wiped out the readily accessible deposits of iron, coal, oil, etc. A second go at the industrial revolution would be much harder, if we regressed that far.
Japan has very low quality iron ores. Yet they turned out (arguably) the best steel swords in the world. Constraints don't always lead to bad outcomes.
My understanding is that historically the best steels were made in India/Southern-India where wootz steel comes from and that for more than 2000 years the rest of the world was almost bargain tier in comparison. To the degree that samples of wootz steel were brought back to Europe even in the 18th century in an attempt to replicate the process.
I'm only an amateur metalworker though so I hope someone more knowledgeable can correct any errors.