The steel industry exploiting the Red Lands' rich iron-ore grounds in the beginning of the 20th century drove the country's industrialization. After the decline of the steel industry in the 1970s, the country focused on establishing itself as a global financial center and developed into the banking hub it is reputed for. Since the beginning of the 21st century, its governments have focused on developing the country into a knowledge economy, with the founding of the University of Luxembourg and a national space program.