GMAT Sentence Correction (SC) | Re: The steel industry has changed radically over the last two

B. The steel industry has changed radically over the last two decades, as large, integrated companies such as Bethlehem Steel that once conducted operations from mining at one end of the process to shipping at the other have greatly downsized, or in some cases shut down altogether.

Could someone clarify if bold phrase could qualify "such as Bethlehem Steel"? I am not sure if the phrase points to "such as Bethlehem Steel" or to "large, integrated companies".

Thanks