Short answers, pulled from the story.
The Morgenthau Plan aimed to turn Germany into an agricultural state by abolishing all German armed forces and munitions factories. It targeted civilian industries capable of supporting military production for destruction or strict restriction based on approved peacetime needs.
Steel production caps were set at roughly 5,800,000 tons annually representing only 25% of prewar output. Total steel capacity dropped by 6,700,000 tons as authorities ordered the destruction of 1,500 listed manufacturing plants.
President Harry S. Truman rescinded directive JCS 1067 in July 1947 due to sluggish European recovery and growing Soviet influence. This action replaced it with JCS 1779 which noted that prosperous Europe needed a stable Germany.
John Gimbel concluded that intellectual reparations taken by the US and UK amounted to nearly $10 billion. Confiscated items included electron microscopes cosmetics machinery textile equipment tape recorders insecticides chocolate wrappers butter machines manure spreaders ice skate grinders paper napkin machines and other technologies superior to American industry standards.
Final limitations on industrial levels lifted when ECSC entered force in July 1952. Industrial disarmament lingered in steel production restrictions until Allied occupation ended the 5th of May 1955.