United States Steel history

In 1902, its first full year of operation, United States Steel made 67 percent of all the steel produced in the United States.

In 1903 Schwab resigned and soon took control of Bethlehem Steel Corporation, which he eventually built into the second-largest steel producer in the country.

The N&B was an 11-kilometer (6.8 mi) short-line railroad built in 1904 that served Atlas Cement in Northampton, Pennsylvania, and Keystone Cement in Bath, Pennsylvania.

In 1905, his Justice Department began researching whether United States Steel was an illegal trust.

In 1906, United States Steel began building a new plant in Indiana along the shores of Lake Michigan.

In 1907 United States Steel bought its largest competitor, the Tennessee Coal, Iron and Railroad Company, which was headquartered in Birmingham, Alabama.

Gary Works has been in operation in Northwest Indiana since 1908.

A presence in the West was established with the purchase of Columbia Steel Company in 1910.

When Standard was broken up on antitrust grounds by the United States government in 1911, Ohio Oil again became an independent company with veteran oilman James Donnell as president.

He also served as chairman of Theodore Roosevelt’s Progressive Party, organizing Roosevelt’s 1912 presidential campaign.

United States Steel finally won the case in 1920, ensuring it would not be broken up into separate companies.

Gary stayed on as, in effect, chief executive officer to lead United States Steel and to dominate its policies until his death in August of 1927.

Starting in 1932, under the leadership of Myron C. Taylor, United States Steel began closing some of its old plants, modernizing others, and building a new one.

In 1933, annual sales at United States Steel reached an all-time low of $288 million.

United States Steel was present in every geographical market in the United States except the East, so in 1949 it announced plans to build a large integrated steel plant in Pennsylvania on the Delaware River to be known as the Fairless Works.

In 1951 a change intended to simplify the structure of United States Steel Corporation took place when a single company was formed from its four major operational subsidiaries.

Olds served as chairman until 1952, when he was succeeded in that office by Fairless.

In 1953 Clifford F. Hood was appointed president and chief operating officer, sharing overall responsibility for the company with board chairman Fairless and Enders W. Voorhees, who continued as chairman of the finance committee.

Fairless retired in May 1955 and was succeeded by Roger M. Blough as chairman of the board and chief executive officer.

In 1958 a further corporate simplification took place when wholly owned subsidiary Universal Atlas Cement Company was merged into United States Steel as an operating division, as were the Union Supply Company and Homewood Stores Company subsidiaries.

By 1960, foreign steelmakers were also cutting into the company's sales.

In 1962, United States Steel tried to raise its prices.

In response to its difficulties, United States Steel announced in 1963 a further reorganization and centralization of its steel divisions and sales operations in order to concentrate management resources to a greater extent on sales and consumer services.

In 1964 United States Steel created a new chemicals division called Pittsburgh Chemical Company.

In 1979 United States Steel lost $293 million.

In March 1982, United States Steel took its concessions and paid $1.4 billion in cash and $4.7 billion in loans for Marathon Oil, saving approximately $500 million in taxes through the merger.

United States Steel continued to improve the efficiency and profitability of its steel operations with the 1983 closing of part or all of 20 obsolete plants.

In 1984 the federal government prevented United States Steel from acquiring National Steel, and political pressure from the United States Congress, as well as the United Steelworkers (USW), forced the company to abandon plans to import British Steel Corporation slabs.

Corporate raider Carl Icahn launched a hostile takeover of the steel giant in late 1986 in the midst of the work stoppage.

Icahn gave up his attempt in January 1987 but kept his USX shares and began a long program of urging USX management to spin off or sell its under-performing steel business.

In October 1989 Corry announced a plan to sell some of Texas Oil & Gas's energy reserves in order to pay off debt and implement a large stock buyback.

In 1991 the two stocks rose 28 percent and the steel shares actually outperformed the oil.

1992: USX-Dehli Group is created as a third tracking stock.

By 1995, profits had increased and United States Steel produced steel more cheaply than any other integrated steel company in the United States.

In 1997 USX, the largest United States steel producer but only the 11th largest globally, began a search for a company or companies that would allow it to become a strong international competitor.

By 1998, USX cut production at its Fairless Works and planned to spend $10 million to encourage 540 management and salaried employees to retire early.

The tracking stock structure, in which USX-Marathon and USX-United States Steel Group remained units of a single parent but traded separately on the stock exchange, came under criticism in 1999.

2000: USX acquires a steel producer in the Slovak Republic.

In October 2001, USX Corporation shareholders voted to adopt a plan of reorganization.

On January 1, 2002, USX split into two separate companies: Marathon Oil and United States Steel.

United States Steel finally acquired National Steel's assets in 2003 after National Steel went bankrupt.

The lockout is the third at the former Stelco facility since US Steel acquired the Canadian company in 2007.

2010: Jv with Kobe Steel - ProTec coating plant investment in Ohio.

2011: Major coke plant refurbishment at Clairton plant, Mon Valley.

In January 2012, United States Steel sold its Serbian mills outside Belgrade to the Serbian government, as their operations had been running at an economic loss.

2013: New continuous annealing line at joint venture PRO-TEC Coating Company commissioned in May 2013 will process some of the strongest and most formable grades of steel, with automotive industry focus.

On May 2, 2014, United States Steel announced an undisclosed number of layoffs affecting employees worldwide.

2016: Agrees terms for sale of U. S. Steel Canada (USSC) to Bedrock.

Agreement for the sale and transition of ownership of U. S. Steel Canada, Inc. (USSC) to Bedrock was finalised in June 2017.

2018: Announces $750m capex programme to modernize Gary Works.

2019: US Steel announced on 1st October that it had reached an agreement to buy a minority stake in Big River Steel, with an option to take complete control over the next four years, in a deal that could ultimately be valued at more than $2 billion.

2020: Buys remaining 50.1% stake in Big River Steel LLC for $774 million.

"United States Steel ." Dictionary of American History. . Retrieved April 16, 2021 from Encyclopedia.com: https://www.encyclopedia.com/history/dictionaries-thesauruses-pictures-and-press-releases/us-steel