Born in 1901, United States Steel Corporation has evolved and grown with America.
The US Steel Corporation was established in 1901 and is headquartered in Pittsburgh, Pennsylvania.
1901: Acquisition of Bessemer Steamship Co (Great Lakes iron ore).
In 1902, its first full year of operation, United States Steel made 67 percent of all the steel produced in the United States.
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.
1906: Construction begins of the Gary Works, Indiana.
In 1907 US 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.
1910: Acquisition of the Columbia Steel Company.
United States Steel's share of the expanding market slipped to 50 percent by 1911.
1949: Plans announced for construction of Fairless steelworks, Pa.
Production peaked at more than 35 million tons in 1953.
1979: Restructuring - closure of 13 loss-making steel plants.
As part of its diversification plan, United States Steel had acquired Marathon Oil on January 7, 1982, as well as Texas Oil and Gas several years later.
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.
However, the 1980s brought a number of economic changes to the steel industry, most notably, the importing of foreign steel into the American marketplace. It reduced its domestic raw steel production and became involved in the energy industry by its acquisition of Marathon Oil Company in 1982.
1983: Further restructuring - closure of many 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.
About 22,000 USX employees stopped work on August 1, 1986, after the United Steelworkers of America and the company could not agree on new employee contract terms.
In late 1986, recognizing the fact that it had become a vastly different corporation, United States Steel Corporation changed its name to USX Corporation, with principal operating units involved in energy, steel and diversified businesses.
1986: Jv with POSCO to modernize USX Pittsburg plant (California). 1986: Change of name to USX Corporation.
1986 name change to USX was in recognition of United States Steel's involvement at this point in steel, energy and other non-steel business.
1986: Jv with POSCO to modernize USX Pittsburg plant (California).
In late 1986, United States Steel changed its name to USX Corporation.
Recognizing its new scope, it reorganized its holdings as USX Corporation in 1986, with United States Steel (renamed USS, Inc.) as a major subsidiary.
Corporate raider Carl Icahn launched a hostile takeover of the steel giant in late 1986 in the midst of the work stoppage.
On February 4, 1987, three days after the agreement had been reached to end the work stoppage, USX announced that four USX plants would remain closed permanently, eliminating about 3,500 union jobs.
1990: Cost-cutting consolidation of Texas Oil and Marathon Oil.
24, 2000, when U. S. Steel diversified its geographic footprint outside the United States with the purchase of the Slovak steelmaking assets of VSZ a.s., creating U. S. Steel Košice.
In October 2001, USX Corporation shareholders voted to adopt a plan of reorganization.
Led by CEO Thomas Usher, United States Steel spun off Marathon and other non-steel assets (except railroad company Transtar) in October 2001.
2001: Closure of operations at Fairless Works.
2001: Acquisition of LTV Steel’s East Chicago tin mill products plant.
In the reorganisation of USX in 2001, the United States Steel Corporation took on the same name in which it had been founded 100 years earlier.
The two new companies officially began operating independently on January 1, 2002.
U. S. Steel acquired the assets of the former National Steel Corp. in 2003, adding iron ore reserves and significant integrated steelmaking capacity.
2003: Purchase of bankrupt steelmaker Sartid in Serbia.
United States Steel finally acquired National Steel's assets in 2003 after National Steel went bankrupt.
2007: Flat rolled capacity expansion - purchase of Canada's Stelco.
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.
2010: Lockouts at Stelco Hamilton works - pension rights issues.
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: United States Steel locked out ~1,000 workers at the Nanticoke, Ontario, facility in April 2013 after they rejected an earlier contract offer.
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, U. S. Steel announced an undisclosed number of layoffs affecting employees worldwide.
2015: Some discussion about temporary idling of Granite City Works.
2016: Rumours abound on possible sale of US Steel Kosice in Slovakia.
2016: Sale underway of US Steel's Canadian steel assets.
2016: Agrees terms for sale of U. S. Steel Canada (USSC) to Bedrock.
2016: US Steel announced on 1st Nov 2016 that it had agreed to proposed terms with Bedrock Industries Group LLC ("Bedrock") regarding the sale and transition of ownership of U. S. Steel Canada, Inc. ("USSC") to Bedrock.
Offers to purchase these Canadian steel plants were being considered in early 2016.
Agreement for the sale and transition of ownership of U. S. Steel Canada, Inc. (USSC) to Bedrock was finalised in June 2017.
2018: Located on the south shore of Lake Michigan, Gary Works is U. S. Steel's largest manufacturing plant and the largest integrated steel mill in North America.
The $750m capital investment programme announced in 2018 will improve the facility's environmental performance and bolster cost competitiveness.
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.
2019: Announces state-of-art technology investment at Mon Valley Works.
2019: The steel producer buys a minority stake in Big River Steel.
2020: Acquires Remaining 50% Ownership Interest in USS-POSCO Industries (UPI). 2020: Buys remaining 50.1% stake in Big River Steel LLC for $774 million.
2020: Buys remaining 50.1% stake in Big River Steel LLC for $774 million.
"United States Steel ." Dictionary of American History. . Encyclopedia.com. (April 16, 2021). https://www.encyclopedia.com/history/dictionaries-thesauruses-pictures-and-press-releases/us-steel
"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
2021: Abandons $1.1 billion investment project in the Mon Valley.
2021: Decision to cancel Mon Valley Works project was reportedly based on climate change considerations, especially attainment of CO2 emissions targets.
|Company Name||Founded Date||Revenue||Employee Size||Job Openings|
The Dow Chemical Company1897
Archer Daniels Midland Company1902