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United Steel history
United Steel company history timeline
In 1979 United States Steel lost $293 million.
1979: Restructuring - closure of 13 loss-making steel plants.
The long-promised diversification move came in 1982 with United States Steel Corporation’s $6.2 billion acquisition of Marathon Oil Company, a major integrated energy company with vast reserves of oil and gas.
In 1982, United States Steel made its largest move ever into non-steel industries.
When United States Steel bought the company in 1982, Marathon had operations around the world.
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 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.
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 May 1989 Roderick retired and was succeeded as chairman and CEO by Charles A. Corry, a veteran of the USX restructuring.
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.
After 1991, the company sold shares in its two major groups, United States Steel and Marathon Oil.
1992: USX-Dehli Group is created as a third tracking stock.
In 1992, it merged with another USX holding, Texas Oil & Gas.
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.
That division was sold in 1997.) The move helped boost the total value of the stocks, and for a time, United States Steel shares commanded the higher price.
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: Acquisition of VSZ steel works in Kosice, Slovakia.
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.
2001: Acquisition of LTV Steel’s East Chicago tin mill products plant.
2001: Closure of operations at Fairless Works.
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.
Marathon Oil and the United States Steel Corporation became independent companies on January 1, 2002.
The two new companies officially began operating independently on January 1, 2002.
By the beginning of 2002, United States Steel proposed a major reorganization of the entire United States integrated industry.
Starting in 2002, Marathon was independent again.
2003: Purchase of bankrupt steelmaker Sartid in Serbia.
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.
2011: Major coke plant refurbishment at Clairton plant, Mon Valley.
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.
2016: Agrees terms for sale of U. S. Steel Canada (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: Announces $750m capex programme to modernize Gary Works.
The $750m capital investment programme announced in 2018 will improve the facility's environmental performance and bolster cost competitiveness.
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.
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.
2020: Buys remaining 50.1% stake in Big River Steel LLC for $774 million.
2021: Equinor MOU centres on achievement by US Steel of decarbonization goals.
"United States Steel Corporation ." International Directory of Company Histories. . Retrieved June 21, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/united-states-steel-corporation
2022: Edgar Thomson is a steelmaking unit at the Mon Valley Works.
2022: Pays $1.5 million fine for pollution violations at Edgar Thomson Works.
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United Steel competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Powell Steel Corporation | - | $8.8M | 100 | - |
| SA Halac | - | $7.3M | 100 | - |
| Mid-Park | 1971 | $3.1M | 35 | - |
| Haas Door | 1954 | $31.0M | 200 | - |
| Hartung Glass | 1924 | $110.0M | 402 | 6 |
| Woodgrain | 1954 | $750.0M | 2,200 | 117 |
| Hog Slat | 1969 | $190.0M | 600 | 14 |
| Armstrong Flooring | 2016 | $100.0M | 3,500 | 99 |
| Steves Doors | 1866 | $490.0M | 3,000 | 2 |
| Patrick Industries | 1959 | $3.7B | 11,000 | 22 |
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