History of US Steel
The US Steel Corporation was established in 1901. As at end-2015, the company was the 24th largest steelmaker in the world, with output of ~15 million tonnes of liquid steel.
The timeline below covers the history of the firm.
- 1873: Carnegie Steel founded by Andrew Carnegie.
- 1901: United States Steel Corporation founded.
- 1901: Acquisition of Bessemer Steamship Co (Great Lakes iron ore).
- 1904: Purchase of the Clairton Steel Company.
- 1906: Construction begins of the Gary Works, Indiana.
- 1907: Purchase of Tennessee Coal, Iron and Railroad Company.
- 1910: Acquisition of the Columbia Steel Company.
- 1949: Plans announced for construction of Fairless steelworks, Pa.
- 1964: Creation of new division - Pittsburgh Chemical Company.
- 1979: Restructuring - closure of 13 loss-making steel plants.
- 1982: Acquisition of Marathon Oil.
- 1983: Further restructuring - closure of many obsolete plants.
- 1984: Buys US properties and oil reserves of Husky Oil Ltd.
- 1986: Acquisition of Texas Oil & Gas Corporation.
- 1986: Jv with POSCO to modernize USX Pittsburg plant (California).
- 1986: Change of name to USX Corporation.
- 1990: Cost-cutting consolidation of Texas Oil and Marathon Oil.
- 2000: Acquisition of VSZ steel works in Kosice, Slovakia.
- 2001: USX split into 2: United States Steel Corp & Marathon Oil.
- 2001: Acquisition of LTV Steel’s East Chicago tin mill products plant.
- 2001: Closure of operations at Fairless Works.
- 2003: Purchase of bankrupt steelmaker Sartid in Serbia.
- 2003: Buys steel-related businesses of National Steel Corporation.
- 2007: Acquisition of Texas-based tubemaker Lone Star Technologies.
- 2007: Flat rolled capacity expansion - purchase of Canada's Stelco.
- 2010: Lockouts at Stelco Hamilton works - pension rights issues.
- 2010: Jv with Kobe Steel - ProTec coating plant investment in Ohio.
- 2011: Major coke plant refurbishment at Clairton plant, Mon Valley.
- 2012: Sale of U. S. Steel Serbia to the Serbian Government.
- 2013: Labour dispute shuts down raw steel production at Ontario mill.
- 2013: USS and Kobe commission new continuous annealing line at ProTec.
- 2014: US Steel Corporation removed from S&P 500 index on 1st July.
- 2015: Some discussion about temporary idling of Granite City Works.
- 2016: Sale underway of US Steel's Canadian steel assets.
- 2016: Rumours abound on possible sale of US Steel Kosice in Slovakia.
- Creation of United States Steel in 1901 was from the merger of several different steel companies including Carnegie Steel, Federal Steel [founded by John Morgan in 1898], American Steel & Wire and others. Charles Schwab was appointed by Carnegie to run Carnegie Steel. Elbert H Gary around this time was president of Federal Steel; and it was Carnegie, Morgan, Schwab and Gary who were instrumental in the subsequent creation of U.S. Steel.
- 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.
- 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 2010 pension rights negotiations for former Stelco employees arose since U.S. Steel - when it purchased Stelco for $1 billion in 2007 - undertook to the Canadian government that it would meet the pension obligations.
- 2013: U.S. Steel locked out ~1,000 workers at the Nanticoke, Ontario, facility in April 2013 after they rejected an earlier contract offer. The lockout is the third at the former Stelco facility since US Steel acquired the Canadian company in 2007.
- 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.
- 2015: A spokesman for US Steel said that fluctuating oil prices, reduced rig counts, depressed steel prices and unfairly traded imports were driving a consolidation of operations. 2000 jobs were at risk at the Granite City Works.
- 2016: U.S. Steel Canada Inc. - the former unit of U.S. Steel under creditor protection since 2014 - has steel operations in Hamilton and in Nanticoke. Offers to purchase these Canadian steel plants were being considered in early 2016.
- 2016: U.S. Steel Kosice employs 12,000 in the east of Slovakia. Press reports speculate that Czech steelmaker Moravia Steel may emerge as a potential buyer.
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