U.S. Steel
chairman) | |
Products | Flat-rolled steel Tubular steel Iron ore |
---|---|
Revenue | US$18.053 billion (2023)[6] |
US$799 million (2023)[6] | |
US$895 million (2023)[6] | |
Total assets | US$20.451 billion (2023)[6] |
Total equity | US$11.047 billion (2023)[6] |
Number of employees | 21,803[6] (2023) |
Website | USSteel.com |
United States Steel Corporation, more commonly known as U.S. Steel, is an American integrated steel producer headquartered in Pittsburgh, Pennsylvania, with production operations primarily in the United States of America and in Central Europe. The company produces and sells steel products, including flat-rolled and tubular products for customers in industries across automotive, construction, consumer, electrical, industrial equipment, distribution, and energy. Operations also include iron ore and coke production facilities.[7]
It was the eighth-largest steel producer in the world in 2008. By 2022, the company was the world's 24th-largest steel producer and the second-largest in the United States behind Nucor Corporation. Though renamed USX Corporation in 1986, the company was renamed United States Steel in 2001 after spinning off its energy business, including Marathon Oil, and other assets, from its core steel concern.
Pending regulatory and shareholder approval, US Steel is set to be acquired by Nippon Steel, Japan's largest steel producing company, for US$14.1 billion. The deal, announced in mid-December 2023, retains US Steel's name and headquarters in Pittsburgh. However, the Biden Administration would oppose Nippon Steel's bid to acquire U.S. Steel by March 2024;[8] the proposed acquisition was also opposed by the United Steelworkers.[9][10]
History
Formation
In 1907, U.S. Steel bought its largest competitor, the
According to the author
The Corporation, as it was known on
In March 1908, the company formed the Committee on Safety of United States Steel following chairman Elbert H. Gary's meetings on safety with casualty managers of the operating companies, thereby leading to the introduction of the modern "Safety First" movement.[23] The committee's formation was intended not only to prevent worker accidents, but to safeguard the company against criticisms and legal liability.
Mid-century
U.S. Steel ranked 16th among United States corporations in the value of World War II production contracts.[24] Production peaked at more than 35 million tons in 1953. Its employment was greatest in 1943, when it had more than 340,000 employees.[15]
The federal government intervened to try to control U.S. Steel. President
According to the author Dan Carter in The Politics Of Rage: George Wallace, The Origins Of The New Conservatism, And The Transformation Of American Politics, U.S. Steel strongly resisted Kennedy administration efforts to enlist Alabama businesses to support the desegregation of the University of Alabama, which Gov. George Wallace had promised to block by standing in the schoolhouse door. Although the firm employed more than 30,000 workers in Birmingham, Ala., company president Roger M. Blough in 1963 "went out of his way to announce that any attempt to use his company position in Birmingham to pressure local whites was 'repugnant to me personally' and 'repugnant to my fellow officers at U.S. Steel.'"[27]
In the postwar years, the steel industry and heavy manufacturing went through a restructuring that caused a decline in U.S. Steel's need for labor, production, and portfolio. Many jobs moved offshore. By 2000, the company employed 52,500 people.[15]
The USX period
In the early days of the Reagan Administration, steel firms won substantial tax breaks in order to compete with imported goods. But instead of modernizing their mills, steel companies shifted capital out of steel and into more profitable areas. In March 1982, U.S. 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. The architect of tax concessions to steel firms, Senator Arlen Specter (R-PA), complained that "we go out on a limb in Congress and we feel they should be putting it in steel."[28] The events are the subject of "The U.S. Steal Song" [29] by folk singer Anne Feeney.
In 1984, the federal government prevented U.S. Steel from acquiring
About
Recent history
At the end of the twentieth century, the corporation was deriving much of its revenue and net income from its energy operations. Led by CEO
In the early 2010s, U.S. Steel began investing to upgrade software programs throughout their manufacturing facilities.[33]
In January 2012, U.S. Steel sold its Serbian mills outside Belgrade to the Serbian government, as their operations had been running at an economic loss.[34]
On July 2, 2014, U.S. Steel was removed from S&P 500 index and placed in the S&P MidCap 400 Index, in light of its declining market capitalization.[35]
In October 2019, U.S. Steel announced a $700 million investment in Big River Steel, which became the first steel facility to be LEED-certified in 2017, in exchange for a 49.9% ownership interest.[36] In December 2020, U.S. Steel announced it would acquire the remaining ownership interest in Big River Steel for $774 million.[37][38][39] The acquisition was completed in January 2021.[40]
In February 2022, U.S. Steel began construction on a new mill in Osceola, Arkansas which will be operational by 2024.[41] In April 2022, the electric arc furnace flat-rolled Big River Steel mill in Osceola became the first ResponsibleSteel site certified in North America following an independent audit by SRI Quality System Registrar (SRI).[42][43]
On December 18, 2023, Nippon Steel announced an agreement with U.S. Steel to purchase the company for $14.1 billion USD, or $55 USD per share, pending regulatory approval. The company agreed to maintain a headquarters for US Steel in its hometown of Pittsburgh and honor all steelworker union contracts.[44][45][46]
However, the deal received widespread criticism, including from prominent steelworkers labor union United Steelworkers (USW).[9][47] On March 14, 2024, U.S. President Joe Biden declared that U.S. Steel must remain American-owned, stating the proposed acquisition by Nippon Steel would pose a risk to national security, and also declared that he would use U.S regulatory authorities to scuttle the deal.[48] After this revelation, it was noted the Committee on Foreign Investment in the United States (CFIUS) had the authority to block the acquisition based on national security matters.[48] According to USW President David McCall, Biden's decision "should end the debate."[10]
Railroad ownership
U.S. Steel once owned the Northampton and Bath Railroad.[49] The N&B was an 11-kilometer (6.8 mi) shortline railroad built in 1904 that served Atlas Cement in Northampton, Pennsylvania, and Keystone Cement in Bath, Pennsylvania.[50] By 1979 cement shipments had dropped off such that the railroad was no longer economically viable, and U.S. Steel abandoned the line. A 1.5-kilometer (0.93 mi) section of track was retained to serve Atlas Cement. The remainder of the right-of-way was transformed into the Nor-Bath Trail.[51] U.S. Steel also owned the Atlantic City Mine Railroad, whose 76.7-mile (123.4 km) line in Wyoming operated from 1962 until 1983 and served an iron ore mine north of Atlantic City, Wyoming.
Through its Transtar subsidiary, U.S. Steel also owned other railroads that served its mines and mills. Those properties included the
U.S. Steel also owned a large
Inclusion in the Dow Jones Industrial Average (1901–1991)
U.S. Steel is a former
Dividend history
The Board of Directors considers the declaration of dividends four times each year, with checks for dividends declared on common stock mailed for receipt on 10 March, June, September, and December. In 2008, the dividend was $0.30 per share, the highest in company history, but on April 27, 2009, it was reduced to $0.05 per share.[54] In February 2020, the dividend was reduced to $0.01 per share but was then later increased back to $0.05 per share in November 2021.[55][56] Dividends may be paid by mailed check, direct electronic deposit into a bank account, or be reinvested in additional shares of U.S. Steel common stock.[57]
Legal issues
Labor
U.S. Steel maintained the labor policies of
Heavy pressure from public opinion forced the company to give up its 12-hour day and adopt the standard eight-hour day.
Still, U.S. Steel worked hand-in-hand with the Birmingham (Alabama) Police Department as it vigorously investigated and targeted labor activities during the 1930s and 1940s. The corporation developed and fed information to a "Red Squad" of detectives "who used the city's vagrancy and criminal-anarchy statutes (liberally reinforced by backroom beatings) to strike at radical labor organizers." In the 1950s, those investigations shifted from labor to civil rights activists.[63]
The Steelworkers continue to have a contentious relationship with U.S. Steel, but far less so than the relationship that other unions had with employers in other industries[
The Steelworkers union attempted to mollify the problems of competitive foreign imports by entering into a so-called Experimental Negotiation Agreement (ENA) in 1974. This was to provide for
U.S. Steel and the other employers terminated the ENA in 1984. In 1986,
In December 2022, a new four-year contract was ratified between members of the United Steelworkers union and U.S. Steel. This contract covers 11,000 workers at 13 locations. The new agreements were retroactive to September 1, 2022, and included a 5% base wage increase each year for the four years, a $4,000 bonus upon ratification of the deal, $0.50/hour increase in hourly contributions to the Steel Workers Pension Trust, $0.10/hour increase in 401(k) contributions, and uncapped profit-sharing.[69]
Environmental record
During the
In three days, 20 people died... After the inversion lifted, another 50 died, including Lukasz Musial, the father of baseball great Stan Musial. Hundreds more lived the rest of their lives with damaged lungs and hearts. But another 40 years would pass before the whole truth about Donora's bad air made public-health history.[71]
Today the Donora Smog Museum in that city tells of the influence that the hazardous Donora Smog had on the air quality standards enacted by the federal government in subsequent years.
Researchers at the Political Economy Research Institute have ranked U.S. Steel as the 58th-greatest corporate producer of air pollution in the United States (down from their 2000 ranking as the second-greatest).[72] In 2008, the company released more than one million kg (2.2 million pounds) of toxins, chiefly ammonia, hydrochloric acid, ethylene, zinc compounds, methanol, and benzene, but including manganese, cyanide, and chromium compounds.[73] In 2004, the city of River Rouge, Michigan, and the residents of River Rouge and the nearby city of Ecorse filed a class-action lawsuit against the company for "the release and discharge of air particulate matter...and other toxic and hazardous substances"[74] at its River Rouge plant.[75]
The company has also been implicated in generating water pollution and toxic waste. In 1993, the Environmental Protection Agency (EPA) issued an order for U.S. Steel to clean up a site on the Delaware River in Fairless Hills, Pennsylvania, where the soil had been contaminated with arsenic, lead, and other heavy metals, as well as naphthalene. Groundwater at the site was found to be polluted with polycyclic aromatic hydrocarbons and trichloroethylene (TCE).[76] In 2005, the EPA, United States Department of Justice, and the State of Ohio reached a settlement requiring U.S. Steel to pay more than $100,000 in penalties and $294,000 in reparations in answer to allegations that the company illegally released pollutants into Ohio waters.[77] U.S. Steel's Gary, Indiana facility has been repeatedly charged with discharging polluted wastewater into Lake Michigan and the Grand Calumet River. In 1998 the company agreed to payment of a $30 million settlement to clean up contaminated sediments from a five-mile (8 km) stretch of the river.[78]
With the exception of the Fairless Hills and Gary facilities, the lawsuits concern facilities acquired by U.S. Steel via its 2003 purchase of National Steel Corporation, not its historic facilities.
In 2021, U.S. Steel announced a goal to target net-zero carbon emissions by 2050. The company previously set a target to reduce greenhouse gas emissions intensity by 20% by 2030.[79]
Legacy
U.S. Steel Tower
The
Steelmark logo
When the Steelmark logo was created, U.S. Steel attached the following meaning to it: "Steel lightens your work, brightens your leisure and widens your world."[82] The logo was used as part of a major marketing campaign to educate consumers about how important steel is in people's daily lives. The Steelmark logo was used in print, radio and television ads as well as on labels for all steel products, from steel tanks to tricycles to filing cabinets.[83]
In the 1960s, U.S. Steel turned over the Steelmark program to the AISI, where it came to represent the steel industry as a whole. During the 1970s, the logo's meaning was extended to include the three materials used to produce steel: yellow for coal, orange for ore and blue for steel scrap. In the late 1980s, when the AISI founded the Steel Recycling Institute (SRI), the logo took on a new life reminiscent of its 1950s meaning.[84]
The Pittsburgh Steelers professional football team borrowed elements of its logo, a circle containing three hypocycloids, from the Steelmark logo belonging to the American Iron and Steel Institute (AISI) and created by U.S. Steel. In the 1950s, when helmet logos became popular, the Steelers added players' numbers to either side of their gold helmets. Later that decade, the numbers were removed and in 1962, Cleveland's Republic Steel suggested to the Steelers that they use the Steelmark as a helmet logo.[85]
U.S. Steel financed and constructed the
Fabrication of Chicago Picasso sculpture
The Chicago Picasso sculpture was fabricated by U.S. Steel in Gary, Indiana, before being disassembled and relocated to Chicago.[88] U.S. Steel donated the steel for the construction of St. Michael's Catholic Church in Chicago since 90 percent of the parishioners worked at its mills.[89]
United States Steel Hour television program and Walt Disney World involvement
U.S. Steel sponsored
This same U.S. Steel manufacturing plant that was located on Disney property also helped build the now defunct Court of Flags Resort in Orlando, Florida, on Major Blvd.
Real estate development
U.S. Steel was also involved with Florida real estate development including building beachfront condominiums during the 1970s, such as Sand Key near Daytona Beach, Florida,[94][95][96] and the Pasadena Yacht and Country Club near St. Petersburg, Florida.[97]
Facilities
U.S. Steel has multiple domestic and international facilities.[98]
Of note in the United States is Clairton Works,
U.S. Steel's largest domestic facility is Gary Works, in Gary, Indiana, on the shore of Lake Michigan. For many years, the Gary Works Plant was the world-largest steel mill and it remains the largest integrated mill in North America. It was built in 1906 and has been operating since June 28, 1908. Gary is also home to the U.S. Steel Yard baseball stadium.
U.S. Steel operates a
U.S. Steel operates a sheet and tin finishing facility in Portage, Indiana, known as Midwest Plant, acquired after the National Steel Corporation bankruptcy. U.S. Steel acquired National Steel Corporation in May 2003 for $850 million and assumption of $200 million in debt. U.S. Steel operates Great Lakes Works[103] in Ecorse, Michigan, Midwest Plant in Portage, Indiana, and Granite City Steel in Granite City, Illinois. In 2008 a major expansion of Granite City was announced, including a new coke plant with an annual capacity of 650,000 tons.[104]
U.S. Steel operates Fairfield Works in Fairfield, Alabama (Birmingham), employing 1,500 people, and operates a sheet galvanizing operation at the Fairless Works facility in Fairless Hills, Pennsylvania, employing 75 people.
U.S. Steel operates three pipe mills: Fairfield Tubular Operations in Fairfield, Alabama (Birmingham), McKeesport Tubular Operations, in McKeesport, Pennsylvania, and Texas Operations (Formerly Lone Star Steel) in Lone Star, Texas. A fourth pipe mill, Lorain Tubular Operations in Lorain, Ohio is no longer operating at this time.
U.S. Steel operates two major taconite mining and pelletizing operations in northeastern Minnesota's Iron Range under the operating name Minnesota Ore Operations. The Minntac mine is located near Mountain Iron, Minnesota, and the Keetac mine is near Keewatin, Minnesota. U.S. Steel announced on February 1, 2008, that it would be investing approximately $300 million in upgrading (project later abandoned) the operations at Keetac, a facility purchased in 2003 from the now-defunct National Steel Corporation.[105] In December 2022, an investment of $150 million was made in the plant.[106]
U.S. Steel has completely closed nine of its major integrated mills. The
Internationally, U.S. Steel operates facilities in Slovakia (former
U.S. Steel added facilities in Texas with the purchase of Lone Star Steel Company in 2007.[109]
The company operates two joint ventures in Pittsburg, California, with POSCO of South Korea.[110]
U.S. Steel added facilities in Hamilton and Nanticoke, Ontario, Canada, with the purchase of Stelco (now U.S. Steel Canada) in 2007.[111] These facilities were sold in 2016 to venture capital firm Bedrock Resources and has since been renamed Stelco. The blast furnace in Hamilton has not been reactivated as they were shut down by U.S. Steel in 2013, and since has been demolished. The blast furnace in Nanticoke is now operating.[112]
The company opened a training facility, the Mon Valley Works Training Hub, in Duquesne, Pennsylvania, in 2008. The state-of-the-art facility, located on a portion of the property once occupied by the company's Duquesne Works, serves as the primary training site for employees at U.S. Steel's three Pittsburgh-area Mon Valley Works locations. This site also served as the company's temporary technical support headquarters during the 2009 G20 Summit.[113]
In January 2021, U.S. Steel fully acquired Big River Steel in northeast Arkansas.[114][115] In February 2022, U.S. Steel began construction of a new mill in Osceola, Arkansas, which is expected to be operational by 2024.[116] The new Osceola plant will be adjacent to U.S. Steel's Big River Steel. Together the facilities will be known as Big River Steel Works.[117]
In June 2022, U.S. Steel signed a non-binding letter of intent with SunCoke Energy that would allow SunCoke to purchase two blast furnaces from U.S. Steel's Granite City Works for use in pig iron fabrication.[118]
State | Facility | Status |
---|---|---|
Pennsylvania (Pittsburgh) | Mon Valley Works | Open |
Pennsylvania (Fairless Hills) | Fairless Works | Open |
Pennsylvania (Pittsburgh) | Duquesne Works | Closed 1984 |
Pennsylvania (Homestead) | Homestead Works | Closed 1986 |
Pennsylvania (McKeesport) | McKeesport Tubular | Closed 2014 |
Indiana (Portage) | Midwest Plant | Open |
Indiana (Gary) | Gary Works | Open |
Indiana (East Chicago) | East Chicago Tin | closed 2019 |
Illinois (Granite City) | Granite City Works | Steel mill closed 2022, Finishing mill open |
Illinois (Chicago) | South Works | Closed 1992 |
Massachusetts (Worcester) | Worcester Works | Closed 1977 |
Minnesota (Iron Range) | Minntac Mine, Keetac Mine | Example |
Minnesota (Duluth) | Duluth Works | Closed 1973 |
Ohio (Loraine) | Lorain Tubular | Closed |
Ohio (Youngstown) | Ohio Works | Closed 1980 |
Michigan (Ecorse) | Great Lakes Works | Open |
Michigan (Dearborn) | Double Eagle Steel Coating | Open |
Alabama (Birmingham) | Fairfield Works, Fairfield Tubular | Open |
Alabama (Ensley) | Ensley Works | Closed 1984 |
Arkansas (Osceola) | Big River Steel Works | Opened 2021 |
Texas (Lone Star) | Texas Operations | Open 2007 |
Utah (Vineyard) | Geneva Steel | Sold 1987 |
List of presidents and chairmen
Presidents
- Charles M. Schwab (1901–1903)[119]
- William E. Corey(1903–1911)
- James Augustine Farrell, Sr.– (1911–1932)[Note:His obituary says he was president starting in 1911.][120]
- William A. Irvin (19 April 1932 – 1 January 1938)[121]
- Benjamin Franklin Fairless (1938–1952)[122]
- Clifford Hood (1952–1959)
- Walter Munford (18 May 1959 – 29 September 1959)[123]
- Leslie B. Worthington (1959–1967)
- Edwin H. Gott (1967–1969)
- Edgar B. Speer (1969–1973)
- David M. Roderick (1973–1979)
- William R. Roesch (1979–1983)
- Charles A. Corry (25 January 1988 – 31 May 1989)
- Thomas J. Usher (1994–1995)
- Paul J. Wilhelm (1994–2001)
- Thomas J. Usher (2001–2003)
- John Surma(2003–2013)
- Mario Longhi— President & CEO of U.S. Steel (September 1, 2013 – May 10, 2017)[124]
- David Burritt— President & CEO (May 10, 2017 – present)[125]
Chairmen of the Board of Directors
- Elbert Henry Gary (1901–1927)
- J.P. Morgan Jr.(1927–1932)
- Myron C. Taylor(1932–1938)
- Edward Stettinius Jr. (1938–1940)
- Irving Sands Olds (1940–1952)[126][127]
- Benjamin Franklin Fairless— Chairman & CEO of U.S. Steel (1952–1955)
- Roger Blough— Chairman & CEO (3 May 1955 – 31 January 1969)[128]
- Edwin H. Gott— Chairman & CEO (January 31, 1969 – March 1, 1973)[129]
- Edgar B. Speer— Chairman & CEO (March 1, 1973 – April 24, 1979)[130]
- David M. Roderick— Chairman & CEO (April 24, 1979 – May 31, 1989)[131]
- Charles A. Corry— Chairman & CEO (May 31, 1989 – July 1, 1995)[132]
- Thomas Usher— Chairman & CEO (July 1, 1995 – October 1, 2004)[133]
- John Surma— Chairman & CEO (October 1, 2004 – December 31, 2013)[134]
- David S. Sutherland— Non-executive Chairman of the Board (2014—present)
See also
- History of the steel industry (1850–1970)
- Iron and steel industry in the United States
- Weathering steel
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[Henry Clay] Frick had also been one of the founding directors of U.S. Steel, and he remained closely associated with that company...
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External links
This article's use of external links may not follow Wikipedia's policies or guidelines. (January 2024) |
- Official website
- Business data for U.S. Steel:
- Historic American Engineering Record (HAER) No. PA-49, "U.S. Steel Corporation, Clairton Works"
- HAER No. PA-49-A, "U.S. Steel Corporation, Clairton Works, Blast Furnace Blowing Engine Building"
- HAER No. PA-49-B, "U.S. Steel Corporation, Clairton Works, 14-Inch Mill Engines No. 1 & No. 2"
- HAER No. PA-49-C, "U.S. Steel Corporation, Clairton Works, 22-Inch Mill Engine"
- HAER No. PA-115, "U.S. Steel Duquesne Works"
- HAER No. PA-115-A, "U.S. Steel Duquesne Works, Blast Furnace Plant"
- HAER No. PA-115-B, "U.S. Steel Duquesne Works, Basic Oxygen Steelmaking Plant"
- HAER No. PA-115-C, "U.S. Steel Duquesne Works, Electric Furnace Steelmaking Plant"
- HAER No. PA-115-D, "U.S. Steel Duquesne Works, Primary Mill"
- HAER No. PA-115-E, "U.S. Steel Duquesne Works, Fuel & Utilities Plant"
- HAER No. PA-115-F, "U.S. Steel Duquesne Works, Auxiliary Buildings & Shops"
- HAER No. PA-115-G, "U.S. Steel Duquesne Works, 22-Inch Bar Mill"
- HAER No. PA-115-H, "U.S. Steel Duquesne Works, Heat Treatment Plant"
- U.S. Steel Gary Works Photograph Collection, 1906–1971
- U.S. Steel Movie clip of the Contemporary Resort Construction, on BigFloridaCountry.com
- The "World's Largest Plate Mill," formerly a part of U.S. Steel-Gary Works
- History of the United States Steel Corporation, 1873–2011
- Guide to United States Steel Corporation. Training manuals. 5342. Kheel Center for Labor-Management Documentation and Archives, Martin P. Catherwood Library, Cornell University.
- Fortune Magazine 1959 "Fortune 500" list
Archives and records
- United States Steel Corporation photographs at Baker Library Special Collections, Harvard Business School.