U.S.

Steel
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United States Steel Corporation

Type Public

Traded as NYSE: X
S&P 400 Component

Industry Steel

Founded March 2, 1901; 118 years agoby merger

of Carnegie Steelwith Federal Steel Company &
the National Steel Company

Founders Elbert Gary

William Moore
J. P. Morgan

Headquarters U.S. Steel Tower

Pittsburgh, Pennsylvania, US

Area served Worldwide

Key people David S. Sutherland

(Chairman)
 David Burritt
(President and CEO)

Products Flat-rolled steel

Tubular steel
Iron ore

Services Consulting

Revenue US$12.25 billion (2017)[1]

Operating US$608 million (2017)[1]

income

Net income US$387 million (2017)[1]

Total assets US$9.862 billion (2017)[1]

Total equity US$3.320 billion (2017)[1]

Number of 29,800[2] (2018)

employees

Website USSteel.com

United States Steel Corporation (NYSE: X), more commonly known as U.S. Steel, is an American
integrated steel producer headquartered in Pittsburgh, Pennsylvania, with production operations in
the United States and Central Europe. As of 2016, the company was the world's 24th-largest steel
producer and second-largest domestic producer, trailing only Nucor Corporation.
Though renamed USX Corporation in 1986, the company returned to its present name in 2001 after
spinning off its energy business, including Marathon Oil, and other assets from its core steel
concern. The company experienced significant downsizing during the 1980s; a decline in market
capitalization resulted in its removal from the S&P 500 Index in 2014.[3][4]

Contents

 1History
o 1.1Formation
o 1.2Mid century
o 1.3The USX period
 o 1.4Recent history
o 1.5Railroad ownership
o 1.6Inclusion in the Dow Jones Industrial Average (1901–1991)
o 1.7Dividend history
 2Legal issues
o 2.1Labor
o 2.2Environmental record
 3Legacy
o 3.1U.S. Steel Tower
o 3.2Steelmark logo
o 3.3Fabrication of Chicago Picasso Sculpture
o 3.4"United States Steel Hour" Television Program and Walt Disney World involvement
o 3.5Real Estate Development
 4Facilities
 5Presidents and CEOs
 6In popular culture
 7See also
 8References
 9Bibliography
 10External links
 11Archives and records

History[edit]
Formation[edit]
J. P. Morgan and attorney Elbert H. Gary founded U.S. Steel on March 2, 1901 (incorporated on
February 25)[5] by combining Andrew Carnegie's Carnegie Steel Company with Gary's Federal Steel
Company and William Henry "Judge" Moore's National Steel Company[6][7] for $492 million ($14.82
billion today). At one time, U.S. Steel was the largest steel producer and largest corporation in the
world. It was capitalized at $1.4 billion ($42.2 billion today),[3] making it the world's first billion-dollar
corporation.[8] The company established its headquarters in the Empire Building at 71 Broadway in
New York City; it remained a major tenant in the building for 75 years.[9]
In 1907 US Steel bought its largest competitor, the Tennessee Coal, Iron and Railroad Company,
which was headquartered in Birmingham, Alabama. Tennessee Coal was replaced in the Dow Jones
Industrial Averageby the General Electric Company. The federal government attempted to use
federal antitrust laws to break up U.S. Steel in 1911, but that effort ultimately failed. In 1902, its first
full year of operation, U.S. Steel made 67 percent of all the steel produced in the United States.
About 100 years later, as of 2001 it produced only 8 percent more than it did in 1902 and its
shipments accounted for only about 8 percent of domestic consumption.[3]
According to author Douglas Blackmon in Slavery by Another Name,[10] the growth of U.S. Steel and
its subsidiaries in the South was partly dependent on the labor of cheaply paid black workers and
exploited convicts. The company could obtain black labor at a fraction of the cost of white labor by
taking advantage of the Black Codes and discriminatory laws passed in the late 19th and early 20th
centuries by Southern states after the Reconstruction Era. In addition, U.S. Steel had agreements
with more than 20 counties in Alabama to obtain the labor of its prisoners, often paying locales nine
dollars a month for workers who would be forced into their mines through a system of convict
leasing. This practice continued until at least the late 1920s. While some individuals were guilty of a
crime they did not receive payment or recognition for their work; and many died from abuse,
malnutrition, and dire working and living conditions. This practice was not, however, unique to U.S.
Steel as eight Southern states had similar practices and many companies, as well as farmers, took
advantage of this. [11][10]
The Corporation, as it was known on Wall Street,[3] was distinguished by its size, rather than for its
efficiency or creativeness during its heyday. In 1901, it controlled two-thirds of steel production[3] and,
through its Pittsburgh Steamship Company, developed the largest commercial fleet on the Great
Lakes.[12] Because of heavy debts taken on at the company's formation—Carnegie insisted on being
paid in gold bonds for his stake—and fears of antitrust litigation, U.S. Steel moved cautiously.
Competitors often innovated faster, especially Bethlehem Steel, run by U.S. Steel's former first
president, Charles M. Schwab. U.S. Steel's share of the expanding market slipped to 50 percent by
1911.[3] James A. Farrell was named president in 1911 and served until 1932.
Mid century