United States Steel Corporation (NYSE: Ã, X), better known as US. Steel , is an American integrated steel producer headquartered in Pittsburgh, Pennsylvania, with production operations in the United States, Canada and Central Europe. In 2016, the company is the 24th largest steel producer and the second largest domestic producer, trailing only Nucor Corporation.
Although renamed to USX Corporation in 1986, the company returned to its present name in 2001 after its energy business, including Marathon Oil, and other assets from its attention. The company experienced significant downsizing during the 1980s; the decline of market capitalization resulted in its abolition of the S & amp; P 500 by 2014.
Video U.S. Steel
History
Formation
JP Morgan and attorney Elbert H. Gary founded US Steel on March 2, 1901 (founded on 25 February) by combining Carnegie Steel Company Andrew Carnegie with Federal Steel Company Gary and William Henry "Judge" National Steel Company Moore for $ 492 million ($ 14 , 47 billion) today). At one time, AS Steel was the largest steel producer and the largest company in the world. It was capitalized at $ 1.4 billion ($ 41.18 billion today), making it the first billion dollar company in the world. The company established its headquarters at the Empire Building at 71 Broadway, in New York City; it remained the main tenant in the building for seventy-five years.
In 1907, US Steel bought its biggest competitor, Tennessee Coal, Iron and Railroad Company, headquartered in Birmingham, Alabama. Tennessee Coal was replaced at Dow Jones Industrial Average by General Electric Company. The federal government attempted to use federal antimonopoly legislation to split US Steel in 1911, but the effort ultimately failed. In its first year of operation, US Steel produced 67 percent of all steel produced in the United States. One hundred years later, the shipments accounted for only about 8 percent of domestic consumption.
According to lead author Douglas Blackmon, the growth of US Steel and its subsidiaries is heavily dependent on the South on black workers and inmates workers. Companies can acquire and exploit black workers at a fraction of the cost of white labor by taking advantage of the Black Code and discriminatory laws passed in the late 19th and early 20th centuries by the Southern states after the Reconstruction era. US Steel has agreements with more than twenty counties in Alabama to obtain labor from its prisoners, often paying local nine dollars a month for workers to be forced into their mines through a prisoner leasing system. This practice continued until at least the late 1920s. Hundreds of thousands of forced labor, especially poor black men (though also children), built the company into the famous 'titan'. Although these people are rarely 'guilty' of anything, these workers do not receive payments or acknowledgment of their work and thousands die from harassment, malnutrition, and terrible working and living conditions.
Corporations, as they are known on Wall Street, are distinguished by size, not because of their efficiency or creativity during their heyday. In 1901, he controlled two-thirds of steel production and, through the Pittsburgh Steamship Company, developed the largest commercial fleet on the Great Lakes. Because of the huge debts taken on company formation - Carnegie insists on being paid in gold bonds for its shares - and antitrust litigation worries, US Steel moves cautiously. Competitors often innovate faster, especially Bethlehem Steel, run by former US president, Charles M. Schwab. The share of the United States from an expanding market declined by 50 percent in 1911. James A. Farrell was appointed president in 1911 and served until 1932.
Medieval
AS Steel ranked 16th among US companies in the contract value of World War II production. Production reached over 35 million tonnes in 1953. The work field was greatest in 1943 when it had more than 340,000 employees.
The federal government intervened to try to control US Steel. President Harry S. Truman tried to take over the steel mills in 1952 to resolve the crisis with his union, United Steelworkers of America. The Supreme Court blocked the takeover by deciding that the president did not have the constitutional authority to seize the factory (see Youngstown Sheet & Tube Co. v. Sawyer.) President John F. Kennedy was more successful in 1962 when he suppressed the steel industry to reverse the price increase that Kennedy considers to be dangerous inflation. In the postwar years, the steel and heavy manufacturing industries underwent a restructuring that led to a decrease in US Steel, labor, production and portfolio requirements. Many jobs moved abroad. In 2000, the company employed 52,500 people.
USX Period
In the early days of the Reagan Administration, steel companies won substantial tax cuts to compete with imported goods. But instead of modernizing their factories, steel companies shift capital from steel and to more profitable areas. In March 1982, US Steel took concessions and paid $ 1.4 billion in cash and $ 4.7 billion in loans to Marathon Oil, saving about $ 500 million in taxes through mergers. Tax concession architect for steel company Senator Arlen Specter (R-PA), complained that "we went to risk in Congress and we felt they had to put it in steel." The event is the subject of a song by folk singer Anne Feeney.
In 1984 the federal government prevented US Steel from acquiring National Steel, and political pressure from the United States Congress, as well as United Steelworkers (USW), forced the company to cancel plans to import the British Steel Company slab. AS Steel eventually acquired National Steel assets in 2003 after the National Steel went bankrupt. As part of its diversification plan, US Steel acquired Marathon Oil on January 7, 1982, and Texas Oil and Gas a few years later. Recognizing its new scope, it rearranged its ownership as USX Corporation in 1986, with US Steel (renamed USS, Inc. ) as its main subsidiary.
Approximately 22,000 USX employees ceased to work on 1 August 1986, after United Steelworkers of America and the company were unable to agree to the terms of the new employee contract. This is marked by the company as a strike and by the union as a lockout. This resulted in most USX facilities being inactive until 1 February 1987, which seriously lowered the steel division's market share. A compromise was mediated and accepted by union membership on January 31, 1987. On February 4, 1987, three days after the agreement was reached to terminate the employment termination, USX announced that four USX plants would remain permanently closed, eliminating about 3,500 union jobs. The closure of many plants creates the term "rust belt" for a factory area that is idle and dormant.
The company's attacker, Carl Icahn, launched a hostile takeover of steel giants in late 1986 amid work stoppages. He negotiated separately with unions and with management and went on to have a proxy battle with shareholders and management. But he abandoned all attempts to buy the company on January 8, 1987, a few weeks before union employees returned to work.
Recent history
At the end of the twentieth century, corporations earn a lot of revenue and net income from their energy operations. Led by CEO Thomas Usher, AS Steel spun a marathon and other non-steel assets (except the Transtar railway company) in October 2001. It was expanded internationally for the first time by buying operations in Slovakia and Serbia.
In early 2010, US Steel began to invest in upgrading software programs throughout their manufacturing facilities.
In January 2012, AS Steel sold Serbian factories outside Belgrade to the Serbian government, as their operations have run with economic losses.
On May 2, 2014, the U.S. Steel announced the number of undisclosed layoffs affecting employees worldwide. On July 2, 2014, US Steel was excluded from the S & amp; P 500 and placed in the S & amp; P MidCap 400, given the declining market capitalization.
Train ownership
US. Steel once owned Northampton & amp; Railroad Bath. N & amp; B is an 11km (6.8 mile) railway line built in 1904 that serves Atlas Cement in Northampton, Pennsylvania, and Keystone Cement in Bath, Pennsylvania. In 1979, cement shipments had fallen so that the railroads were no longer economically viable, and US Steel left the line. A 1.5 kilometer (0.93 mi) long passage is maintained to serve the Atlas of Cement. The rest of the right-of-way converted into the Nor-Bath Trace. US Steel also has the Atlantic City Mine Railroad, whose 76.7-mile line in Wyoming operated from 1962 to 1983 and served the iron ore mine in north Atlantic City, Wyoming.
Through its subsidiary Transtar, US Steel also has other trains serving the mines and factories. These properties include Duluth, Missabe & amp; Iron Range Railway in Minnesota Northeast Minnesota Mining Areas; Elgin, Joliet & amp; East that serves Gary Works in northwest Indiana; Southern Birmingham serves the US Steel plant in Birmingham, Alabama; and Bessemer & amp; Lake Erie and Union railroads in western Pennsylvania that deliver iron ore and provide plant transfer services at its plant in Braddock, Pennsylvania, and coke work in Clairton, Pennsylvania.
US Steel also has a large commercial commercial fleet of Great Lakes, under the Pittsburgh Steamship Company, which transports its raw materials from the Duluth area to Ashtabula, Gary, and Conneaut, Ohio. Fleet laker, B & amp; LE, and DM & amp; IR was acquired by Canadian National after US Steel sold most of Transtar to the company. The ships were leased to different domestic carriers due to United States cabotage laws.
Inclusion in the Dow Jones Industrial Average (1901-1991)
AS Steel is a former component of the Dow Jones Industrial Average, which was registered from April 1, 1901, until May 3, 1991. It was removed under the name USX Corporation with Navistar International and Primerica. S & amp; original member P 500 since 1957, US Steel was removed from the index on July 2, 2014, due to declining market capitalization.
Dividend history
The Board of Directors considers the dividend declaration four times each year, with checks for dividends announced on common shares sent for admission on March 10, 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. Dividends can be paid by checks sent by mail, electronic deposits directly into a bank account, or reinvested in additional shares of common US stock.
Maps U.S. Steel
Legal issues
Labor
US. Steel maintains the labor policy of Andrew Carnegie, who calls for low wages and opposition to unions. The Union of Iron Workers Union Unions representing workers in Homestead, Pennsylvania, the factory, for many years, broke down after a violent strike in 1892. US Steel defeated another strike in 1901, the year it was founded. US. Steel built the town of Gary, Indiana in 1906, and 100 years later remained the location of the largest integrated steel plant in the northern hemisphere. US Steel reached one dà © tente with the union during World War I, when under pressure from the Wilson Government, it loosened its opposition to a union sufficient to allow some people to operate in certain factories. It returned to its previous policy as soon as the war ended, and in the 1919 strike defeated the union organizing effort by William Z. Foster of the AFL.
The heavy pressure of public opinion forced the Company to release 12 hours a day and adopt the standard eight hours a day. During the 1920s, US Steel, like many other large entrepreneurs, combined paternalistic employment practices with an "employee representation plan" (ERP), which is a management company-sponsored association. This ERP eventually became an important factor leading to the organization of United Steelworkers of America. The company dropped its hard-line anti-unionist attitude in 1937, when Myron Taylor, then President of the United States of America, agreed to recognize the Committee for the Organizer of Steel Workers, a branch of the Industrial Organization Congress (CIO) headed by John L. Lewis. Taylor was an outsider, brought during the Great Depression to rescue US Steel, and had no emotional investment in the long history of the Company that opposed the union. Watching the upheaval caused by the successful United States Automatic Workers Union strike in Flint, Michigan, and convinced that Lewis was someone he could handle on business, Taylor sought stability through collective bargaining.
The Steelworkers continue to have a controversial relationship with US Steel, but it is far less than the relationships that other unions have with entrepreneurs in other industries in the United States. They launched a number of long strikes against US Steel in 1946 and strike 116 days in 1959, but the strike exceeded wages and benefits and was not a fundamental issue of union recognition leading to violent strikes elsewhere.
The Steelworkers union attempted to defuse the problem of competitive foreign imports by entering into the so-called Experimental Negotiations Agreement (ENA) in 1974. It was to provide arbitration in the event that the parties could not reach agreement on any new collective bargaining agreement, thereby preventing a disturbing strike. ENA failed to stop the decline of the steel industry in the US.
US. Steel and other entrepreneurs terminated the ENA in 1984. In 1986, US Steel employees stopped working after a dispute over contract terms, characterized by the company as a strike and by unions as locking. In a letter addressed to employees in 1986, Johnston warned, "There are not enough seats in a lifeboat for everyone." In addition to reducing the role of unions, the steel industry is seeking to encourage the federal government to take action to counter dumping steel by foreign producers at prices below market prices. Both concessions and anti-dumping laws have restored the industry to health and prestige.
Environmental recordings
During the 1948 Donora fog, an air inversion trapped industrial waste (air pollution) from the American Steel and Wire plant and Donora Zinc Works US Donora in Donora, Pennsylvania.
"In three days, 20 people were killed... After the inversion was lifted, 50 others were killed, including Lukasz Musial, father of the great Stan Musial baseball.Hundreds more live the rest of their lives with broken lungs and hearts.But 40 more years will pass before the whole truth about the bad air made public-the health of Donora's history. "
Today the Donora Smog Museum in the city tells of the dangerous influence of Donora Smog against the air quality standards imposed by the federal government in subsequent years.
Researchers at the Institute for Political Economy Research have placed the United States as the eighth-largest producer of air pollution companies in the United States (down from their 2000 ranking as the second largest). In 2008, the company released more than one million kg (2.2 million pounds) of toxins, mainly ammonia, hydrochloric acid, ethylene, zinc compounds, methanol, and benzene, but included manganese, cyanide, and chromium compounds. In 2004, the city of River Rouge, Michigan and River Rouge residents and adjacent Ecorse town filed a class action lawsuit against the company for "the release and disposal of airborne particles... and other toxic and harmful substances." At the River Rouge plant.
The company has also been involved in producing water pollution and toxic waste. In 1993, the Environmental Protection Agency (EPA) issued an order for US Steel to clean the site on the Delaware River in Fairless Hills, Pennsylvania, where the soil was contaminated with arsenic, lead, and other heavy metals, and naphthalene. Groundwater on the site was found to be contaminated with polycyclic aromatic hydrocarbons and trichlorethylene (TCE). In 2005, the EPA, the US Department of Justice, and the State of Ohio reached a settlement requiring the US to pay more than $ 100,000 in fines and $ 294,000 in reparations in response to allegations that the company illegally releases pollutants into Ohio waters. Gary's facility, Indiana USA, has been repeatedly accused of dumping contaminated wastewater into Lake Michigan and Grand Calumet River. In 1998 the company agreed to pay a $ 30 million settlement to clean up contaminated sediments from a 8 km stretch of river.
With the exception of Fairless Hills and Gary facilities, lawsuits concerning facilities acquired by US Steel through the purchase of the 2003 National Steel Corporation, not its historic facility.
Legacy
AS. Steel Tower
The US Steel Tower in Pittsburgh, Pennsylvania is named after the company and since 1970, the company's headquarters has been located there. This is the highest skyscraper in downtown Pittsburgh built from CorTen Steel company. One Liberty Plaza in New York City was also built by the company as the US Iron Tower in the city in 1973.
Steelmark logo
When the Steelmark logo is created, US Steel attaches the following meaning: "Steel enlightens your work, brightens your spare time and widens your world." The logo is used as part of a major marketing campaign to educate consumers about how important steel is in people's everyday lives. The Steelmark logo is used in print, radio and television ads as well as on labels for all steel products, from steel tanks to pedicabs to filing cabinets.
In the 1960s, US Steel awarded the Steelmark program to AISI, where it represents the steel industry as a whole. During the 1970s, the logo's significance was expanded to include three materials used to produce steel: yellow for coal, orange for ore and blue for steel scrap. In the late 1980s, when AISI established the Steel Recycling Institute (SRI), the logo took on a new life reminiscent of the meaning of the 1950s.
The Pittsburgh Steelers professional football team borrows a logo element, a circle containing three hypocycloids, from the Steelmark logo of the American Iron and Steel Institute (AISI) and manufactured by US Steel. In the 1950s, when the helmet logo became popular, Steelers added the number of players to one side of their golden helmet. Later that decade, the figures were removed and in 1962, Cleveland Steel Republic advised the Steelers that they use Steelmark as a helmet logo.
US. Steel funded and built the Unisphere at Flushing Meadows-Corona Park, Queens, New York for the 1964 World Exposition. It is the largest globe ever made and is one of the largest freestanding statues in the world.
Fabrication of Chicago Picasso Statue
The Chicago Picasso statue was made by US Steel in Gary, Indiana, before it was dismantled and moved to Chicago. US. Steel donates steel for St. Michael's in Chicago because 90 percent of parishes work in the factory.
"United States Steel Hour"
United States-sponsored Steel Hour Television program from 1945 to 1963 on CBS. US. Steel built both Disney's Contemporary Resort and Disney's Polynesian Resort in 1971 at Walt Disney World, partly to showcase its residential residential "modular" products to luxury and luxury consumers.
Real Estate Development
US Steel is also involved with Florida real estate development including building beach condos during the 1970s, such as Sand Key near Daytona Beach, Florida.
Facilities
US Steel has many domestic and international facilities.
Of note in the United States are Clairton Works, Edgar Thomson Works, and Irvin Plant, all of whom are members of Mon Valley Works outside Pittsburgh, Pennsylvania. Clairton Works is North America's largest coke facility. Edgar Thomson Works is one of the oldest steel plants in the world. The Company acquired Great Lakes Works and Granite City Works, both of which were a large integrated steel mill, in 2003 and partnered with Severstal North America in operating the world's largest electro-galvanization line, Double Eagle Steel Coating Company at the historic Rouge complex in Dearborn, Michigan.
US Steel's largest domestic facility is Gary Works, in Gary, Indiana; Gary is also home to the US Yard Baja baseball stadium.
AS Steel operates a tin mill in East Chicago now known as East Chicago Tin. The plant was unemployed in 2015.
AS Steel operates a sheet and tin finishing facility at Portage, Indiana, known as the Midwest Plant, obtained after the bankruptcy of the National Steel Company. US. Steel acquires National Steel Corporation and operates Great Lakes Works in Ecorse, Michigan, Midwest Plant in Portage, Indiana, and Granite City Steel in Granite City, Illinois. In 2008 a large expansion of Granite City was announced, including a new coke plant with an annual capacity of 650,000 tons.
US Steel operates Fairfield Works in Fairfield, Alabama (Birmingham), employs 1,500 people, and operates sheet deployment operations at the Fairless Works facility in Fairless Hills, Pennsylvania, which employs 75 people.
US Steel mengoperasikan lima pabrik pipa: Fairfield Tubular Operations di Fairfield, Alabama (Birmingham), Lorain Tubular Operations di Lorain, Ohio, McKeesport Tubular Operations, di McKeesport, PA, Texas Operations (Sebelumnya Lone Star Steel) di Lone Star, TX, dan Operasi Bellville di Bellville, TX.
US Steel operates two major taconite mining and pelletizing operations in the Northern Minnesota Iron Range under the operating name of Minnesota Ore Operations. The Minntac Mine is located near Mountain Iron, Minnesota and the Keetac mine near Keewatin, Minnesota. US. Steel announced on February 1, 2008, that it would invest approximately $ 300 million to improve operations at Keetac, a facility purchased in 2003 from the now defunct National Steel Company.
US Steel has completely shut down its nine key integrated factories. The Ohio Works and Macdonald Works in Youngstown, Ohio closed in 1980, The Duquesne Works in Duquesne, Pennsylvania and The Ensley Works in Ensley, Alabama closed in 1984, The Homestead Works in Homestead, Pennsylvania closed in 1986, The Duluth Works in Duluth, Minnesota and Geneva Steel in Vineyard, Utah closed in 1987, South South South Works closed in 1992, followed by The National Tube Works in Mckeesport, Pennsylvania closed in 2014.
Internationally, AS Steel operates a facility in Slovakia (formerly East Slovakian Iron Works in Ko? Ice). It also operates facilities in Serbia - former Sartid with facilities in Smederevo (steel plant, hot and cold plant) and? Abac (tin factory).
AS Steel added a facility in Texas with the purchase of Lone Star Steel Company in 2007.
The Company operates 2 joint ventures in Pittsburg, California with POSCO South Korea.
AS Steel added facilities in Hamilton and Nanticoke, Ontario, Canada with the purchase of Stelco (now US Steel Canada) in 2007. The facility is sold in 2016 to venture capital firm Bedrock Resources and has since been renamed Stelco. The blast furnace in Hamilton has not been reactivated since it was closed by US Steel in 2013, but those in Nanticoke are functioning.
Source of the article : Wikipedia
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