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United States Steel Corporation
headquartered in Pittsburgh, Pa., manufactures a wide variety of
steel sheet, tubular and tin products; coke, and taconite pellets;
and has a worldwide annual raw steel capability of 26.8 million
net tons.
U. S. Steel's domestic primary steel operations are: Gary Works in
Gary, Ind.; Great Lakes Works in Ecorse and River Rouge, Mich.;
Mon Valley Works, which includes the Edgar Thomson and Irvin
plants, near Pittsburgh and Fairless Works near Philadelphia, Pa.;
Granite City Works in Granite City, Ill.; Fairfield Works near
Birmingham, Ala.; Midwest Plant in Portage, Ind.; and East Chicago
Tin in East Chicago, Ind. The company also operates a
seamless tubular mill, Lorain Pipe Mills, in Lorain, Ohio.
U. S. Steel produces coke at Clairton Works near Pittsburgh, at Gary
Works and Granite City Works. On Northern Minnesota's Mesabi Iron
Range, U. S. Steel's iron ore mining and taconite pellet
operations, Minnesota Taconite (Minntac) and Keewatin Taconite (Keetac),
support the steelmaking effort, and its subsidiary ProCoil Company
provides steel distribution and processing services.
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In addition to primary steel operations, U. S. Steel participates in
several joint ventures: USS-POSCO
Industries, Pittsburg, Ca.; PRO-TEC
Coating Company, Leipsic, Ohio; Worthington Specialty Processing,
Jackson, Mich.; Double Eagle Steel Coating Company, Dearborn, Mich.;
Van Buren, Mich.Double G Coating
Company, Jackson, Miss.; and Acero Prime, San Luis Potosi, Mexico.
U. S. Steel is also involved in a number of other businesses, among them
transportation (Transtar,
Inc.), real estate development, technology licensing and engineering
and consulting services (UEC
Technologies LLC [UEC]), and leasing and financial services.
Guided by a new Vision
for its second century of business, U. S. Steel remains committed to
Making Steel, its core focus for more than 100 years; strengthening its
position in the global marketplace to remain World Competitive; and
Building Value for its stakeholders.
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The
History of United States Steel Corporation
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When
founded in 1901, United States Steel Corporation was the largest
business enterprise ever launched, with an authorized
capitalization of
$1.4 billion. Throughout the years, U. S. Steel responded to
changing economic conditions and new market opportunities through
diversification and periodic restructuring. Today, 101 years
after its founding, U. S. Steel remains the largest integrated
steel producer in the United States.
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| United
States Steel Corporation's Founding Fathers |
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| Andrew
Carnegie |
J.P.
Morgan |
Charles
Schwab |
Elbert
H. Gary |
U. S. Steel
had its origins in the dealings of some of America's most legendary
businessmen, including Andrew Carnegie, J.P. Morgan, and Charles Schwab.
However, its principal architect was Elbert H. Gary, who also became U.
S. Steel's first chairman. At the turn of the century, a group headed by
Gary and Morgan bought Carnegie's steel company and combined it with
their holdings in the Federal Steel Company. These two companies became
the nucleus of U. S. Steel, which also included American Steel &
Wire Co., National Tube Company, American Tin Plate Co., American Steel
Hoop Co., and American Sheet Steel Co. In its first full year of
operation, U. S. Steel made 67 percent of all the steel produced in the
United States.
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In the
decades that followed, the corporation consolidated its various
steelmaking and raw material subsidiaries and divisions through a
series of reorganizations. Many of the corporation's divisions
were related to or grew out of the company's original steel
operations. Significant diversification and restructuring
actions occurred in the 1980s, particularly in 1982, when the
corporation became involved in the energy industry with its
acquisition of Marathon Oil Company. In early 1986, the
corporation expanded its energy business when it acquired Texas
Oil & Gas Corp. |
In late
1986, recognizing the fact that it had become a vastly different
corporation,
U. S. Steel Corporation changed its name to USX Corporation, with
principal operating units involved in energy, steel and diversified
businesses.
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The
1980s also brought significant changes to the corporation's steel
operations. In response to economic changes in the steel industry,
the corporation reduced its domestic raw steel production
capability through a number of restructurings. In addition, the
corporation entered into several steel joint ventures with both
domestic and foreign partners. |
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At the
same time, many of the units among the corporation's diversified
businesses were sold or combined into joint venture enterprises.
These included chemicals and agri-chemicals businesses, an oil
field supply business, domestic transportation subsidiaries and
raw materials properties worldwide.
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Turning
to the financial structure of the corporation, in 1991,
shareholders approved a proposal to change the capitalization of
the corporation. A new class of common stock was issued, USX-U. S.
Steel Group Common Stock (NYSE: X), to reflect the
performance of the corporation's steel and diversified businesses.
USX Corporation common stock was changed into USX-Marathon Group
Common Stock (NYSE: MRO) to reflect the energy side of the
business.
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In
October 2001, USX Corporation shareholders voted to adopt a plan
of reorganization. The plan resulted in the tax-free
spin-off of the steel and steel-related businesses of USX into a
freestanding, publicly traded company known as United States Steel
Corporation -- the name of the corporation when it was established
a century earlier. The remaining energy businesses of USX became
Marathon Oil Corporation.
Holders
of the former USX-U. S. Steel Group Common Stock became holders of
United States Steel Corporation Common Stock (NYSE: X) and holders
of the former USX-Marathon Group Common Stock became holders of
Marathon Oil Corporation Common Stock (NYSE: MRO).
The
two new companies officially began operating independently on
January 1, 2002.
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