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Evolution
of United States Steel International, Inc.
United
States Steel International, Inc. (USSI), a subsidiary of United States Steel
Corporation,
was founded as United States Steel Export Company in
1903
to serve
global industrial markets,
and is the steel products exporting arm of U. S.
Steel.
USSI
is very different today than it was from its inception almost 100 years
ago. The organizational structure and core responsibility has been
streamlined from a multifaceted operation with global facilities to a
single sales operation that offers
U. S. Steel’s high-quality products to international
customers.
In
February
1901, United States Steel Corporation was established as the
first $1 billion company. Shortly after its formation,
the Board of Directors affirmed that
U. S. Steel would at all times supply to as
large a market as its facilities would permit.
Increasing
requirements of high quality steelmaking led the company into foreign raw
materials, beginning with manganese ore mining in Brazil in
1920. An ore
mining operation in Venezuela began in
1953.
In
1958,
U. S. Steel’s international organization recognized a new
era of worldwide sales. That year, the company consolidated all of its
overseas interests into an International Department.
In
1961,
U. S. Steel made its first foreign investment in the steel
industry by acquiring an interest in an Italian stainless steel mill.
Another stock interest brought the Corporation an Italian fabrication
steel company, and an additional mining operation was acquired in Canada.
By
1962, U. S. Steel
participated in an undertaking in Western
Africa, producing high grade manganese ore for metallurgical and other
uses.
In
1963, overseas sales activities were reorganized and consolidated into
three companies: United States Steel International, Inc., in New York, for
sales within the U.S. for materials destined for export; United
States Steel International, Ltd., in Pittsburgh, for sales in
the Western Hemisphere other than the U.S.; and United States Steel
International (Overseas) Ltd., in London, for the sales
in the Eastern Hemisphere.
In
1964, a major integrated steel venture was acquired in Spain, and a stock
ownership was secured in Italy for the production of wire products. Also
that year, a large cement plant in the Bahamas went into operation to utilize
large reserves of high grade raw material to serve offshore and
American coastal markets with portland cement.
U.
S. Steel subsidiaries and related companies continued to develop their
sales activities throughout the world. And as times and market conditions
changed, certain international operations were rationalized.
The
international business continued under this umbrella until
1984
when
United States Steel International, Inc.’s activities were idled, and
export activity suspended. Due to the high cost of the business and the adverse effects of a strong U.S. dollar, it
was not economically efficient to sustain business operations
internationally. But, the legal entity, itself, was kept alive.
In
1987, the “reinvented” USSI was reactivated, but on a much smaller
scale. Instead of an organization consisting of over 300 people, it now
had a much more focused group of 24. Other departments, such as legal,
treasury, etc. were partnered with USSI to provide expertise
and staff support.
United
States Steel International, Inc. has performed its mission to sell to
international customers for almost 100 years. Today, USSI is positioned to take advantage of emerging markets and domestic customers’
globalization.
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