Steel is the backbone of any industrial country and Americas steel industry is no different. We talked about the Amazing legend, Andrew Carnegie (Left) on another page here in the site, he will be mentioned here as well and you will soon see why.
If you have not yet read about the man who went from a messenger boy to the second richest man in history, due to his role in Americas steel industry, then you can link to it from here.
It is a great story and you need to read further in his autobiography when you have the time. He not only lived the American Dream, he was the American dream.
"The New Bearers Of The Torch"
This page however is dedicated to those that took the torch in Americas steel industry and tried to run with it. Their name is United States Steel Corporation better known as U.S. Steel. That touch is a bit heavy when others are trying to weigh you down, as they soon would find out. It all started for these boys in 1901 when they decided to purchase the shares of Carnegie Steel Company off Mr. Carnegie himself.
Because of heavy debts taken on at the company's formation, as well as the fear of the antitrust laws soon to be tried, Carnegie insisted on being paid in gold bonds.
J. P. Morgan (Right) and, Elbert H. Gary (not pictured) formed the corporation on Feb 25th by combining Carnegie’s Steel Company with Gary's Federal Steel Company and William Henry "Judge" Moore's (Not Pictured) National Steel Company.
This was the world's first billion dollar corporation ever formed. Due to what seemed to be a non-desire for too much competition, U.S. Steel bought its number one American steel competitor, Tenn. Coal, Iron and Railroad Co.
"Government Sticking Their Nose Where It Don’t Belong"
The Federal Gov. tried to use antitrust laws to break up the company in 1911. Shoving their faces in the business of the American steel industry where it did not belong. They ultimately failed, but if they wanted to today they can just do what the American Government does best and buy them so that they can control them. Washington likes to put a bit in the mouth of a horse they cannot control and give pony rides to those who do not deserve them. I will try to digress on the subject now.
What the Government tried to do was ultimately done by time and competitors. In its first full year of operation, U. S. Steel made 67 percent of all of America's steel. It now produces less than 10%.
U.S. Steel had to move cautiously. Their competitors often innovated faster, especially Bethlehem Steel, run by U.S. Steel's former first president, Charles M. Schwab (Left). U.S. Steel's share of the expanding market slipped to 50 percent by 1911.
That is a huge drop from 1901 of 67%. I assume that they did not see that one coming. Getting up from it would be hard.
President Harry S. Truman (Right) attempted to take over its steel mills in 1952 to resolve a crisis with its union, the United Steelworkers of America. The Supreme Court of the United States blocked the takeover by ruling that the president did not have the constitutional authority to seize the mills. It wouldn’t stop them now though; we would just change the constitution. Especially if there is, a union involved. It's a brand new America.
"The Pittsburg Steelers Logo"
The logo that you see on the Pittsburg Steelers uniforms of today was taken in part from the logo that was originated by U.S. Steel but then turned over to the AISI, in the 60’s where it came to represent the steel industry as a whole. In the 70’s 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.
Today the U.S. Steel company has expanded into energies and fuels. They are worldwide and moving forward. Americas steel industry would not be the same without them.
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