US Steel Corporation

(noun)

The United States Steel Corporation, more commonly known as U.S. Steel, is an integrated steel producer with major production operations in the United States, Canada, and Central Europe. J. P. Morgan and the attorney Elbert H. Gary founded U.S. Steel in 1901 by combining the Carnegie Steel Company, the Federal Steel Company, and the National Steel Company.

Related Terms

Examples of US Steel Corporation in the following topics:

  • The Great Steel Strike

    • The Steel Strike of 1919 was an attempt by the weakened Amalgamated Association of Iron, Steel and Tin Workers (the AA) to organize the United States steel industry in the wake of World War I.
    • The union attempted to organize workers in the tin industry, but a sudden wave of industry consolidations left the union facing the gigantic US Steel Corporation.
    • As the strike deadline approached, the National Committee attempted to negotiate with the U.S.
    • Steel chairman and asked for President Wilson's help.
    • Ultimately, the strike failed as the AFL did not account for the hardening anti-union attitudes of U.S.

  • Carnegie and the Steel Industry

    • Gary's Federal Steel Company and several smaller companies to create U.S.
    • By 1889, the U.S. output of steel exceeded that of the UK, and Carnegie owned a large part of it.
    • He concluded negotiations on March 2, 1901, and formed the United States Steel Corporation.
    • It was the first corporation in the world with a market capitalization over $1 billion.
    • The holdings were incorporated in the United States Steel Corporation, a trust organized by Morgan, and Carnegie retired from business.

  • Federal Efforts to Control Monopoly

    • In the early 1900s, the government used the act to break up John D.
    • In 1912, the United States Steel Corporation, which controlled more than half of all the steel production in the United States, was accused of being a monopoly.
    • Legal action against the corporation dragged on until 1920 when, in a landmark decision, the Supreme Court ruled that U.S.
    • Steel was not a monopoly because it did not engage in "unreasonable" restraint of trade.
    • In 1963, the U.S.

  • Steel-Frame Construction

    • Wide sheets of steel deck can be used to cover the top of the steel frame as a 'form' or corrugated mold, below a thick layer of concrete and steel reinforcing bars.
    • The exterior 'skin' of the building is anchored to the frame using a variety of construction techniques and following a huge variety of architectural styles.
    • Bricks, stone, reinforced concrete, architectural glass, sheet metal and simply paint have been used to cover the frame, and protect the steel from the weather.
    • Thin sheets of galvanized steel can be formed into steel studs and used as building material for rough-framing in commercial or residential construction.
    • This I-beam is used to support the first floor of a house.

  • Robber Barons and the Captains of Industry

    • Robber baron is a derogatory term used for a powerful 19th century American businessman.
    • He was the founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust.
    • With the fortune he made from the steel industry he built Carnegie Hall, later he turned to philanthropy and interests in education, founding the Carnegie Corporation of New York, Carnegie Endowment for International Peace, Carnegie Institution of Washington, Carnegie Mellon University and the Carnegie Museums of Pittsburgh.
    • After financing the creation of the Federal Steel Company he merged in 1901 with the Carnegie Steel Company and several other steel and iron businesses, including Consolidated Steel and Wire Company, to form the United States Steel Corporation.
    • Trustees were given corporate stock certificates of various companies; by combining numerous corporations into the trust, the trustees could effectively manage and control an entire industry.

  • The Second Industrial Revolution

    • This synergy led to the laying of 75,000 miles of track in the U.S. in the 1880s, the largest amount anywhere in world history.
    • By 1900, the process of economic concentration had extended into most branches of industry—a few large corporations, some organized as "trusts" (e.g.
    • Standard Oil), dominated in steel, oil, sugar, meatpacking, and the manufacture of agriculture machinery.
    • The first billion-dollar corporation was United States Steel, formed by financier J.
    • Morgan in 1901, who purchased and consolidated steel firms built by Andrew Carnegie and others.

  • J.P. Morgan and the Financial Industry

    • John Pierpont Morgan was an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time .
    • After financing the creation of the Federal Steel Company he merged in 1901 with the Carnegie Steel Company and several other steel and iron businesses, including Consolidated Steel and Wire Company, to form the United States Steel Corporation.
    • At the height of Morgan's career during the early 1900s, he and his partners had financial investments in many large corporations and were accused by critics of controlling the nation's high finance.
    • President Grover Cleveland accepted Morgan's offer to join with the Rothschilds and supply the U.S.

  • Early Efforts in Social Responsibility

    • Its roots are in economics and the writings of Andrew Carnegie (1835-1919), a Scottish-born businessman and founder of U.S.
    • Steel.
    • Milton Friedman (1912-2006), an American economist and Nobel Laureate, later advocated that corporations exist only to maximize profit and behave in their own best self-interest.
    • He argued that corporations' attempts at social responsibility were "morally wrong," as social issues and concerns were best dealt with by government.
    • In the last half century, highly publicized corporate behavior like the handling of the Exxon Valdez oil spill, the financial scandal of Enron, and the more recent subprime mortgage crisis has undermined trust in corporations.

  • The Homestead Lockout

    • The strike by the Amalgamated Association of Iron and Steel Workers (AA) at the Homestead steel mill in 1892 was different from previous large-scale strikes in American history, such as the Great railroad strike of 1877 or the Great Southwest Railroad Strike of 1886.
    • Andrew Carnegie, owner of Carnegie Steel, placed industrialist Henry Clay Frick in charge of his company's operations in 1881.
    • If no contract was reached, Carnegie Steel would cease to recognize the union.
    • Carnegie corporate attorney Philander Knox devised a plan to get the Pinkertons onto the mill property.
    • Demonstration of shield used by the workers while firing the cannon.

  • The "Arsenal of Democracy"

    • "Arsenal of Democracy" was a slogan first used FDR in an American public in a radio broadcast and called for support of the Allied forces.
    • "The Arsenal of Democracy" was a slogan used by U.S.
    • Between 1940 and 1945, Pittsburgh, Pennsylvania epitomized the concept by manufacturing more steel for the Allies than any other steel-producing hub in the world—an amount over one-fifth of that made worldwide .
    • Pittsburgh was a primary source of steel and other tools of war, which the US provided as the "arsenal of democracy"
    • An inspector in the Chrysler Corporation in Detroit, making the weapons Europe needed to defend itself against Germany.