United States Steel Corporation is one of the world’s largest steel producers. The company also mines iron ore and coal. United States Steel has headquarters in Pittsburgh, Pennsylvania.
United States Steel was organized in 1901, chiefly by Charles Schwab, the president of the giant Carnegie Steel Company, and J. P. Morgan, a leading American banker. Ten steel companies, including Carnegie Steel, combined to form the corporation. United States Steel was the first billion-dollar corporation in U.S. history, beginning business with assets of $1,400,000,000. Under its first chairman, Elbert H. “Judge” Gary, United States Steel became the world’s leading steelmaker.
The corporation originally operated a number of subsidiary companies that made a variety of metal products, from tubes, wire, and sheet steel to steel bridges. Through the years, United States Steel gradually absorbed these companies. It purchased Marathon Oil Company in 1982. The corporation changed its name to USX Corporation in 1986. In 2001, USX changed its name to Marathon Oil Corporation and spun off United States Steel as an independent company.
See also Gary, Elbert Henry ; Hood, Clifford Firoved ; Morgan, J. P. ; Schwab, Charles Michael .
