US Steel is the largest integrated steel producer of the United States with an authorized capital of $1.4 billion. It is a company that has proved itself to be responsive and proactive in changing economic environments and has maintained its position as one of the topmost steel producers of the country through diversification and periodic restructuring. It has the distinction of having done business with some of Americas legendry figures including Andrew Carnegie, J.P.Morgan and Charles Schwab. Recently the company has diversified its operations into the oil and energy sector. History of U. S. Steel US Steel was founded in 1901when Carnegie Steel company was merged with the Federal Steel Company to form US Steel. Its principal architect and first Chairman was Elbert H. Gary. The company then expanded to include American Steel and; Wire Company, National Tube Company, American Tin Plate Co., American Steel Hoop Co., and American Sheet Steel Co. Around this time, about 67 percent of the Steel produced in America was by US Steel. The decades that followed saw the consolidation of the company holdings and divisions and reorganization of its various operations. Diversification and restructuring of its Steel operations happened in 1980s. It reduced the domestic production of steel, entered into joint ventures with domestic and foreign partners. It also combined or sold many of its steel joint venture enterprises and a few chemical and agro-chemical businesses and several transportation subsidiaries. Thereafter, the attention was shifted to the Energy sector when the company acquired the Marathon Oil Company and went on to expand its operations in this area with the acquisition of Texas Oil and;Gas Corp. Considering the fact that the company had changed the nature of its operations, a name change was considered essential and the Companys name was changed to USX Corporation. At this juncture of the company history the company shareholders also approved the change in the capitalization of the corporation. The USX-US Steel Group Common Stock was issued. This stock later changed into USX-Marathon Group Common Stock to indicate the energy interests of the corporation.The 2001 restructuring plan resulted in tax free spin off of the steel and steel related businesses. The United States Steel Corporation came into being and the rest of the business came to be known as Marathon Oil Corporation.
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The United States Steel Corporation (NYSE: X) is an integrated steel producer with major production operations in the United States, Canada, and central Europe. The company is the world's seventh-largest steel producer ranked by sales (see list of steel producers). It was renamed USX Corporation in 1991 and back to United States Steel Corporation in 2001 when the shareholders of USX spun off its steel-making assets following the acquisition of Marathon Oil in 1982. It is still the largest domestically owned integrated steel producer in the United States, although it produces only slightly more steel than it did in 1902.
U.S. Steel is a former Dow Jones Industrial Average component, listed from April 1, 1901 to May 3, 1991. It was removed under its USX Corporation name with Navistar International and Primerica Corporation.
