U.S. STEEL was incorporated in New Jersey in 1901. At the time, it was the first billion-dollar company in America, having authorized capitalization of $1.4 billion. U.S. Steel was formed by combining the assets of the Federal Steel Company, controlled by J.P. Morgan and Elbert H. Gary, with Carnegie Steel, purchased from its owner, Andrew Carnegie. After its first year of operation, U.S. Steel was producing over 65 percent of the steel in the United States. For the next eighty years, U.S. Steel created many subsidiaries and joint ventures connected with steel production, such as ore mining and taconite pellet production.
However, the 1980s brought a number of economic changes to the steel industry, most notably, the importing of foreign steel into the American marketplace. In response, U.S. Steel began a series of restructuring ventures, both domestic and foreign. It reduced its domestic raw steel production and became involved in the energy industry by its acquisition of Marathon Oil Company in 1982. Further diversification included the selling or combining into joint ventures the chemical and agri-chemical business and worldwide raw materials properties.
In late 1986, U.S. Steel changed its name to USX Corporation. It is headquartered in Pittsburgh, Pennsylvania. Although it is now involved with energy and other
diversified businesses, it remains the largest integrated steel producer in the United States.
See alsoIron and Steel Industry .