The United States Steel Corporation (NYSE: X), more commonly known as U.S. Steel, is an integrated steel producer with major production operations in the United States, Canada, and Central Europe. The company is the world's tenth 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.[2]
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.
United States Steel Corporation (U. S. Steel) is an integrated steel producer of flat-rolled and tubular products with major production operations in North America and Europe. U. S. Steel has annual raw steel production capability of 31.7 million net tons (tons) (24.3 million tons in North America and 7.4 million tons in Europe). The Company is also engaged in other business activities consisting primarily of transportation services (railroad and barge operations) and real estate operations. It has three segments: Flat-rolled Products (Flat-rolled), U. S. Steel Europe (USSE) and Tubular Products (Tubular). All other U. S. Steel businesses not included in reportable segments are reflected in Other Businesses. These businesses include transportation services (railroad and barge operations) and real estate operations. On December 21, 2010, U. S. Steel sold the majority of the operating assets of Mobile River Terminal Company Inc. and certain assets of Warrior and Gulf Navigation Company.
Flat-rolled
The Flat-rolled segment includes the operating results of U. S. Steel’s North American integrated steel mills and equity investees involved in the production of slabs, rounds, strip mill plates, sheets and tin mill products, as well as all iron ore and coke production facilities in the United States and Canada. These operations primarily serve North American customers in the service center, conversion, transportation (including automotive), construction, container, and appliance and electrical markets. The steel rounds and a portion of the hot-rolled sheets produced by Flat-rolled are supplied to the Tubular segment. Flat-rolled has annual raw steel production capability of 24.3 million tons. Raw steel production was 18.4 million tons during 2010. Raw steel production averaged 76% of capability in 2010.
USSE
The USSE segment includes the operating results of USSK, U. S. Steel’s integrated steel mill and coke and other production facilities in Slovakia; USSS, U. S. Steel’s integrated steel mill and other facilities in Serbia; and an equity investee located in Europe. USSE primarily serves customers in the European construction, service center, conversion, container, transportation (including automotive), appliance and electrical, and oil, gas and petrochemical markets. USSE produces and sells slabs, sheet, strip mill plate, tin mill products and spiral welded pipe, as well as heating radiators and refractory ceramic materials. USSE has annual raw steel production capability of 7.4 million tons. USSE’s raw steel production was 6.1 million tons in 2010
Tubular
The Tubular segment includes the operating results of U. S. Steel’s tubular production facilities, primarily in the United States, and equity investees in the United States and Brazil. These operations produce and sell seamless and electric resistance welded (ERW) steel casing and tubing (commonly known as oil country tubular goods or OCTG), standard, and line pipe and mechanical tubing and primarily serve customers in the oil, gas and petrochemical markets. Tubular’s annual production capability is 2.8 million tons.
Other Businesses
U. S. Steel’s Other Businesses include transportation services (railroad and barge operations) and real estate operations. In addition to Gary Railway Company in Indiana, U. S. Steel owns Lake Terminal Railroad Company in Ohio; Union Railroad Company and McKeesport Connecting Railroad Company in Pennsylvania; Birmingham Southern Railroad Company, Fairfield Southern Company, Inc., Mobile River Terminal Company and Warrior and Gulf Navigation Company, all located in Alabama; Delray Connecting Railroad Company in Michigan and Texas & Northern Railroad Company in Texas; all of which comprise U. S. Steel’s transportation business. U. S. Steel owns, develops and manages various real estate assets, which include approximately 200,000 acres of surface rights primarily in Alabama, Illinois, Maryland, Michigan, Minnesota and Pennsylvania. In addition, U. S. Steel participates in joint ventures that are developing real estate projects in Alabama, Maryland and Illinois. U. S. Steel also owns approximately 4,000 acres of land in Ontario, Canada, which could potentially be sold or developed.
J. P. Morgan and the attorney Elbert H. Gary founded U.S. Steel in 1901 (incorporated on February 25) by combining the Andrew Carnegie's Carnegie Steel Company with Gary's Federal Steel Company and William Henry "Judge" Moore's National Steel Company. for $492 million. It was capitalized at $1.4 billion, making it the world's first billion-dollar corporation. At one time, U.S. Steel was the largest steel producer and largest corporation in the world. In 1907 it bought its largest competitor Tennessee Coal, Iron and Railroad Company which was headquartered in Birmingham, Alabama. This led to Tennessee Coal's being replaced in the Dow Jones Industrial Average by the General Electric Company. The federal government attempted to use federal antitrust laws to break up U.S. Steel in 1911, but that effort ultimately failed. Time and competitors have, however, accomplished nearly the same thing. In its first full year of operation, U.S. Steel made 67 percent of all the steel produced in the United States. It now produces less than 10 percent.
The Corporation, as it was known on Wall Street, always distinguished itself to investors by virtue of its size, rather than for its efficiency or creativeness during its heyday. In 1901, it controlled two-thirds of steel production. Because of heavy debts taken on at the company's formation — Carnegie insisted on being paid in gold bonds for his stake — and fears of antitrust litigation, U.S. Steel moved cautiously. Competitors often innovated faster, especially Bethlehem Steel, run by U.S. Steel's former first president, Charles M. Schwab. U.S. Steel's share of the expanding market slipped to 50 percent by 1911.
U.S. Steel's production peaked at more than 35 million tons in 1953. Its employment was greatest in 1943 (during World War II) when it had more than 340,000 employees; by 2000, however, it employed 52,500 people. The federal government has also intervened on other occasions to try to control U.S. Steel. President Harry S. Truman 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 (see Youngstown Sheet & Tube Co. v. Sawyer, 343 U.S. 579 (1952)). President John F. Kennedy was more successful in 1962 when he pressured the steel industry into reversing price increases that Kennedy considered dangerously inflationary. The federal government prevented U.S. Steel from acquiring National Steel in 1984 and political pressure from the United States Congress forced it to abandon plans to import British Steel slabs. It finally acquired National Steel's assets in 2003 after National Steel went bankrupt. U.S. Steel acquired Marathon Oil in 1982, as well as Texas Oil & Gas several years later. It reorganized its holdings as USX Corporation in 1986, with U.S. Steel (renamed USS, Inc.,) as a major subsidiary.
At the end of the 20th century, the corporation found itself deriving much of its revenue and net income from its energy operations, so led by CEO Thomas Usher, U.S. Steel spun off Marathon and other non-steel assets (except Transtar) in October, 2001, and expanded internationally for the first time by purchasing operations in Slovakia and Serbia.
OVERALL
Beta: 2.40
Market Cap (Mil.): $6,419.24
Shares Outstanding (Mil.): 143.77
Annual Dividend: 0.20
Yield (%): 0.45
FINANCIALS
X.N Industry Sector
P/E (TTM): -- 62.55 24.93
EPS (TTM): 64.43 -- --
ROI: -3.28 2.69 18.30
ROE: -9.71 4.61 18.52
Name Age Since Current Position
John Surma 57 2006 Chairman of the Board, Chief Executive Officer
Gretchen Haggerty 55 2004 Chief Financial Officer, Executive Vice President
James Garraux 58 2009 Senior Vice President - Corporate Affairs, General Counsel
David Lohr 57 2009 Senior Vice President - Strategic Planning, Business Services and Administration
George Babcoke 54 2010 Senior Vice President - European Operations, Global Operations Services
Gregory Zovko 49 2009 Vice President, Controller
Susan Suver 51 2007 Vice President - Human Resources
David Britten 51 2011 Vice President - Tubular Technologies & Business Development
Charles Lee 71 2001 Director
Seth Schofield 71 2001 Director
Frank Lucchino 71 2003 Director
John Drosdick 67 2003 Director
Richard Gephardt 70 2005 Director
Glenda McNeal 50 2007 Director
Patricia Tracey 60 2007 Director
Graham Spanier 62 2008 Director
David Sutherland 61 2008 Director
Dan Dinges 57 2010 Director
COMPANY ADDRESS
United States Steel Corp
600 Grant Street
Pittsburgh PA 15219
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.
United States Steel Corporation (U. S. Steel) is an integrated steel producer of flat-rolled and tubular products with major production operations in North America and Europe. U. S. Steel has annual raw steel production capability of 31.7 million net tons (tons) (24.3 million tons in North America and 7.4 million tons in Europe). The Company is also engaged in other business activities consisting primarily of transportation services (railroad and barge operations) and real estate operations. It has three segments: Flat-rolled Products (Flat-rolled), U. S. Steel Europe (USSE) and Tubular Products (Tubular). All other U. S. Steel businesses not included in reportable segments are reflected in Other Businesses. These businesses include transportation services (railroad and barge operations) and real estate operations. On December 21, 2010, U. S. Steel sold the majority of the operating assets of Mobile River Terminal Company Inc. and certain assets of Warrior and Gulf Navigation Company.
Flat-rolled
The Flat-rolled segment includes the operating results of U. S. Steel’s North American integrated steel mills and equity investees involved in the production of slabs, rounds, strip mill plates, sheets and tin mill products, as well as all iron ore and coke production facilities in the United States and Canada. These operations primarily serve North American customers in the service center, conversion, transportation (including automotive), construction, container, and appliance and electrical markets. The steel rounds and a portion of the hot-rolled sheets produced by Flat-rolled are supplied to the Tubular segment. Flat-rolled has annual raw steel production capability of 24.3 million tons. Raw steel production was 18.4 million tons during 2010. Raw steel production averaged 76% of capability in 2010.
USSE
The USSE segment includes the operating results of USSK, U. S. Steel’s integrated steel mill and coke and other production facilities in Slovakia; USSS, U. S. Steel’s integrated steel mill and other facilities in Serbia; and an equity investee located in Europe. USSE primarily serves customers in the European construction, service center, conversion, container, transportation (including automotive), appliance and electrical, and oil, gas and petrochemical markets. USSE produces and sells slabs, sheet, strip mill plate, tin mill products and spiral welded pipe, as well as heating radiators and refractory ceramic materials. USSE has annual raw steel production capability of 7.4 million tons. USSE’s raw steel production was 6.1 million tons in 2010
Tubular
The Tubular segment includes the operating results of U. S. Steel’s tubular production facilities, primarily in the United States, and equity investees in the United States and Brazil. These operations produce and sell seamless and electric resistance welded (ERW) steel casing and tubing (commonly known as oil country tubular goods or OCTG), standard, and line pipe and mechanical tubing and primarily serve customers in the oil, gas and petrochemical markets. Tubular’s annual production capability is 2.8 million tons.
Other Businesses
U. S. Steel’s Other Businesses include transportation services (railroad and barge operations) and real estate operations. In addition to Gary Railway Company in Indiana, U. S. Steel owns Lake Terminal Railroad Company in Ohio; Union Railroad Company and McKeesport Connecting Railroad Company in Pennsylvania; Birmingham Southern Railroad Company, Fairfield Southern Company, Inc., Mobile River Terminal Company and Warrior and Gulf Navigation Company, all located in Alabama; Delray Connecting Railroad Company in Michigan and Texas & Northern Railroad Company in Texas; all of which comprise U. S. Steel’s transportation business. U. S. Steel owns, develops and manages various real estate assets, which include approximately 200,000 acres of surface rights primarily in Alabama, Illinois, Maryland, Michigan, Minnesota and Pennsylvania. In addition, U. S. Steel participates in joint ventures that are developing real estate projects in Alabama, Maryland and Illinois. U. S. Steel also owns approximately 4,000 acres of land in Ontario, Canada, which could potentially be sold or developed.
J. P. Morgan and the attorney Elbert H. Gary founded U.S. Steel in 1901 (incorporated on February 25) by combining the Andrew Carnegie's Carnegie Steel Company with Gary's Federal Steel Company and William Henry "Judge" Moore's National Steel Company. for $492 million. It was capitalized at $1.4 billion, making it the world's first billion-dollar corporation. At one time, U.S. Steel was the largest steel producer and largest corporation in the world. In 1907 it bought its largest competitor Tennessee Coal, Iron and Railroad Company which was headquartered in Birmingham, Alabama. This led to Tennessee Coal's being replaced in the Dow Jones Industrial Average by the General Electric Company. The federal government attempted to use federal antitrust laws to break up U.S. Steel in 1911, but that effort ultimately failed. Time and competitors have, however, accomplished nearly the same thing. In its first full year of operation, U.S. Steel made 67 percent of all the steel produced in the United States. It now produces less than 10 percent.
The Corporation, as it was known on Wall Street, always distinguished itself to investors by virtue of its size, rather than for its efficiency or creativeness during its heyday. In 1901, it controlled two-thirds of steel production. Because of heavy debts taken on at the company's formation — Carnegie insisted on being paid in gold bonds for his stake — and fears of antitrust litigation, U.S. Steel moved cautiously. Competitors often innovated faster, especially Bethlehem Steel, run by U.S. Steel's former first president, Charles M. Schwab. U.S. Steel's share of the expanding market slipped to 50 percent by 1911.
U.S. Steel's production peaked at more than 35 million tons in 1953. Its employment was greatest in 1943 (during World War II) when it had more than 340,000 employees; by 2000, however, it employed 52,500 people. The federal government has also intervened on other occasions to try to control U.S. Steel. President Harry S. Truman 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 (see Youngstown Sheet & Tube Co. v. Sawyer, 343 U.S. 579 (1952)). President John F. Kennedy was more successful in 1962 when he pressured the steel industry into reversing price increases that Kennedy considered dangerously inflationary. The federal government prevented U.S. Steel from acquiring National Steel in 1984 and political pressure from the United States Congress forced it to abandon plans to import British Steel slabs. It finally acquired National Steel's assets in 2003 after National Steel went bankrupt. U.S. Steel acquired Marathon Oil in 1982, as well as Texas Oil & Gas several years later. It reorganized its holdings as USX Corporation in 1986, with U.S. Steel (renamed USS, Inc.,) as a major subsidiary.
At the end of the 20th century, the corporation found itself deriving much of its revenue and net income from its energy operations, so led by CEO Thomas Usher, U.S. Steel spun off Marathon and other non-steel assets (except Transtar) in October, 2001, and expanded internationally for the first time by purchasing operations in Slovakia and Serbia.
OVERALL
Beta: 2.40
Market Cap (Mil.): $6,419.24
Shares Outstanding (Mil.): 143.77
Annual Dividend: 0.20
Yield (%): 0.45
FINANCIALS
X.N Industry Sector
P/E (TTM): -- 62.55 24.93
EPS (TTM): 64.43 -- --
ROI: -3.28 2.69 18.30
ROE: -9.71 4.61 18.52
Name Age Since Current Position
John Surma 57 2006 Chairman of the Board, Chief Executive Officer
Gretchen Haggerty 55 2004 Chief Financial Officer, Executive Vice President
James Garraux 58 2009 Senior Vice President - Corporate Affairs, General Counsel
David Lohr 57 2009 Senior Vice President - Strategic Planning, Business Services and Administration
George Babcoke 54 2010 Senior Vice President - European Operations, Global Operations Services
Gregory Zovko 49 2009 Vice President, Controller
Susan Suver 51 2007 Vice President - Human Resources
David Britten 51 2011 Vice President - Tubular Technologies & Business Development
Charles Lee 71 2001 Director
Seth Schofield 71 2001 Director
Frank Lucchino 71 2003 Director
John Drosdick 67 2003 Director
Richard Gephardt 70 2005 Director
Glenda McNeal 50 2007 Director
Patricia Tracey 60 2007 Director
Graham Spanier 62 2008 Director
David Sutherland 61 2008 Director
Dan Dinges 57 2010 Director
COMPANY ADDRESS
United States Steel Corp
600 Grant Street
Pittsburgh PA 15219