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US Steel was America’s first billion-dollar company in 1901. [1] With inflation, its formation was worth $51.4 billion! [2] That made it larger than the national debt and three times larger than the federal budget! But 100 years later, it’s not even on the Fortune 500 list. In fact, US Steel may not be American for much longer!
If Nippon Steel gets its way, the symbol of American engineering will become Japanese for just $14 billion. That’s a yard sale discount for a world leading steel producer who erected the San Francisco Bay Bridge, part of NASA’s Kennedy Space Station, and even the home of the United Nations in New York.
At one point it cornered 67% of the booming steel business. But flash forward to now and domestic consumption has been reduced to 8%. So how did the biggest player in America’s industrial revolution fall from grace?
Were they outpaced by new competitors? Were they outdated by tech? Or did the guys at the top simply fall asleep at the wheel? It starts at the dawn of the 20th century.
It had become clear that the industrial revolution had a lot more gas left in the tank.
So J.P. Morgan and Charles Schwab decided to take advantage of this opportunity by teaming up. [4]
But U.S. Steel’s climb to the top wasn’t going to be easy. In fact, trouble started right away…
It’s time to learn How History Works as we take apart “The 100 Year Decline of America’s Most Important Company”.
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SOURCES
https://web.archive.org/web/20181012210047/http://old.post-gazette.com/businessnews/20010225ussteel2.asp
https://www.investopedia.com/ask/answers/032315/what-are-most-famous-monopolies.asp
https://www.ebhsoc.org/journal/index.php/ebhs/article/download/171/152/
https://edition.cnn.com/2023/12/18/business/gallery/us-steel-history/index.html#:~:text=US%20Steel%20was%20created%20in,its%20rival%20Federal%20Steel%20company.
https://www.entrepreneur.com/money-finance/how-andrew-carnegie-went-from-120-a-week-to-309-billion/317827
https://www.carnegie.org/interactives/foundersstory/#!/
https://www.in2013dollars.com/us/inflation/1901?amount=480000000#:~:text=%24480%2C000%2C000%20in%201901%20is%20equivalent,cumulative%20price%20increase%20of%203%2C594.93%25.
https://www.americanheritage.com/deal-century
https://www.statista.com/statistics/225388/us-market-share-of-the-coca-cola-company-since-2004/
https://www.britannica.com/money/Bethlehem-Steel-Corporation
https://www.britannica.com/biography/Theodore-Roosevelt/The-Square-Deal
https://www.steelonthenet.com/kb/history-us-steel.html
https://www.britannica.com/money/United-States-Steel-Corporation
https://www.construction-physics.com/p/no-inventions-no-innovations-a-history
https://www.nationalmaterial.com/brief-history-american-steel-industry/
https://www.britannica.com/technology/basic-oxygen-furnace
http://www.sfu.ca/~kawasaki/Elbaum.pdf
https://edition.cnn.com/2023/12/18/business/us-steel-history-before-nippon-deal/index.html
https://pabook.libraries.psu.edu/literary-cultural-heritage-map-pa/feature-articles/bethlehem-steel-industrial-giant
https://www.nipponsteel.com/en/news/20240315_100.html
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