USX Corporation Celebrates Centennial; The World's First Billion Dollar Company
Thomas J. Usher, chairman and CEO of USX Corporation, and the company's board of directors today celebrated the 100th anniversary of the company's incorporation at an opening bell-ringing ceremony at the New York Stock Exchange. Headquartered in Pittsburgh, USX Corporation is a $40 billion company made up of USX-U. S. Steel Group (NYSE: X) and USX-Marathon Group (NYSE: MRO).
Incorporated as United States Steel Corporation on February 25, 1901, the company was renamed USX Corporation in 1986 to reflect its emergence as a leading steel and energy producer following the company's acquisition of Marathon Oil in 1982 and Texas Oil & Gas Corp. in 1986.
Created by legendary banker J. Pierpont Morgan, United States Steel Corporation was capitalized at $1.4 billion -- equivalent to about $80 billion today. It was the world's first billion-dollar company, and its capitalization was equal to almost 7 percent of the country's GNP in 1901.
In a front-page article on the day following its incorporation, the New York Tribune described U. S. Steel as a "gigantic consolidation of steel companies." In its first year, U. S. Steel accounted for 67 percent of the steel production of the United States and 29 percent of the world's and quickly became known as "The Corporation."
"Steel defined the 20th century," said Usher. "It made the impossible possible. It was the catalyst for revolutionary progress in transportation, construction, agricultural production, food distribution, energy and even space travel. And U. S. Steel was the world's leading steelmaker."
"While it is instructive to look back on a history as rich as ours," he added, "as a company we are sharply focused on the future and on creating value for our customers, our shareholders and our employees. We begin a new century as we began the last -- as a world-class company."
The history of USX Corporation is told in detail in a recently released book, "The Corporation" by Brian Apelt. The book covers the company from the events leading up to its formation, through depression and prosperity, two world wars, the steel crisis of the Seventies and Eighties, to its rebirth in the Nineties. It is also about the people who shaped U. S. Steel -- those who built it, changed it, fought against it and fought to save it.
The book, published by Cathedral Publishing of the University of Pittsburgh, will be available through the University of Pittsburgh Book Store and online through Amazon.com (http://www.amazon.com/) and Barnes&Noble.com (http://www.bn.com/).
A collection of photographs from the centennial biography is on display in the lobby of the USX Tower, 600 Grant Street, Pittsburgh. The exhibit runs until March 23.
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SOURCE: USX Corporation
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