U. S. Steel Receives 2003 Secretary of State's Award for Corporate Excellence
Secretary of State Colin Powell Recognizes U. S. Steel's Exemplary Corporate Citizenship, Innovation and Business Practices in Slovak Republic
At a ceremony in Washington D.C. today, Secretary of State Colin Powell presented the Secretary of State's 2003 Award for Corporate Excellence to United States Steel Corporation (NYSE: X) Chairman and Chief Executive Officer Thomas J. Usher. The Secretary recognized U. S. Steel for its outstanding corporate citizenship, innovation, and exemplary international business practices in the Slovak Republic and for exhibiting the qualities of conscience, character and integrity.
Since 1999, the awards have been given annually to multinational enterprises by the Secretary of State to emphasize the important role U.S. businesses can play abroad to advance ethical practices and democratic values and to recognize those companies' exemplary conduct in overseas operations. Companies are selected through a Department-wide review of nominations from U.S. ambassadors. The program included remarks via satellite from Slovak Prime Minister Mikulas Dzurinda and Ronald Weiser, U.S. Ambassador to the Slovak Republic.
In accepting the award, Usher thanked Ambassador Weiser and the Embassy staff in Bratislava for nominating U. S. Steel in recognition of the company's activities in the Slovak Republic through its U. S. Steel Kosice (USSK) subsidiary. He also thanked the Slovak Republic government, which "works with us in a real spirit of business-government cooperation."
Usher further stated, "Although we have always been engaged internationally to some extent, USSK was our first significant investment in an integrated steel mill outside the United States. We entered Slovakia with our minds open to learning from our new Slovak partners, and with a strong determination to carry our best traditions, know-how, and professional practices with us. Our investment in Kosice offered an opportunity to apply industry best practices across the board. While many of our accomplishments occurred inside the mill gates, some of our greatest satisfaction has come from participating in Slovak community life, mindful that we are always ambassadors of the American business community."
Also participating in the program from Slovakia was USSK President Christopher J. Navetta, who said, "U. S. Steel Kosice is proud of what it has accomplished in Eastern Slovakia, and we look forward with great anticipation to the future. Our people are dedicated to the values of political democracy and market driven economies." Navetta also noted that USSK proudly accepts the responsibility of being a good corporate citizen and is committed to improving the quality of life for USSK employees and the citizens of the Kosice region.
United States Steel Corporation was formed in 1901 when Andrew Carnegie sold his steel company, Carnegie Steel, to J. P. Morgan, who combined it with his company, Federal Steel, and several other steel companies, to create the world's first billion dollar corporation, with $1.4 billion in capital structure. Since that time, U. S. Steel has placed a major emphasis on corporate responsibility by holding itself to the highest standards in matters concerning ethical business conduct, safety, environmental management, employment practices and corporate citizenship.
U. S. Steel was the first corporation to: publish an annual report (in 1903, for fiscal year ending 1902); hold an annual meeting for its shareholders (1902); create and apply a code of business conduct (circa 1909); introduce benefit programs, medical and pension plans (1902-1908); adopt the eight-hour workday (1923); recognize the steelworkers' union (1937); and establish an employee stock program (circa 1903).
In 1917, U. S. Steel became the first company in the world to reach $1 billion in annual revenues. During World Wars I and II, U. S. Steel played a vital role in the Allied victories. In WW II, the company produced more than 150 million tons of steel, or about one-third of the nation's total steel production for the war effort.
Today, U. S. Steel is the largest steel producer in North America and the sixth largest in the world. In November 2000, the company created USSK when it acquired the steel related assets of a Slovak company. USSK is the largest flat-rolled steel producer in Central Europe. In May 2003, U. S. Steel acquired the integrated steel assets of National Steel Corporation, solidifying its leadership position in the U.S. marketplace. And, in September 2003, the company acquired Serbian steelmaker Sartid a.d. and certain related subsidiaries, giving it a stronger presence in Central Europe.
As it was in 1901, U. S. Steel's focus remains on making steel and each of its varied operations relates in some way to that core business. Regarding today's U. S. Steel, Usher said, "The company is vastly different today than was the one that opened for business in 1901, and it is sure to change even more dramatically in the years ahead. However, as U. S. Steel restructures and renews itself to compete in the 21st century, our code of conduct continues to serve us well, both at home and abroad."
For more information about U. S. Steel, visit www.ussteel.com .
SOURCE: United States Steel Corporation
CONTACT: Mike Dixon, +1-412-433-6860, or John Armstrong, +1-412-433-6792,
Web site: http://www.ussteel.com/
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