U. S. Steel Corporation - Major Contributor To The American Economy
Steel is one of the main backbones of the US economy with a contribution of over $350 billion. In addition, the industry generates over a million jobs both directly and indirectly. For every direct job the steel industry generates seven jobs spread across other sectors. Several industries like the automotive, construction, heavy equipment, and defense industries depend on steel. Thanks to innovation and technology, the American steel industry is among the worlds most competitive and eco-friendly industries, with production tripling over the last three decades, strengthening America's economy even further.
All across the US, steel companies are engaged in environmentally friendly programs in order to ensure that little or no carbon dioxide is emitted in the process of making steel. Many of these programs are funded by the U. S. Department of Energy (DOE). The objective is to make the industries closer to the FreedomCAR goal of 50% mass reduction. The sustainable steel industry leads the way in recycling with the creation of many green jobs. The American steel industry, through the setting of benchmarks is now ahead of Kyoto greenhouse emission goals by over 240%.
One of the other significant factors is that American steelmakers have reduced energy requirements in the production of one ton of steel by 33%. This is along with the capacity to recycle more than three-fourths of all American steel makes the industry one of the most energy inefficient and eco-friendly industries across all sectors. Air and water emissions have reduced by 90% over the last decade. The North American steel industry is one of the most competitive industries with a great potential for job seekers looking for a career in the industry. For individuals concerned about the environment and the impact that many industries have on it, steel is among the most recycled materials in the world.
Among the major steelmakers is U. S. Steel, which was originally set up by Andrew Carnegie and the company's first chairman, Elbert H. Gary. J. P Morgan purchased Carnegie's original steel company to form the Federal Steel Company, which were later amalgamated and came to be known as U. S. Steel. In its first year, the company produced over 65 percent of steel in the country. The company reorganized its structure and even diversified in the 1980s into the energy sector when Marathon Oil Company was acquired. It later expanded with acquisition of Texas Oil & Gas Corporation as well.
In 1986, U. S. Steel decided become USX Corporation after its diversification into steel, energy, and other businesses. Along with restructuring the company also entered into domestic and foreign joint ventures. Some of the diversified businesses such as oil field supply, chemicals, and agri-chemical businesses were either sold or combined. In October 2001, the company was incorporated as United States Steel Corporation and reorganized into a publicly traded company, while the energy unit of the company was separated and named as Marathon Oil Corporation.
With effect from 1st January, 2002 Both companies became independent entities operating. Over the years, the company acquired a number of other steel producing companies including Slovak steelmaker VSZ a.s, LTV Steel's East Chicago, Ind., and Serbian steelmaker Sartid a.d. In 2007, the company also acquired Canada's Stelco Inc., which was renamed as U. S. Steel Canada. Along with several other acquisitions, United States Steel Corporation is a leading entity in a competitive global steel industry.