United States Steel

Companies

Description

United States Steel Corporation,more commonly known as U.S. Steel, is an American integrated steel producer headquartered in Pittsburgh, Pennsylvania, with production operations in the United States and Central Europe. As of 2018, the company was the world's 27th-largest steel producer and second-largest domestic producer, trailing only Nucor Corporation.

Though renamed USX Corporation in 1986, the company was renamed United States Steel in 2001 after spinning off its energy business, including Marathon Oil, and other assets from its core steel concern.

History

Recent history

At the end of the twentieth century, the corporation was deriving much of its revenue and net income from its energy operations. Led by CEO Thomas Usher, U.S. Steel spun off Marathon and other non-steel assets (except railroad company Transtar) in October 2001. It expanded internationally for the first time by purchasing operations in Slovakia and Serbia.

In the early 2010s, U. S. Steel began investing to upgrade software programs throughout their manufacturing facilities.

In January 2012, U.S. Steel sold its Serbian mills outside Belgrade to the Serbian government, as their operations had been running at an economic loss.

On May 2, 2014, U. S. Steel announced an undisclosed number of layoffs affecting employees worldwide. On July 2, 2014, U.S. Steel was removed from S&P 500 index and placed in the S&P MidCap 400 Index, in light of its declining market capitalization.

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