National Steel Corporation

For the shipbuilding company in San Diego, see National Steel and Shipbuilding Company. For the Philippine company, see National Steel Corporation (Philippines).

The National Steel Corporation (1929–2003) was a major American steel producer. It was founded on October 1, 1929[1] through a merger arranged by Weirton Steel with the new Great Lakes Steel Corporation, which was then in the process of construction of its Ecorse steel works, certain subsidiaries of M. A. Hanna Company, namely the blast furnaces in Buffalo and on Zug Island, the company's iron mining division and its fleet of ore carriers; and the Michigan Steel Corp, predecessor to Great Lakes Steel, which joined the group in 1931 before the adjoining plant of the Great Lakes Steel Corp was formally commissioned.

National Steel was headquartered in Pittsburgh. Despite a difficult market in Depression-setting 1930, the company reported USD 8.4 million[1] in profits. Again, in 1931 the company was profitable unlike many other competitors. The company could attribute its success primarily to sales to the automobile industry. Large steel producing operations were located near Detroit, providing the company with low shipping costs[2]. Throughout the Great Depression, National Steel obtained profitability every year.

National Steel Company (1899)

The National Steel Company of 1899 had no relationship with the National Steel Corporation of 1929 other than the name.

Incorporated in New Jersey on February 27, 1899, had a capital stock of $27 million par $100 7% preferred ($26 million outstanding) and $32 million par $100 common (all outstanding).[2] The remaining $1,000,000 of preferred stock were issued on April 28, 1899 to the Oliver & Snyder Steel Co. in exchange for the entire $100,000 stock of the Rosena Furnace Co. and associated properties.[a]

All of the companies acquired produced basic Bessemer steel with the exception of the Buhl Steel Co. who produced basic open hearth steel, but also had to buy ingots on the market to cover their own needs.[4]

Companies acquired by NSCo[2]
Name Hometown Debt Debt Due Steel tpd[b] BF Iron tpd[4]
Ohio Steel Co Youngstown, Oh $1,000,000 June 1, 1908 1,500 2 1,333
Shenango Valley Steel Co New Castle, Pa $330,000 October 1, 1902 1,200-1,400 2 633
Organized in ca. July 1891 with $200,000 capital to build a 400tpd Bessemer plant,[5] which was producing at capacity (500tpd) in January 1893.[6]

Bought the adjoining Neshannock blast furnace of the Crawford Iron & Steel Co.[c] on April 8, 1893, for $250,000 and on that occasion increased its capital stock by $200,000 to $450,000. The 78x17ft furnace had 4 Whitwell stoves and a 165ft draft stack and a capacity of 67,000tpa (184tpd) of pig iron. The original furnace was first blown in on December 1, 1872. Crawford Iron & Steel had bought it from the Kimberly Iron Co in 1883.[8][9] It had once produced 109,790 tons of pig iron in 90 weeks (174tpd).[10]

40°59′31″N 80°21′07″W / 40.992°N 80.352°W / 40.992; -80.352[d]

The company bought the furnace of the Raney & Berger Iron Co, also in April 1893 and also for $250,000 and on the occasion increased its capital stock to upward of $1,000,000. The furnace was switched from producing mostly foundry iron to Bessemer iron.[11] In December 1899 National Steel decided to dismantle the furnace and replace it with a larger one.[12]

40°59′31″N 80°21′07″W / 40.992°N 80.352°W / 40.992; -80.352[e]

In January 1898 the capital of the Shenango Valley Steel Co. was increased from 10,000 to 15,000 shares of $100 par.[13]

Rosena Furnace Company New Castle, Pa $250,000 December 1, 1912 1 367

The Rosena Furnace Company was incorporated on December 1, 1892, headquartered in Pittsburgh, with a capital stock of $100,000, to carry out operations of the furnace owned by the Oliver Iron & Steel Co. of Pittsburgh.[14] A sum of $100,000 was expected to be spent on improvements, namely new stoves and blowing engines.[15] The furnace originally had a capacity of 60tpd and in the first 43 months of operation produced 75,000 tons.[16] The original furnace was built in 1872 (blown in June 1873), rebuilt in 1893, torn down and rebuilt in 1897 to a height of 100 feet and a capacity of 150,000tpa.[17]

40°59′47″N 80°20′43″W / 40.99628°N 80.34534°W / 40.99628; -80.34534[f]

Ætna Standard Iron & Steel Co Bridgeport, Oh $600,000 January 1, 1908 1,000-1,100 3 433

The sheet and bar mill of the Aetna Iron & Steel Co at Bridgeport was built in 1873. The Standard Iron Company built a sheet and bar mill in 1883. Both companies merged in 1893 with a capital of $2,300,000.[18][19]

40°05′03″N 80°44′05″W / 40.0841°N 80.73486°W / 40.0841; -80.73486[g]

Two 60 feet high furnaces were built at Mingo Junction: the Sidney furnace in 1871 and the Estella furnace in 1872 (blown in May 1873). The combined capacity was 62,000tpa.[20] Both furnaces were rebuilt in 1886 to a height of 75 feet and a capacity of 80,000tpa (each).[21] The cut-nail works of the Junction Iron Co. were built in 1882. The slab and billet mill of the Laughlin & Junction Iron Co were built in 1886. The two companies merged in 1894.[18][22]

40°18′54″N 80°36′20″W / 40.315067°N 80.60554°W / 40.315067; -80.60554[h]

On July 1, 1897[21] the Junction Iron Co of Mingo Junction was absorbed by Aetna: capital was increased to $3,000,000 and the entire stock of Junction Iron ($700,000) exchanged for a like amount of Aetna stock. Three directors resigned from the board to give their seats to representatives of the Junction Iron Company.[23] The new combine had 2 blast furnaces, a Bessemer steel plant and a sheet and tin plate bar mill at Mingo. At Bridgeport it had a sheet, a bar, a structural mill and a tin plate works.[18]

Bellaire Steel Co Bellaire, Oh $301,000 March 2, 1906 800-900 2 600

The Bellaire Nail Works were renamed to Bellaire Steel Co in February 1896. The first blast furnace was blown in on September 22, 1873 and rebuilt in 1886. The second was blown in on March 7, 1895. In 1898 they were both 75 feet high with a combined capacity of 180,000tpa.[21]

40°01′20″N 80°44′22″W / 40.02219°N 80.73934°W / 40.02219; -80.73934[i]

King, Gilbert & Warner Co Columbus, Oh $130,000 May 1, 1905 500 2 466
Buhl Steel Co Sharon, Pa $200,000 November 1, 1903 400 2 167
Union Iron & Steel Co Youngstown, Oh none
National Steel Common Stock Price Range[j]
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1899 63 High 54+3⁄4 63 62 55+7⁄8 54+1⁄2 57+1⁄2 56+7⁄8 52+3⁄4 50+1⁄2 49
31+3⁄4 Low 50 44 45 43+3⁄4 49 53+1⁄2 49+1⁄2 47+1⁄4 46+1⁄2 31+3⁄4
1900 53+1⁄2 High 46+1⁄2 53+1⁄2 47+1⁄4 46+1⁄2 34 30+1⁄2 27 28 27+3⁄4 31 39+3⁄4 43
20 Low 40 45+1⁄2 41 33 27+1⁄4 20 23 23+1⁄2 23+1⁄2 24 28+5⁄8 33
1901 60+1⁄2 High 44+3⁄8 50 57 60+1⁄2
37 Low 37 40+1⁄8 43+1⁄2 57
National Steel Preferred Price Range[j]
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1899 99+3⁄8 High 95 95 92+1⁄8 93 94 99+3⁄8 98+7⁄8 96 95+3⁄8 95
85 Low 93 89 85 88 89+3⁄4 94 95 93+3⁄4 93+1⁄4 86+1⁄2
1900 97 High 94 97 97 95+5⁄8 89+5⁄8 87+1⁄2 85+1⁄4 86 86 88+1⁄2 93+1⁄2 96+3⁄4
79+3⁄4 Low 92 94 93+3⁄4 88+3⁄4 85 79+3⁄4 83+1⁄8 83+3⁄8 82+3⁄4 82 87+1⁄2 91+1⁄2
1901 120 High 93+1⁄2 102+1⁄2 118+1⁄2 120
90 Low 90 91+1⁄2 99+1⁄2 117

The United States Steel Corporation was incorporated on February 25, 1901. It offered a premium of $125 of its new 7% preferred stock for each $100 par value of National Steel preferred stock and a similar $125 premium for each $100 par of National common stock.

Companies acquired by U.S. Steel[27][28][29]
Company Preferred Common
Old New (USS pref) Premium Old New (USS com) Premium +USS pref[k]
Federal Steel Co $53,260,900 $60,446,362 $110 $46,484,300 $49,970,627 $107+1⁄2 $4
American Steel & Wire Co 40,000,000 47,600,000 117+1⁄2 50,000,000 51,250,000 102+1⁄2
National Tube Co 40,000,000 53,520,000 125 40,000,000 50,000,000 125 8+4⁄5
National Steel Co 27,000,000 33,750,000 125 32,000,000 40,000,000 125
American Tin Plate Co 18,325,000 26,506,250 125 28,000,000 35,000,000 125 20
American Steel Hoop Co 14,000,000 100 19,000,000 100
American Sheet Steel Co 24,500,000 100 24,500,000 100
American Bridge Co 30,527,800 33,580,580 110 30,527,800 32,054,190 105
Lake Superior Consolidated Iron Mines 38,774,700 28,722,000 38,744,700 135 135
Totals $247,613,700 $334,077,892 $299,234,100 $340,548,817

Detroit Iron & Steel Company

The Detroit Iron & Steel Company was a predecessor to Great Lakes Steel Corporation and in 1902 built a greenfield blast furnace plant on Zug Island, the first modern blast furnace plant in the state of Michigan.

The company was incorporated in Michigan on April 24, 1902, and issued 75,000 par $10 7% preferred and 75,000 par $10 common shares (split 2-for-1 on July 16, 1917). Issued $400,000 5% 10-year bonds dated May 2, 1904, due $40,000 annually from 1907 to 1916.[30] Retired those bonds and broke even on cumulative preferred dividends in 1907.[31][32][33] Issued $600,000 15-year 5% bonds dated July 1, 1909 (at construction of second blast furnace), due annually $40,000 till July 1, 1925.[l] Paid 4% per year dividend on common stock until 1917, then 2.5% quarterly (10% annual - 20% when considering the stock split!) and also paid a few extra dividends.

  • President: Daniel Rhodes Hanna (Cleveland)[n], since 1918[39] Howard Melville Hanna Jr.[o]
  • Vice: C. C. Bolton
  • Secretary and Treasurer: C. W. Baird (Detroit)[p]
  • General Manager: Frank B. Richards (Cleveland)[43][44][45]

The joint venture included:

The furnace had a capacity of 300 tons of foundry iron per day, 30 additional coke ovens were built concurrently and there were plans to eventually have 180 ovens.[46] This was the first modern coke-filled blast furnace built in the state of Michigan.[47] Riter-Conley had the contract for the furnace, Russell Wheel & Foundry (Detroit) for auxiliary structures. The furnace was 78x17.5ft and the 4 stoves were 83x20ft.[48] There were 120 coke ovens in 1905. The furnace was located on the north-east corner of the island (see map),[49][50] it was blown in on February 15, 1904[51] and in 1911 rebuild as a modern thin-lined, water cooled furnace.[52] The B furnace (80x18.5ft; 300tpd, Arthur G. McKee type), directly adjoining to the east of A, was begun in early 1909 and blown in on July 21, 1910 (see map).[53] Also on Vol 5 Sheet 79 of the 1910 Sanborn Fire Insurance Map.

In 1917 the #Detroit Furnace Company was acquired.

On May 1, 1920, the company was kicked off the Detroit Stock Exchange for failure to disclose operational and financial information.[54]

On November 1, 1920, Detroit Iron & Steel was among several companies that merged to form the Hanna Furnace Co. (Delaware). Its two blast furnaces had a capacity of 685 tons per day.[55]

The furnaces were relined: No. 1 in 1905,[56] 1909,[57] ...

Pig Iron Industry in Michigan

There were only 3 coke-burning blast furnaces in total in the state of Michigan (December 1914).[58] The Wayne furnace (42°20′32″N 83°00′24″W / 42.34216°N 83.00656°W / 42.34216; -83.00656[59][60]) of the Detroit Furnace Company[61] was a small 62 feet high 75tpd hand filled coke furnace with pipe stoves more resembling a typical charcoal furnace. It had existed in one form or another since originally built in 1870. The Detroit Furnaces Co. when incorporated on April 1, 1906, with $150,000 in capital took it over as a charcoal furnace.[47][62] The company was acquired by Detroit Iron & Steel in 1917.[63] The furnace went out of blast for the last time in the fall of 1919 and was dismantled[64] to make room for a power plant of the Detroit City Gas Company.[65]

Michigan as the second largest producer of iron ore in the United States had however about a dozen charcoal furnaces in operation and ranked about 7th in pig iron production (1916).[66] Michigan pig iron production statistics 1872-1911: [47]: 223 

Charcoal Furnaces in Michigan (ca. 1916)[66]
Company Town On Off bold=exact
Mitchell-Diggins Iron Co Cadillac [67] March 6, 1906 44°15′50″N 85°24′36″W / 44.26376°N 85.41006°W / 44.26376; -85.41006[68]
East Jordan Furnace Co East Jordan [69] Jan 17, 1910 45°10′07″N 85°08′06″W / 45.16864°N 85.13513°W / 45.16864; -85.13513[70]
Cleveland-Cliffs Iron Co Gladstone [71] April 16, 1896 45°52′23″N 87°00′30″W / 45.87297°N 87.00822°W / 45.87297; -87.00822[72]
Antrim Iron Co Antrim [73]: 390 Feb 1888 [74][75]
1943		 44°53′22″N 85°04′24″W / 44.88933°N 85.07332°W / 44.88933; -85.07332[76]
Pioneer Iron Co Marquette 46°33′54″N 87°23′42″W / 46.56509°N 87.39509°W / 46.56509; -87.39509[77] 2 furnaces
Stephenson Charcoal Iron Co[q] Wells July 29, 1912 [74][80][75]
1942		 45°46′55″N 87°04′32″W / 45.78194°N 87.07563°W / 45.78194; -87.07563[81]
Charcoal Iron Company of America[s] Chocolay [73]1860 46°28′35″N 87°18′44″W / 46.47639°N 87.31222°W / 46.47639; -87.31222
Boyne City [73] Jan 1, 1905 45°13′22″N 85°01′01″W / 45.22280°N 85.01699°W / 45.22280; -85.01699[91]
Elk Rapids [73]July 1873 44°53′59″N 85°24′57″W / 44.89967°N 85.41578°W / 44.89967; -85.41578[92]
Manistique [73]Mar 4, 1891 45°58′05″N 86°14′42″W / 45.96799°N 86.24504°W / 45.96799; -86.24504[93]
Newberry [73] May 1883 46°21′26″N 85°30′23″W / 46.35719°N 85.50649°W / 46.35719; -85.50649[94]
New Metals Process Co Marquette 46°34′08″N 87°24′11″W / 46.56888°N 87.40313°W / 46.56888; -87.40313[95]
green = Upper Peninsula

Michigan Steel Corp

Michigan Steel Corp produced sheet steel for the automobile industry. It was effectively the first finishing department of the later Great Lakes Steel Corp steel works and was apparently quite successful as an independent company from 1923 till 1931.

Profits before int. & tax[96][97][98]
1924 $557.284
1925 $1,067,945
1926 $1,077,463
1927 $1,137,052
1928 $1,262,381
1929 $1,939,262

The company issued $500,000 in 15-year 6+3⁄4 bonds dated May 1, 1923, as collateral a sheet steel plant of 36,000 tons per year capacity to cost ca. $1 million.[99] Incorporated in New Jersey on September 23, 1922[97] with George Rupert Fink (Nov 1, 1886 Brackenridge - July 29, 1962 Detroit[100]) president, the Ecorse, Michigan sheet mill plant on 40 acres (42°14′13″N 83°09′13″W / 42.2369°N 83.1536°W / 42.2369; -83.1536 (Michigan Steel Corporation sheet mill (est. 1923))[101]: 17 [t]) and built since December 1922,[102] began production on July 5, 1923, first and foremost as a supplier of the automobile industry. The capacity of the plant more than doubled between 1923 and 1928 (to 180,000 tons[97]). The company issued $1,250,000 10-year 6% bonds dated November 1, 1928, to redeem all remaining $239,500 of the 1923 bonds, for plant additions and working capital (increased to $2,208,000 May 1, 1930[98][103] and called for redemption November 1, 1931.[104]). The company also had 220,000 no par shares authorized and outstanding (22,000 shares originally issued for ($1,000,000[105] in) cash and split 10-for-1 in July 1928;[97] 50,000 made available in an initial public offering[106] at $50 per share in August 1928.[107] With over $12,000,000 market capitalization as of October 1928,[96] was traded on the Detroit Stock Exchange from October 1928 until February 17, 1931[108][109] and on October 20, 1928, began paying a quarterly dividend of 62+1⁄2 cents.[110] The company had previously paid dividends on the 22,000 shares in each of the 5 years 1924-1928, a total of $53.75 per share.[97] The stock traded on the New York Curb Exchange for a few months and was listed on the NYSE from end of April 1929[111] till January 27, 1931.[112]

Michigan Steel Corp price range[u]
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
1928 High 58 58 65 60
Low 51+1⁄4 54+5⁄8 55 58
1929 High 84+3⁄4 105 101+3⁄4 105 108+1⁄4 122+7⁄8 114+3⁄4 112 102+7⁄8 73 59+7⁄8
Low 62+1⁄2 81 100+1⁄4 95 85 107+3⁄8 104 104 59 50 44
1930 High 74+3⁄4 73 73+3⁄4 74+7⁄8 77 75 74+3⁄8 68+1⁄4 59+1⁄4 59 48 45 46+7⁄8
Low 53 63+1⁄2 65+7⁄8 65 59 58+1⁄4 60+3⁄8 54+3⁄4 49+1⁄2 41+1⁄4 42+1⁄2 38+1⁄2 43+1⁄4

Great Lakes Steel Corp

Incorporated on February 23, 1929.[122]

Large amounts of sand had to be brought to the 275 acres of marshland in Ecorse, Michigan, to raise it sufficiently above water level.[123]

Timeline of the Great Lakes Steel works[123]
Year Date Event
1929 May 25 Excavation starts
June 28 First pile driven
August 14 First concrete poured
1930 August 23 first open hearth heat[124]
August 25 first ingot rolled on the blooming and billet mills
September 2 first strip rolled
1931 March 14-inch merchant mill first roll
July 10-inch merchant mill first roll
August 5[125] NSC announced completion of work
1933 Open hearth #7 and #8 completed
1935 October Open hearth #9, #10, #11, #12 completed
1936 March 23 Hot strip mill operating
June 1 Cold strip mill operating
1938 February Open hearth #13, #14, #15, #16 in second OH shop completed
May 23 second blooming/slabbing mill operating
August 16 Blast furnace #3 blown in
October 6 Byproduct coke plant blown in
1941 Sintering plant begins operations
Blast furnace #1 or #2 dismantled to make room for #4
December 9 Blast furnace #4 blown in
1946 Bessemer converter #1, #2 for OH shop No. 1 installed
1949 Open hearth enlarged to 500 tons
1952 September 22 Blast furnace #5 blown in
1953 Bessemers for OH shop No. 2 installed
1955 January 1 new coke plant completed

National Steel Corp

The National Steel Corp. (NSC) was a holding company, incorporated in Delaware on November 7, 1929.[126] It had an authorized capital of 3,000,000 shares and 2,080,000 were issued in exchange for:

  1. 1,120,000 shares or 4.7 NSC shares for each (of 237,720 outstanding[127]) par $100 share of the Weirton Steel Company
  2. 560,000 NSC shares for shares of certain Hanna subsidiaries
  3. 400,000 NSC shares exchanged 1:1 for no par common shares of Great Lakes. Great Lakes shareholders also received warrants to purchase 1⁄5 share at $62.50 per share before December 31, 1929, and again before October 1, 1934. President George R. Fink received warrants for 20,000 shares at $50 before October 1, 1934, to honor his existing similar right to Great Lakes stock.[1]
The steel industry in 1929[128]
Company Ingot Tons
U.S. Steel 24,201,500
Bethlehem Steel 8,000,000
Jones & Laughlin 3,270,000
Youngstown
Sheet & Tube		 2,717,000
Republic
Iron & Steel		 2,160,000
Inland Steel 1,800,000

National Steel thus became the 6th largest steel company of the United States with a capacity for 3,500,000 tons of iron ore, 1,750,000 tons of pig iron and 2,000,000 tons of steel ingots.[129]

In January 1931 NSC purchased all assets and assumed all liabilities of the Michigan Steel Corp (dissolved January 15, 1931) in exchange for:

  1. $6,062,500 in 10-year 5% notes due January 1, 1941,[130] called for redemption May 11, 1931[131]
  2. $3,031,287 in cash
  3. 60,625 NSC shares, or at the discretion of Michigan Steel shareholders, $50 in cash per share instead.[132] Only 7.098 shares were eventually taken and the total cash paid was $5,707,650.[133]

The entire outstanding share capital of these companies was owned by NSC:

  • Weirton Steel Co.
  • Weirton Coal Company
  • The Hanna Furnace Corp (incorp. 1920 in Delaware)[v]
  • The Hanna Furnace Corp (New York)[w]
  • The Hanna Iron Ore Company (Delaware)[ab]
  • The Producers Steamship Company[ac]
  • Great Lakes Steel Corp
  • Michigan Steel Corp (Delaware)
  • Midwest Steel Corp[ad][131]

NSC raised capital with $40 million 25-year 5% bonds dated April 1, 1931.[131] The debt was refinanced in 1935 and 1939 at successively lower interest rates while the maturity date (1965) remained unchanged.[ae]

On August 5, 1931, NSC completed its $36.5 million expansion program, among which was the $29 million steel plant of the Great Lakes Steel Corporation.[125]

Changes in capital structure (Aug 1932)[143]
Company par Shares before Shares after
Hanna Furnace Corp (Del) $10 989,500 100 property transferred to Great Lakes Steel Corp
Weirton Steel Co $100 237,720 1,000 no change in book value of shares
Great Lakes Steel no par 400,000 1,000
Hanna Iron Ore Co no par 50,000 1,000
Producers SS Co $100 9,600 1,000 re-incorporated in Delaware, no change in book value
Virginia Ore Mining Co $100 60 0

During 1933 all outstanding 2,156,832 shares of no par value were exchanged 1:1 for shares of $25 par.[144] The authorized capital in 1939 was still 3,000,000 shares and there were then 2,199,822 outstanding.[142] Effective March 30, 1950, the common stock was split 3-for-1.[145]

NSC common stock price range and regular dividend payments
1930s[af]
0 1 2 3 4 5 6 7 8 9
Low 41 18+1⁄2 13+1⁄3 15 34+1⁄2 40+3⁄8 57+1⁄4 55 44+3⁄4 52
High 62 58+1⁄8 33+7⁄8 55+1⁄8 58+1⁄4 83+3⁄4 78 99+1⁄4 81+3⁄4 82
Div. $2 $2 $0.75 $0.625 $1 $1.5 $2.5 $1 $1.7
1940s[ag]
Low 48 42 43+3⁄4 52 57+7⁄8 65 75 74+3⁄4 81+1⁄4 73+1⁄2
High 73+3⁄4 68+1⁄2 54 64+1⁄2 70 85+3⁄4 101+1⁄2 95 114+1⁄2 95+1⁄2
1950s[ah]
Low [ai] 43 43 40+1⁄8 46 58 64 49+1⁄2 47+1⁄8 74+1⁄4
High [aj] 56 53 52+1⁄4 66 77+1⁄2 77+7⁄8 80+1⁄4 77+3⁄4 98+1⁄2

Post war years

The post-World War II years brought about record profits for the company as steel was in high demand. The company continued to post healthy profits in the 1970s, although the latter half of the decade saw some sharp and turbulent profit slumps. The increasing consumption of imported steel was often an attributed problem. It acquired United Financial Corporation, in 1979, adding another sundry item for its portfolio. United Financial was the parent company of Citizens Savings & Loan Association of San Francisco, which was the seventh‐largest savings and loan in the United States.[185]

1980s

Beginning in 1980, the company reported a serious loss of demand and with it profits in its core steel business. A roller coaster earnings surge the next year crashed down the year after that due to a further increase in imports and low demand.[186] In 1983, shareholders agreed to create National Intergroup, a holding company, and merge the steel business as one many units into it. The corporate reorganization was a further step to an already initiated arrangement that started in 1982, which broke the company into six independently managed units. The move was intended to better administer the company which had become diversified away from steel into aluminum and financial services. That same year, the workers of the Weirton mill purchased their operation from National Steel, forming an independent employee-owned corporation.[187]

In February 1984, Nippon Kokan K.K., a major Japanese steel producer, acquired 50% of National Steel from National Intergroup for US$292 million. Later in 1990, the Japanese firm would claim another 20% share from National Intergroup, which was eager to sell the steel business.[188] The company stumbled through troubled years as it shed thousands of workers and faced bankruptcy in 1991.

Amidst the savings and loan crisis in 1981, West Side Federal Savings and Loan Association of New York and the Washington Savings and Loan Association of Miami were acquired and merged with Citizens, creating the country's largest federally chartered savings and loan association. The Federal Home Loan Bank Board approved the first interstate consolidation of savings and loan associations largely because National Steel was willing to provide $75 million in cash to the new association, whose combined assets would be $6.8 billion with 136 branches in the three states.[189][190] The branches were rebranded as First Nationwide Savings in 1982,[191] when National Steel sold a 19% share of First Nationwide to the public.[192] Ford Motor Company acquired First Nationwide for $493 million in 1985.[193]

National Steel spun-off its computer data subsidiary Genix which spun-off the current-day Corporate Election Services, a market leader in proxy statement and proxy fight services based in suburban Pittsburgh.

1990s

The company announced in 1991 that it would re-locate its longtime Pittsburgh headquarters to the South Bend, Indiana, area.[194]

In 1994, the company caused a stir in the industry when it terminated nearly all of its vice presidents, President and CFO, and replaced them by hiring nearly the complete executive staff of the U.S. Steel Gary Works, including V. John Goodwin who was named the new President of National Steel.[195] U.S. Steel was incensed and filed a lawsuit which the two companies settled out-of-court in 1995.[196] However these drastic leadership changes were short-lived, as Goodwin resigned in 1996, the result of a bitter dispute with the Japanese ownership and by 1998 nearly all of the U.S. Steel expatriates had departed from National.[197]

2000s

In 2000, when an internal auditor, tipped off by an informer, discovered that longtime executive James Squires was receiving millions of dollars in kickbacks from scrap suppliers. In August 2001, Squires was convicted in Federal Court of receiving kickbacks, and in 2002 was sentenced to two years imprisonment. Later he was forced to pay National approximately $3,000,000 in a civil lawsuit.[198][199]

The company filed for bankruptcy protection in 2002, the result of a deep depression in the industry.

Bankruptcy

The company would never again enjoy extended periods of profit and finally in March 2002, it filed for bankruptcy with only $2.3 billion in assets for $2.6 billion in debt. After a bidding war between AK Steel and U.S. Steel, in May 2003 the remains of National Steel were sold to U.S. Steel for $850 million and the assumption of $200 million in debt.[200] US Steel continues to operate National's Keewatin, Minnesota mining operation and pellet plant under the new name of Keewatin Taconite or Keetac.

Notes

  • ^ "National Steel Net $3.91 a share", Wall Street Journal, March 21, 1931
  • ^ "One Steelmaker Earns Dividends", Wall Street Journal, June 30, 1932

References

  1. ^ a b "National Steel Corp. - Merger Plan Approved". Commercial and Financial Chronicle. Vol. 129, no. 3354. October 5, 1929. p. 2242.
  2. ^ a b "National Steel Co. - Official Statement". Commercial and Financial Chronicle. Vol. 68, no. 1763. April 8, 1899. p. 672.
  3. ^ "National Steel Co. - Listed". Commercial and Financial Chronicle. Vol. 70, no. 1819. May 5, 1900. p. 897.
  4. ^ a b c "The National Steel Company". The Iron Age. Vol. 63, no. 6. February 9, 1899. p. 21.
  5. ^ "Industrial Summary - New Enterprises". Iron Trade Review. Vol. 24, no. 29. July 16, 1891. p. 10.
  6. ^ "General Industrial Notes". Iron Trade Review. Vol. 26, no. 4. January 26, 1893. p. 17.
  7. ^ "Manufacturing - Iron and Steel". The Iron Age. Vol. 53, no. 13. March 29, 1894. p. 618.
  8. ^ "Cincinnati's Iron Business for a Year". Iron Trade Review. Vol. 26, no. 15. April 13, 1893. p. 11.
  9. ^ "Manufacturing - Iron and Steel". The Iron Age. Vol. 51. April 13, 1893. p. 858.
  10. ^ "Industrial Summary - General Industrial News". Iron Trade Review. Vol. 24, no. 8. February 19, 1891. p. 8.
  11. ^ "Shenango Valley Steel Co.'s Acquisitions". Iron Trade Review. Vol. 26, no. 16. April 20, 1893. p. 10.
  12. ^ "Manufacturing - Iron and Steel". The Iron Age. Vol. 64, no. 26. December 28, 1899. p. 24.
  13. ^ "Louis S. Hoyt v. Shenango Valley Steel Company". The Iron Age. Vol. 65, no. 6. February 8, 1900. p. 33.
  14. ^ "Manufacturing - Iron and Steel". The Iron Age. Vol. 50. December 8, 1892. p. 1120.
  15. ^ "Manufacturing - Iron and Steel". The Iron Age. Vol. 50. December 22, 1892. p. 1227.
  16. ^ "Industrial Items - Pennsylvania". The Iron Age. Vol. 19, no. 2. January 11, 1877. p. 9.
  17. ^ "Ohio". Directory to the Iron and Steel Works of the United States. Vol. 14. American Iron and Steel Association. 1898. p. 22.
  18. ^ a b c "The Wheeling District Consolidation". Iron Trade Review. Vol. 30, no. 27. July 8, 1897. p. 11.
  19. ^ "The Aetna-Standard Salutes the Trade". Iron Trade Review. Vol. 26, no. 20. May 18, 1893. p. 18.
  20. ^ "Ohio". Directory to the Iron and Steel Works of the United States. Vol. 7. American Iron and Steel Association. 1884. p. 61.
  21. ^ a b c "Ohio". Directory to the Iron and Steel Works of the United States. Vol. 14. American Iron and Steel Association. 1898. p. 51.
  22. ^ "(no title)". Iron Trade Review. Vol. 27, no. 39. September 27, 1894. p. 9. {{cite magazine}}: Cite uses generic title (help)
  23. ^ "General Industrial Notes". Iron Trade Review. Vol. 30, no. 31. August 5, 1897. p. 17.
  24. ^ "Course of Prices of Railroad and Miscellaneous Stocks for the Year 1899". Commercial and Financial Chronicle. Vol. 70, no. 1802. January 6, 1900. p. 25.
  25. ^ "Course of Prices of Railroad and Miscellaneous Stocks for the Year 1900". Commercial and Financial Chronicle. Vol. 72, no. 1854. January 5, 1901. p. 28.
  26. ^ "Course of Prices of Railroad and Miscellaneous Stocks for the Year 1901". Commercial and Financial Chronicle. Vol. 74, no. 1906. January 4, 1902. p. 27.
  27. ^ "United States Steel Corporation - Incorporation". Commercial and Financial Chronicle. Vol. 72, no. 1862. March 2, 1901. p. 441.
  28. ^ "United States Steel Corporation - Increase of Stock". The Commercial and Financial Chronicle. Vol. 72, no. 1867. April 6, 1901. p. 679.
  29. ^ "United States Steel Corporation". Commercial and Financial Chronicle. Vol. 72, no. 1870. April 27, 1901. p. 171.
  30. ^ "Detroit Iron & Steel Co. - Bonds". Commercial and Financial Chronicle. Vol. 78, no. 2033. June 11, 1904. p. 2387.
  31. ^ "(no title)". Iron Trade Review. Vol. 41, no. 1. July 4, 1907. p. 8. {{cite magazine}}: Cite uses generic title (help)
  32. ^ "Detroit Iron & Steel". Moody's Manual of Railroad and Corporation Securities. Vol. 8. 1907. p. 2013.
  33. ^ "Detroit Iron & Steel". Moody's Manual of Railroad and Corporation Securities. Vol. 9. 1908. p. 2238.
  34. ^ "Detroit Iron & Steel Co. - Bonds Called". Commercial and Financial Chronicle. Vol. 119, no. 3092. September 27, 1924. p. 1513.
  35. ^ Charles Elmer Rice (1905). A History of the Hanna Family. p. 29.
  36. ^ "Daniel Rhodes Hanna". findagrave.com.
  37. ^ "Dan R. Hanna Dies Suddenly". Editor and Publisher. Vol. 54, no. 23. November 5, 1921. p. 22.
  38. ^ "Fourth Wife Begins Hanna Death Inquiry". Oakland Tribune. Vol. 95, no. 132. November 7, 1921. p. 1.
  39. ^ "Detroit Iron and Steel Election". Michigan Manufacturer and Financial Record. Vol. 22, no. 1. July 6, 1918. p. 30.
  40. ^ "Obituaries". The Engineering and Mining Journal. Vol. 146, no. 4. April 1945. p. 128.
  41. ^ A History of Cleveland and its Environs. Vol. 3. Lewis Publishing Co. 1918. p. 506.
  42. ^ "Former Bank Director Dies". Michigan Manufacturer and Financial Record. Vol. 14, no. 11. September 17, 1914.
  43. ^ "Detroit Iron & Steel Co. - Status". Commercial and Financial Chronicle. Vol. 76, no. 1980. June 6, 1903. p. 1251.
  44. ^ "Industrial Summary". Iron Trade Review. Vol. 35, no. 18. May 1, 1902. p. 76c.
  45. ^ Moody's Manual of Railroads and Corporation Securities (19th annual). Vol. 3. 1918. p. 478.
  46. ^ "The Detroit Iron & Steel Co". Iron Trade Review. Vol. 35, no. 16. April 17, 1902. p. 28.
  47. ^ a b c R.C. Allen; et al. (1912). "Coke Furnaces". Mineral Resources of Michigan With Statistical Tables of Production and Value of Mineral Products for 1910 and Prior Years (Michigan Geological and Biological Survey Publication 8, Geological Series 6). p. 242.
  48. ^ "New Construction". Iron Trade Review. Vol. 35, no. 26. June 26, 1902. p. 42.
  49. ^
    Battery Ovens Since
    1 30 September 1901
    2 30 November 1902
    3 60 March 1906
    4 12 1909

    "Complete List of by-product and retort coke-oven plants of the United States, January 1, 1911". Mineral Resources of the United States 1910. Vol. 2. 1910. p. 267.

  50. ^ "The Zug Island Furnace of the Detroit Iron and Steel Co". Iron Trade Review. Vol. 38, no. 22. June 1, 1905. p. 15.
  51. ^ "General Industrial Notes". Iron Trade Review. Vol. 37, no. 8. February 25, 1904. p. 56.
  52. ^ "New Iron and Steel Works Construction - Merchant Blast Furnaces". The Iron Age. Vol. 89, no. 1. January 4, 1912. p. 102.
  53. ^ "The New Blast Furnace of the Detroit Iron & Steel Company". The Iron Age. Vol. 86, no. 20. November 17, 1910. p. 1145.
  54. ^ "Detroit Iron & Steel Co. - Ruled off Detroit Exchange". The Commercial and Financial Chronicle. Vol. 110, no. 2866. May 29, 1920. p. 2294.
  55. ^ "Hanna Furnace Co. - Consolidation of Hanna Interests". Commercial and Financial Chronicle. Vol. 111, no. 2889. November 6, 1920. p. 1856.
  56. ^ "News of the Works". The Iron Age. Vol. 76, no. 24. December 14, 1905. p. 1620.
  57. ^ "News of the Works". The Iron Age. Vol. 84, no. 21. November 18, 1909. p. 1575.
  58. ^ "Pig Iron Loss is 7.720,000 Tons". Iron Trade Review. Vol. 56, no. 1. January 7, 1915. p. 47.
  59. ^ "Help Wanted". The Iron Age. Vol. 101, no. 26. June 27, 1918. p. 348.
  60. ^ Volume 4, Plate 106 (1897)
  61. ^ "Iron and Industrial Stocks". The Iron Age. Vol. 90, no. 2. July 11, 1912. p. 108.
  62. ^ "Michigan". Directory to the Iron and Steel Works of the United States. American Iron and Steel Association. 1904. p. 344.
  63. ^ "Detroit Iron & Steel Co. - Acquisition". Commercial and Financial Chronicle. Vol. 105, no. 2717. July 21, 1917. p. 292.
  64. ^ "Detroit Furnace Sold". The Iron Age. Vol. 105, no. 11. March 11, 1920. p. 785.
  65. ^ Volume 4, Plate 114 (1922)
  66. ^ a b "Chemical Industries of Michigan - Iron and Steel". Chamical & Metallurgical Engineering. Vol. 21, no. 6. September 15, 1919. p. 332.
  67. ^ "News of the Works". The Iron Age. Vol. 77, no. 13. March 29, 1906. p. 1120.
  68. ^ Plate 20, Index (1906)
    Plate 29, Index (1914)
  69. ^ "New Iron and Steel Works Construction - Mechant Blast Furnaces". The Iron Age. Vol. 87, no. 1. January 5, 1911. p. 38.
  70. ^ Plate 1 (1912)
  71. ^ Tom A. Hanna (1902–1903). "Pig Iron Division". State of Michigan - Mines and Mineral Statistics (Report). p. 121.
  72. ^ Plate 6, Index (1900)
    Plate 9, Index (1907)
    Plate 11, Index (1913)
  73. ^ a b c d e f "Lake Superior Iron and Chemical Company". Directory to the Iron and Steel Works of the United States. Vol. 17. American Iron and Steel Association. 1908. p. 215.
  74. ^ a b "Dear Editor". The Iron Age. Vol. 153, no. 4. April 13, 1944. p. 94.
  75. ^ a b "Iron Ore..." Steel. Vol. 116, no. 9. February 26, 1945. p. 158.
  76. ^ Plate 2 (1890)
    Plate 3 (1896)
    Plate 5, Index (1901)
    Plate 5, Index (1907)
    Plate 5, Index (1917)
  77. ^ Plate 23 (1917)
  78. ^ "(no title)". The Iron Age. Vol. 90, no. 6. August 8, 1912. p. 299. {{cite magazine}}: Cite uses generic title (help)
  79. ^ "Making Charcoal Iron Under Modern Conditions". Iron Trade Review. Vol. 51, no. 14. October 3, 1912. p. 619.
  80. ^ "Furnace From Florida to Texas". The Iron Age. Vol. 156, no. 20. November 15, 1945. p. 67.
  81. ^ Plate 33, Index (1913)
    Plate 30, Index, Index (1921)
  82. ^ "Lake Superior Iron & Chemical Co. - Offering of Bonds in London". Commercial and Financial Chronicle. Vol. 91, no. 2375. December 31, 1910. p. 1774.
  83. ^ "Obituary - Joseph H. Berry". Oil, Paint and Drug Reporter. Vol. 71, no. 22. June 3, 1907. p. 8.
  84. ^ "Obituary". The Iron Age. Vol. 79, no. 22. May 30, 1907. p. 1663.
  85. ^ "The Lake Superior Iron and Chemical Co". Oil, Paint and Drug Reporter. Vol. 78, no. 1. July 4, 1910. p. 16.
  86. ^ "The Lake Superior Iron & Chemical". The Iron Age. Vol. 81, no. 17. April 23, 1908. p. 1311.
  87. ^ Plate 34 (1909)
  88. ^ Plate 9 (1917)
  89. ^ "Lake Superior Iron & Chemical Affairs". The Iron Age. Vol. 95, no. 22. June 3, 1915. p. 1267.
  90. ^ "Charcoal Iron Company of America". Michigan Manual of Corporation Securities. Vol. 3. Michigan Manufacturer and Financial Record. 1916. p. 42.
  91. ^ Plate 1 (1905)
    Plate 2, Index (1911)
    Plate 16, Index (1919)
  92. ^ Plate 1 (1895)
    Plate 1 (1900)
    Plate 1 (1907)
  93. ^ Plate 5, Index (1890)
    Plate 9, Index (1895)
    Plate 11, Index (1900)
    Plate 14, Index (1907)
    Plate 13, Index (1914)
    Plate 2, Index (1920)
  94. ^ Plate 2 (1893)
    Plate 2 (1900)
    Plate 4, Index (1906)
    Plate 4, Index (1917)
  95. ^ Plate 22 (1917)
  96. ^ a b "Michigan Steel Corp., Detroit, Mich. - Bonds Offered". Commercial and Financial Chronicle. Vol. 127, no. 3305. October 27, 1928. p. 2380.
  97. ^ a b c d e f "A-8565 - Michigan Steel Corporation". Listing Statements of the New York Stock Exchange. Vol. 65. 1929.
  98. ^ a b "New Isue - $1,000,000 - Michigan Steel Corporation (advertisement)". Commercial and Financial Chronicle. Vol. 130, no. 3386. May 17, 1930. p. XX.
  99. ^ "Michigan Steel Co., Detroit. - Bonds Offered". Commercial and Financial Chronicle. Vol. 116, no. 3021. May 19, 1923. p. 2265.
  100. ^ "Steel Figure Dies". East Liverpool Review. July 30, 1962. p. 9.
  101. ^ Environmental Compliance Office Inc. (December 2018). "Identifying and Recruiting Partners for Great Lakes Legacy Act Project" (PDF). Archived from the original (PDF) on February 6, 2025.
  102. ^ "Erecting New Steel Plant". Iron Trade Review. Vol. 71, no. 24. December 14, 1922. p. 1605.
  103. ^ "Michigan Steel Corp. - Debentures Offered". Commercial and Financial Chronicle. Vol. 130, no. 3386. May 17, 1930. p. 3555.
  104. ^ "Michigan Steel Corp. - To Redeem Debentures". Commercial and Financial Chronicle. Vol. 133, no. 3458. October 3, 1931. p. 2276.
  105. ^ "New Steel Mill to Serve Michigan's Industries". Michigan Manufacturer and Financial Record. Vol. 30, no. 23. December 2, 1922. p. 10.
  106. ^ "Seek Wider Market". Michigan Manufacturer and Financial Record. Vol. 42, no. 4. July 28, 1928. p. 92.
  107. ^ "Michigan Steel Corp. - Stock Offered". Commercial and Financial Chronicle. Vol. 127, no. 3293. August 4, 1928. p. 694.
  108. ^ "Changes in Listings During 1931". Commercial and Financial Chronicle. Vol. 136, no. 3530. February 18, 1933. p. 1103.
  109. ^ "Michigan Steel Corp. - Bonds Called - Listing". The Commercial and Financial Chronicle. Vol. 127, no. 3303. October 13, 1928. p. 2100.
  110. ^ "Michigan Steel Corp. - Initial Dividend". The Commercial and Financial Chronicle. Vol. 127, no. 3304. October 20, 1928. p. 2242.
  111. ^ "Michigan Steel Corp. - Listing". Commercial and Financial Chronicle. Vol. 128, no. 3330. April 20, 1929. p. 2643.
  112. ^ "Michigan Steel Corp. - Stock Off List". Commercial and Financial Chronicle. Vol. 132, no. 3423. January 31, 1931. p. 865.
  113. ^ "New York Curb Market". Bank and Quotation Record. Vol. 1, no. 8. October 5, 1928. p. 39.
  114. ^ "New York Curb Market". Bank and Quotation Record. Vol. 1, no. 9. November 9, 1928. p. 39.
  115. ^ "New York Curb Market". Bank and Quotation Record. Vol. 1, no. 10. December 8, 1928. p. 41.
  116. ^ "New York Curb Market". Bank and Quotation Record. Vol. 2, no. 1. January 11, 1929. p. 39.
  117. ^ "New York Curb Market". Bank and Quotation Record. Vol. 2, no. 2. February 8, 1929. p. 38.
  118. ^ "New York Curb Market". Bank and Quotation Record. Vol. 2, no. 3. March 8, 1929. p. 38.
  119. ^ "Course of Prices of Railroad and Miscellaneous Stocks for the Year 1929". Commercial and Financial Chronicle. Vol. 130, no. 3367. January 4, 1930. p. 87.
  120. ^ "Course of Prices of Railroad and Miscellaneous Stocks for the Year 1930". Commercial and Financial Chronicle. Vol. 132, no. 3420. January 10, 1931. p. 255.
  121. ^ "Course of Prices of Railroad and Miscellaneous Stocks for the Year 1931". Commercial and Financial Chronicle. Vol. 134, no. 3472. January 9, 1932. p. 271.
  122. ^ a b "A-9455 - National Steel Corporation". Listing Statements of the New York Stock Exchange (June-July 1930). Vol. 83. 1930.
  123. ^ a b "Great Lakes Steel Corp". Iron and Steel Engineer. Vol. 32, no. 4. April 1955. p. GL-2.
  124. ^ "Great Lakes Pours Steel". Steel. Vol. 87, no. 9. August 28, 1930. p. 33.
  125. ^ a b "National Steel Corp. - Completes Expansion Program". Commercial and Financial Chronicle. Vol. 133, no. 3450. August 8, 1931. p. 970.
  126. ^ Poor's 1929 Cumulative Volume 4. 1929. p. 434.
  127. ^ "Weirton (W.Va.) Steel Co. - Merger Terms". Commercial and Financial Chronicle. Vol. 129, no. 3355. October 12, 1929. p. 2407.
  128. ^ "Fifth Annual Financial Analysis of the Steel Industry". Iron Trade Review. Vol. 86, no. 17. April 24, 1930. p. 68.
  129. ^ "National Steel Corp. - Completes Organization". Commercial and Financial Chronicle. Vol. 130, no. 3369. January 18, 1930. p. 477.
  130. ^ "National Steel Corp. - Listing of $6,062,500 10-Year 5% Sinking Fund Gold Debentures". Commercial and Financial Chronicle. Vol. 132, no. 3426. February 21, 1931. p. 1435.
  131. ^ a b c d "National Steel Corp. - $40,000,000 Bond Issue Offered". Commercial and Financial Chronicle. Vol. 132, no. 3433. April 11, 1931. p. 2784.
  132. ^ "National Steel Corp. - Listing of Additional Capital Stock - Acquisition". Commercial and Financial Chronicle. Vol. 132, no. 3422. January 24, 1931. p. 669.
  133. ^ "National Steel Corp. - Annual Report". Commercial and Financial Chronicle. Vol. 132, no. 3435. April 25, 1931. p. 3162.
  134. ^ "Buffalo Union Furnace Co. - Acquired by Hanna Furnace Co". Commercial and Financial Chronicle. Vol. 125, no. 3261. December 24, 1927. p. 3486.
  135. ^ The Mines Handbook. Vol. 15. 1922. p. 835.
  136. ^ The Mines Handbook. Vol. 15. 1922. p. 838.
  137. ^ The Mines Handbook. Vol. 15. 1922. p. 875.
  138. ^ "Munro Iron Mining Co., Iron River, Mich., has changed its name to Hanna Iron Ore Co". Iron Trade Review. Vol. 85, no. 9. August 29, 1929. p. 552.
  139. ^ "New Steel Company to Sell Nitralloy and Rustless Steel". The Iron Age. Vol. 125, no. 7. February 13, 1930. p. 555.
  140. ^ "National Steel Corp. - New Subsidiary Incorporated". Commercial and Financial Chronicle. Vol. 130, no. 3389. June 7, 1930. p. 4065.
  141. ^ "National Steel Corp. - $50,000,000 - Bonds Offered". Commercial and Financial Chronicle. Vol. 140, no. 3649. June 1, 1935. p. 3725.
  142. ^ a b "National Steel Corp. - $65,000,000 Issues Quickly Sold". Commercial and Financial Chronicle. Vol. 148, no. 3853. April 29, 1939. p. 2596.
  143. ^ "National Steel Corp. - Changes in Collateral". Commercial and Financial Chronicle. Vol. 134, no. 3502. August 6, 1932. p. 1000.
  144. ^ "Companies Changing Par of Shares Without Changing the Number of Shares Listed". Commercial and Financial Chronicle. Vol. 138, no. 3577. January 13, 1934. p. 219.
  145. ^ "National Steel Corp. - Stock Split-Up Voted". Commercial and Financial Chronicle. Vol. 171, no. 4895. April 3, 1950. p. 7.
  146. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 133, no. 3464. November 14, 1931. p. 3223.
  147. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 135, no. 3506. September 3, 1932. p. 1621.
  148. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 137, no. 3559. September 9, 1933. p. 1909.
  149. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 139, no. 3616. October 13, 1934. p. 2331.
  150. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 141, no. 3664. September 14, 1935. p. 1732.
  151. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 142, no. 3696. April 25, 1936. p. 2784.
  152. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 145, no. 3778. November 20, 1937. p. 3308.
  153. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 147, no. 3835. December 24, 1938. p. 3876.
  154. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 149, no. 3888. December 30, 1939. p. 4136.
  155. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 150, no. 3894. February 10, 1940. p. 958.
  156. ^ "National Steel Corp. - Further reduction in Dividend Rate". Commercial and Financial Chronicle. Vol. 135, no. 3508. September 17, 1932. p. 2004.
  157. ^ "Dividends". Commercial and Financial Chronicle. Vol. 135, no. 3522. December 24, 1932. p. 4347.
  158. ^ "National Steel Corp. - Annual Report". Commercial and Financial Chronicle. Vol. 142, no. 3691. March 21, 1936. p. 1995.
  159. ^ "Dividends". Commercial and Financial Chronicle. Vol. 144, no. 3744. March 27, 1937. p. 2074.
  160. ^ "Dividends". Commercial and Financial Chronicle. Vol. 144, no. 3756. June 19, 1937. p. 4122.
  161. ^ "Dividends". Commercial and Financial Chronicle. Vol. 145, no. 3770. September 25, 1937. p. 2021.
  162. ^ "Dividends". Commercial and Financial Chronicle. Vol. 145, no. 3782. December 18, 1937. p. 3921.
  163. ^ "National Steel Corp. - To Pay 50-Cent Dividend". Commercial and Financial Chronicle. Vol. 149, no. 3885. December 9, 1939. p. 3723.
  164. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 153, no. 3973. August 16, 1941. p. 952.
  165. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 156, no. 4113. October 5, 1942. p. 1211.
  166. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 158, no. 4233. November 29, 1943. p. 2167.
  167. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 160, no. 4303. July 31, 1944. p. 443.
  168. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 161, no. 4387. May 21, 1945. p. 2235.
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  170. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 166, no. 2. July 7, 1947. p. 67.
  171. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 168, no. 20. September 6, 1948. p. 958.
  172. ^ "New York Stock Record". Commercial and Financial Chronicle. Vol. 170, no. 4829. August 15, 1949. p. 608.
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  1. ^
    • The 803 acre Unity Coking Coal Tract in Westmoreland County, Pennsylvania.
    • A 10-year contract to receive the output of the 700 coke ovens of the Uniontown Coke Works of the Oliver company
    • a 1⁄6 interest in iron ore produced from the Lake Superior mines of the Oliver Iron Mining Co.
    • National Steel assumed $250,000 5% bonds due Dec 1, 1912 of the Rosena Furnace Company.

    [3]

  2. ^ Rough estimate of semifinished steel product capacity per day: tin plate bars, sheet bars, billets. Total: 5,400-5,800 tons per day (1,620,000 per year)[4]
  3. ^ Crawford Iron & Steel was dissolved in March 1894.[7]
  4. ^
  5. ^
  6. ^
  7. ^
  8. ^
  9. ^
  10. ^ a b 1899[24] 1900[25] 1901[26]
  11. ^ face amount of new U.S. Steel preferred stock exchanged for each $100 face amount of common stock of the old company, in addition to the USS common stock received
  12. ^ $280,000 redeemed as scheduled by 1917-07-01; the final $40,000 called 6 months before maturity on January 1, 1925[34]
  13. ^
  14. ^ Dec 27, 1866 Cleveland - Nov 3, 1921 Croton-on-Hudson[m], son of Mark Hanna
  15. ^ Dec 14, 1877 Cleveland - Mar 17, 1945 Cleveland[40][41] Son of Howard Melville Hanna, (portrait)
  16. ^ ca. 1863-1914, also director of Wakefield Iron Co., Federal Motor Truck Co., American Exchange Bank.[42]
  17. ^ The 80tpd furnace was blown in on July 29, 1912.[78] Detailed description in: [79]
  18. ^ Incorporated June 28, 1910, in New York with a capital of
    • $1,625,000 7% preferred (all issued)
    • $10,000,000 common ($8,375,000 issued, rest reserved for conversion of preferred)
    • $10,000,000 25-year 6% bonds ($6,500,000 issued July 1, 1910, £616,420 or $3m worth of those were listed on the London Stock Exchange)[82]
    Took over the Michigan company of the same name (headed by Joseph H. Berry of Berry Bros. varnish fame until his death on May 22, 1907[83] at age 68, only a few weeks after the formation of the Lake Superior Iron & Chemical Co of Michigan.[84]). The Michigan company owned:
    • 4 charcoal furnaces totaling 500tpd, with byproduct wood carbonizing plants
      • Ashland Iron & Steel Co
      • Newberry Iron Furnace Co
      • Manistique Iron Co
      • Elk Rapids Iron Co
    • 2 furnaces without own carbonizing plants
      • Boyne City Iron Company
      • Chocolay furnace near Marquette
    • iron mines
    • extensive timber lands[85]
    The capital consisted of $5,350,000 of common stock and $6,000,000 of bonds authorized, of which only $2,675,000 were ever issued and before April 1908 converted into $2,675,000 of 7% preferred stock.[86]
  19. ^ Incorporated in Michigan on May 13, 1915, by members of the reorganization committee of the Lake Superior Iron & Chemical Co.,[r] which had been in receivership since October 30, 1913, and was foreclosed and auctioned off at Marquette ca. July 1, 1915. Frank W. Blair (Detroit), president of the Union Trust Company, former chairman of the board of Lake Superior Iron, and receiver of it, became chairman of the board and president of the new company. Issued 521,725 par $10 6% preferred and 283,935 shares par $10 common stock. Was listed on the Detroit Stock Exchange in April 1916. Also owned one furnace in Ashland, Wisconsin (46°34′53″N 90°54′14″W / 46.58135°N 90.90380°W / 46.58135; -90.90380[87]) and one iron mine in the Gogebic Range at Bessemer, Michigan (46°28′12″N 90°03′53″W / 46.47012°N 90.06474°W / 46.47012; -90.06474[88]).[89][90]
  20. ^ Bounded by:
  21. ^ 1928: 9[113] 10[114] 11[115] 12[116]
    1929 1[117] 2[118] 4+[119]
    1930[120]
    1931[121]
  22. ^ Owner of 2 blast furnaces in Detroit with a combined capacity of 350,000 tons per year
  23. ^ The former Buffalo Union Furnace Co (acquired in 1927, albeit had formerly been operated as a leasehold for a few years.[134]), owner of 4 blast furnaces at Buffalo, New York with a combined 600,000 tons capacity and of 50% of the stock of the Donner Hanna Coke Co, owner of 986,000 tons per year by-product coke ovens in Buffalo
  24. ^ Diorite, Michigan, the American mine on the Marquette range opened in 1880. 54% Fe hematite mined from a depth of 1,850ft.
    • 1916: 745,969 tons
    • 1917: 142,526
    • 1918: 120.756
    • 1919: 72,228[135]
  25. ^ Northeast of Iron River, Michigan (46°06′50″N 88°36′58″W / 46.114°N 88.616°W / 46.114; -88.616, see Sheet 13 of the 1917 Sanborn Fire Insurance Map). The Bates mine on the Menominee range opened in 1910. 54-59% hematite was mined from a depth of 1,050ft.
    • 1918: 98,194 tons
    • 1919: 91,049[136]
  26. ^ Worked the Ashland mine in Ironwood, Michigan (46°26′55″N 90°10′12″W / 46.4486°N 90.17°W / 46.4486; -90.17; on Sheet 12 of the 1921 Sanborn Fire Insurance Map).[137]
  27. ^ Formerly the Munro Iron Mining Co..[138]
  28. ^ A holding company (incorporated December 1, 1928, in Delaware[122]). Acquired certain subsidiaries from the M. A. Hanna Co.
    • 100% American Boston Mining Co.[x]
    • 100% Bates Iron Co.[y]
    • 100% Hayes Mining Co. of Michigan[z]
    • 100% Marting Ore Co.
    • 100% Hanna Iron Ore Co. (Michigan)[aa]
    • 100% Mead Iron Co.
    • 76.7% La Rue Mining Co.
    • 73.3% Waukenabo Co.
    • 67.3% Nokay Iron Co.
    • 66.7% Consumers Ore Co.
    • 66.7% Richmond Iron Co.
    • 63.3% Hanna Ore Mining Co.
    • 60% Virginia Ore Mining Co.
    • 50% Buffalo Iron Mining Co.
    • 50% Mahland Iron Co.
    • 50% Wakefield Iron Co.
    • 25% Susquehanna Ore Co.
    • 20% Canisteo-Cliffs Mining Co.
    • 12.5% Holman-Cliffs Mining Co.
    • 7% Mahoning Ore & Steel Co.
  29. ^ Incorp. in Ohio in 1916, owned 7 ships:
    • Agassiz
    • E. N. Saunders Jr
    • J. J. Turner
    • E. A. Uhrig
    • Q. A. Shaw
    • W. A. Amberg
    • L. W. Hill[139]
  30. ^ Incorporated in Indiana February 1930[131] with a capital of $100,000 and was projected to become a complete 1,000-acre blast furnace and steel plant on Lake Michigan representing an investment of $40 to $50 million.[140] Nothing ever came of it.
  31. ^ On August 1, 1935, the $37 million of the bonds then outstanding (including $457,000 in the treasury) were called for redemption with the proceeds from a $50 million 30-year 4% bond issue dated June 1, 1935,[141] which in turn were called at 105% and interest and the $47 million then outstanding redeemed at a cost of $49,350,000 from the proceeds of a $50 million 26-year 3% bond issue dated April 1, 1939.[142]
  32. ^ Stock price: 0[146] 1[147] 2[148] 3[149] 4[150] 5[151] 6[152] 7[153] 8[154] 9[155]
    Dividends:
  33. ^ Share price: 0[164] 1[165] 2[166] 3[167] 4[168] 5[169] 6[170] 7[171] 8[172] 9[173]
  34. ^ Share price: 0[174][175] 1[176] 2[177] 3[178] 4[179] 5[180] 6[181] 7[182] 8[183] 9[184]
  35. ^ Before split: 88, after: 35+5⁄8
  36. ^ Before split: 110+1⁄2, after: 53+1⁄4
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