U.S. Steel remains near the top of the list of consequential, iconic, indelibly American companies.
Founded by J.P. Morgan in 1901, it became the first billion-dollar corporation in the world. At one point it employed nearly 350,000 people; it was a key contractor in the country's World War II mobilization. In the early 20th century it shipped about one-third of the global total of steel.
All of that is long gone, and now even U.S. Steel may soon fade into the ledger books of history:
With two bidders revealed in a matter of days and more in the wings, United States Steel Corp. — a symbol of American industrialization that for more than a century helped build everything from the United Nations building in New York City to the New Orleans Superdome — appears be on the cusp of being absorbed.
The company hasn't been a major player in the steel industry for decades, of course. But it has still existed as the same entity founded by Morgan; it remains headquartered in Pittsburgh, where it's been for over 50 years, in a tower built out of its own steel.
It looks as though the company may be purchased and absorbed by Esmark, another Pennsylvania steel company that is offering nearly $8 billion for whatever's left of U.S. Steel.
The latter company, however, did say it is currently fielding several offers.
Though once the dominant global steel producer, the United States is currently fourth in world steel production behind China, India and Japan.
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