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Steel (U.S. Steel) was formed in 1901 by financier John Pierpont (J.P.)
Morgan. The corporation was capitalized at $1.4 billion and was comprised of
8 major companies including American Tin Plate Company, American Steel and
Wire Company, National Tube Company, American Steel Sheet Company, Carnegie
Company, Federal Steel Company and National Steel Company. |
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The Upper Union Mills have also changed hands numerous times. The mill was
consolidated with Youngstown Iron company and run as the Union Iron & Steel
Company in 1892. In 1899 the Lower Union and Upper Union Mills were sold to
National Steel Company, and operated under name of American Steel Hoop
Company. These were later sold to Carnegie Steel Company which became a
subsidiary of U.S. Steel. |
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| U.S. Steel's
Ohio Works was originally the Ohio Steel Company, founded in 1892. National
Steel Company bought the plant a few years later. National Steel became part
of U.S. Steel and the Youngstown plant was made part of the
Carnegie-Illinois Steel division. The plant was renamed the Ohio Works in
1950. |
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The
LTV Corporation, along with 48 subsidiaries, filed voluntary petitions
for relief under Chapter 11 of the U.S. Bankruptcy Code on December 29,
2000.
On December 18, 2001, the
LTV Corporation declared that it was the opinion of the Company that shares
of its common stock were worthless because the value expected to be
generated by the sale of assets would be insufficient to provide a recovery
for common shareholders in the reorganization process. |
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