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National Steel Corporation

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For the shipbuilding company in San Diego, see National Steel and Shipbuilding Company. For the Philippine company, see National Steel Corporation (Philippines).
National Steel Corporation furnaces and stockpiles, Detroit, Michigan, 1942

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, New York 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 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)

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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]

Companies acquired by NSCo[2]
Name Hometown Debt Debt Due
Ohio Steel Co Youngstown, Oh $1,000,000 Jun 1, 1908
Shenango Valley Steel Co New Castle, Pa $330,000 Oct 1, 1902
Organized in ca. July 1891 with $200,000 capital to build a 400tpd Bessemer plant,[3] which was producing at capacity (500tpd) in January 1893.[4] Bought the Neshannock blast furnace of the Crawford Iron & Steel Co.[a] 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.[6][7] It had once produced 109,790 tons of pig iron in 90 weeks (174tpd).[8]

Maps (40°59′31″N 80°21′07″W / 40.992°N 80.352°W / 40.992; -80.352): 1888 1894 1899

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.[9] In December 1899 National Steel decided to dismantle the furnace and replace it with a larger one.[10]

Maps: 1888 (see above) 1894 1899

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 which was owned by the Oliver Iron & Steel Co. of Pittsburgh.[11] A sum of $100,000 was expected to be spent on improvements, namely new stoves and blowing engines.[12] The furnace originally had a capacity of 60tpd and in the first 43 months of operation produced 75,000 tons.[13]

Maps (40°59′47″N 80°20′43″W / 40.99628°N 80.34534°W / 40.99628; -80.34534): 1888 1894 1899

In January 1898 the capital of the Shenango Valley Steel Co. was increased from 10,000 to 15,000 shares of $100 par.[14]

King, Gilbert & Warner Co Columbus, Oh $130,000 May 1, 1905
Aetna Standard Iron & Steel Co Bridgeport, Oh $600,000 Jan 1, 1908
Bellaire Steel Co Bellaire, Oh $301,000 Mar 2, 1906
Buhl Steel Co Sharon, Pa $200,000 Nov 1, 1903
Union Iron & Steel Co Youngstown, Oh none

Michigan Steel Corp

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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[15][16][17]
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.[18] Incorporated in New Jersey on September 23, 1922[16] with George R. Fink ( - July 29, 1962[19]) 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))[20]: 17 [b]) and built since December 1922,[21] 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[16]). The company issued $1,250,000 10-year 6% bonds dated Nov 1, 1928 to redeem all remaining $239,500 of the prior bonds, for plant additions and other purposes (increased to $2,208,000 May 1, 1930[17][22] and called for redemption Nov 1, 1931.[23]). The company also had 220,000 no par shares authorized and outstanding (22,000 shares originally issued for cash and split 10-for-1 in July 1928;[16] 50,000 made available in a (presumably initial) public offering at $50 per share in August 1928[24]) with over $12,000,000 market capitalization as of October 1928,[15] was traded on the Detroit Stock Exchange (de-listed Feb 17, 1931[25]),[26] and on October 20, 1928 began paying a quarterly dividend of 62+1⁄2 cents.[27] 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.[16] The stock traded on the New York Curb Market for a few months and was listed on the NYSE from end of April 1929[28] till January 27, 1931.[29]

Michigan Steel Corp price range[c]
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
1928 Low 51+1⁄4 54+5⁄8 55 58
1928 High 58 58 65 60
1929 Low 62+1⁄2 81 100+1⁄4 95 85 107+3⁄8 104 104 59 50 44
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
1930 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
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

Great Lakes Steel Corp

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Incorporated in February 1929. Large amounts of sand had to be brought to the 275 acres of marshland to raise it sufficiently above water level.[39]

Timeline of the Great Lakes Steel works[39]
Date Event
May 25, 1929 Excavation starts
June 28 First pile driven
August 14 First concrete poured
August 23, 1930 first open hearth heat[40]
August 25 first ingot rolled on the blooming and billet mills
September 2 first strip rolled
March 1931 14-inch merchant mill first roll
July 1931 10-inch merchant mill first roll
August 5, 1931[41] NSC announced completion of work
1933 Open hearth #7 and #8 completed
October 1935 Open hearth #9, #10, #11, #12 completed
March 23, 1936 Hot strip mill operating
June 1 Cold strip mill operating
February 1938 Open hearth #13, #14, #15, #16 in second OH shop completed
May 23, 1938 second blooming/slabbing mill operating
August 16, 1938 Blast furnace #3 blown in
October 6, 1938 Byproduct coke plant blown in
1941 Sintering plant begins operations
December 9, 1941 Blast furnace #4 blown in
1946 Bessemer converter #1, #2 for OH shop No. 1 installed
1949 Open hearth enlarged to 500 tons
September 22, 1952 Blast furnace #5 blown in
1953 Bessemers for OH shop No. 2 installed
January 1, 1955 new coke plant completed

National Steel Corp

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The National Steel Corp. (NSC) was a holding company, incorporated in Delaware on November 7, 1929.[42] 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[43]) 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 Dec 31, 1929 and again before Oct 1, 1934. President George R. Fink received warrants for 20,000 shares at $50 before Oct 1, 1934 to honor his existing similar right to Great Lakes stock.[1]
The steel industry in 1929[44]
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.[45]

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 Jan 1, 1941,[46] called for redemption May 11, 1931[47]
  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.[48] Only 7.098 shares were eventually taken and the total cash paid was $5,707,650.[49]

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)[d]
  • The Hanna Furnace Corp (New York)[e]
  • The Hanna Iron Ore Company (Delaware)[j]
  • The Producers Steamship Company[k]
  • Great Lakes Steel Corp
  • Michigan Steel Corp (Delaware)
  • Midwest Steel Corp[l][47]

NSC raised capital with $40 million 25-year 5% bonds dated April 1, 1931.[47] The debt was refinanced in 1935 and 1939 at successively lower interest rates while the maturity date (1965) remained unchanged.[m]

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.[41]

Changes in capital structure (Aug 1932)[58]
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.[59] The authorized capital in 1939 was still 3,000,000 shares and there were then 2,199,822 outstanding.[57] Effective March 30, 1950 the common stock was split 3-for-1.[60]

NSC common stock price range and regular dividend payments
1930s[n]
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[o]
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[p]
Low [q] 43 43 40+1⁄8 46 58 64 49+1⁄2 47+1⁄8 74+1⁄4
High [r] 56 53 52+1⁄4 66 77+1⁄2 77+7⁄8 80+1⁄4 77+3⁄4 98+1⁄2

Post war years

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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.[100]

1980s

[edit]

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.[101] 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.[102]

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.[103] 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.[104][105] The branches were rebranded as First Nationwide Savings in 1982,[106] when National Steel sold a 19% share of First Nationwide to the public.[107] Ford Motor Company acquired First Nationwide for $493 million in 1985.[108]

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

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The company announced in 1991 that it would re-locate its longtime Pittsburgh headquarters to the South Bend, Indiana, area.[109]

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.[110] U.S. Steel was incensed and filed a lawsuit which the two companies settled out-of-court in 1995.[111] 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.[112]

2000s

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The darkest days of National's management history occurred 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. This was an especially painful event for the company because Squires had been hailed as a "self-made man" who had advanced from a mill laborer to a Senior Vice President over the course of his 42-year career, and had professed to be the pinnacle of financial stewardship. Nevertheless, 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.[113][114] In his allocution at sentencing, Squires noted, apologetically, that he had taken the improper payments because the company was promoting "Harvard MBA's" more rapidly than it was promoting him. The truth of the matter, however, was that Squires was one of the company's most senior executives, and that National Steel did not have any Harvard MBA's within its ranks, let alone any who were promoted ahead of Squires.

The company then lumbered along for the next few years, hampered by doddering executive management.[citation needed] It filed for bankruptcy protection in 2002, the result of a deep depression in the industry at the time combined with the laggard leadership.

Bankruptcy

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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.[115] US Steel continues to operate National's Keewatin, Minnesota mining operation and pellet plant under the new name of Keewatin Taconite or Keetac.

Notes

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

References

[edit]
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  1. ^ Crawford Iron & Steel was dissolved in March 1894.[5]
  2. ^ Bounded by:
  3. ^ 1928: 9[30] 10[31] 11[32] 12[33]
    1929 1[34] 2[35] 4+[36]
    1930[37]
    1931[38]
  4. ^ Owner of 2 blast furnaces in Detroit with a combined capacity of 350,000 tons per year
  5. ^ The former Buffalo Union Furnace Co, 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
  6. ^ 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[50]
  7. ^ 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[51]
  8. ^ 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).[52]
  9. ^ Formerly the Munro Iron Mining Co..[53]
  10. ^ A holding company incorporated December 1928. Acquired certain subsidiaries from the M. A. Hanna Co.
    • 100% American Boston Mining Co.[f]
    • 100% Bates Iron Co.[g]
    • 100% Hayes Mining Co. of Michigan[h]
    • 100% Marting Ore Co.
    • 100% Hanna Iron Ore Co. (Michigan)[i]
    • 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.
  11. ^ 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[54]
  12. ^ Incorporated in Indiana February 1930[47] 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.[55] Nothing ever came of it.
  13. ^ 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,[56] 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.[57]
  14. ^ Stock price: 0[61] 1[62] 2[63] 3[64] 4[65] 5[66] 6[67] 7[68] 8[69] 9[70]
    Dividends:
  15. ^ Share price: 0[79] 1[80] 2[81] 3[82] 4[83] 5[84] 6[85] 7[86] 8[87] 9[88]
  16. ^ Share price: 0[89][90] 1[91] 2[92] 3[93] 4[94] 5[95] 6[96] 7[97] 8[98] 9[99]
  17. ^ Before split: 88, after: 35+5⁄8
  18. ^ Before split: 110+1⁄2, after: 53+1⁄4
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