ISG Weirton Steel: Difference between revisions
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In 1929, Weir merged Weirton Steel with Detroit's Michigan Steel and Cleveland's [[M. A. Hanna Company]] to form [[National Steel Corporation]]. National Steel became on the largest steel producers in the [[United States]],{{Citation needed|date=October 2019}} but by the end of the century, the company was experiencing financial difficulties. |
In 1929, Weir merged Weirton Steel with Detroit's Michigan Steel and Cleveland's [[M. A. Hanna Company]] to form [[National Steel Corporation]]. National Steel became on the largest steel producers in the [[United States]],{{Citation needed|date=October 2019}} but by the end of the century, the company was experiencing financial difficulties. |
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Weirton Steel became the largest [[Employee Stock Ownership Plan]] (ESOP) steel plant in the world when employees purchased stocks in the 1980s. After Weirton filed for bankruptcy, with 3,000 employees, [[Ohio]]-based [[International Steel Group]] (ISG) submitted a low offer of $237 million. On April 22, 2004, U.S. federal bankruptcy Judge L. Edward Friend II ruled that ISG could purchase Weirton Steel.<ref name="usatoday_2004_weirton_ISG_WLRoss">{{cite news |url=https://usatoday30.usatoday.com/money/industries/manufacturing/2004-04-22-weirton-isg_x.htm |title=Judge approves buyout of Weirton Steel |date=April 22, 2004 |access-date=November 5, 2017 |location=Wheeling, West Virginia |work=USA Today}}</ref> By court order, the assets were then auctioned, with most being acquired by ISG, which formed a new division called '''ISG Weirton Steel'''. |
Weirton Steel became the largest [[Employee Stock Ownership Plan]] (ESOP) steel plant in the world when employees purchased stocks in the 1980s. After Weirton Steel filed for bankruptcy, with 3,000 employees, [[Ohio]]-based [[International Steel Group]] (ISG) submitted a low offer of $237 million. On April 22, 2004, U.S. federal bankruptcy Judge L. Edward Friend II ruled that ISG could purchase Weirton Steel.<ref name="usatoday_2004_weirton_ISG_WLRoss">{{cite news |url=https://usatoday30.usatoday.com/money/industries/manufacturing/2004-04-22-weirton-isg_x.htm |title=Judge approves buyout of Weirton Steel |date=April 22, 2004 |access-date=November 5, 2017 |location=Wheeling, West Virginia |work=USA Today}}</ref> By court order, the assets were then auctioned, with most being acquired by ISG, which formed a new division called '''ISG Weirton Steel'''. |
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On April 5, 2005, ISG completed a merger with [[Mittal Steel Company|Mittal Steel]]. In 2006, Mittal Steel completed a further merger with [[Arcelor]], forming a new company known as [[Arcelor Mittal|ArcelorMittal]]. |
On April 5, 2005, ISG completed a merger with [[Mittal Steel Company|Mittal Steel]]. In 2006, Mittal Steel completed a further merger with [[Arcelor]], forming a new company known as [[Arcelor Mittal|ArcelorMittal]]. |
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Revision as of 16:55, 10 November 2022
 | This article needs additional citations for verification. (December 2009) |
Weirton Steel Corporation was a steel production company founded by Ernest T. Weir in West Virginia in 1909. It was at one time one of the world's largest producers of tin plate products.
History
Weirton Steel Corporation was an integrated steel mill founded in 1909 by Ernest T. Weir. In 1905, Weir and his partner, James Phillips, bought a tin mill in Clarksburg, West Virginia. In 1909, they relocated to Hollidays Cove, West Virginia, and expanded the operation. The location was chosen due to the abundant water supply, much needed for steel production, and the convenient access to major steel markets.
In 1929, Weir merged Weirton Steel with Detroit's Michigan Steel and Cleveland's M. A. Hanna Company to form National Steel Corporation. National Steel became on the largest steel producers in the United States,[citation needed] but by the end of the century, the company was experiencing financial difficulties.
Weirton Steel became the largest Employee Stock Ownership Plan (ESOP) steel plant in the world when employees purchased stocks in the 1980s. After Weirton Steel filed for bankruptcy, with 3,000 employees, Ohio-based International Steel Group (ISG) submitted a low offer of $237 million. On April 22, 2004, U.S. federal bankruptcy Judge L. Edward Friend II ruled that ISG could purchase Weirton Steel.[1] By court order, the assets were then auctioned, with most being acquired by ISG, which formed a new division called ISG Weirton Steel.
On April 5, 2005, ISG completed a merger with Mittal Steel. In 2006, Mittal Steel completed a further merger with Arcelor, forming a new company known as ArcelorMittal.
In December 2020, ArcelorMittal sold its U.S. holdings to Ohio-based Cleveland-Cliffs Inc. making it a subsidiary of the Cleveland-Cliffs organization.
Weirton Steel Works
Located in Weirton, West Virginia, the integrated steel mill had four blast furnaces (1919, 1926, 1941 and 1952), an open-hearth shop (1920) and a bessemer converter (1936). It was one of the world´s largest producers of tin plate products. A basic oxygen plant was constructed in 1965.
See also
References
- ^ "Judge approves buyout of Weirton Steel". USA Today. Wheeling, West Virginia. April 22, 2004. Retrieved November 5, 2017.
External links
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