US Steel Corporation

Definition

The U.S. Steel Corporation is an integrated steel producer with major production operations in the United States, Canada, and Central Europe, founded by J.P. Morgan and Elbert H. Gary in 1901.

Analogy

Think of U.S. Steel Corporation as a superstar sports team that was formed by combining top players (in this case, several large steel companies) into one powerhouse organization.

Related terms

Elbert H. Gary: He was an American lawyer and corporate officer who co-founded U.S. Steel Corporation with J.P. Morgan. He’s like the coach who helps guide the team (the corporation) to success.

Integrated steel producer: This refers to companies that have iron making capabilities along with steelmaking operations - it's like owning both the farm where wheat is grown and the bakery where bread is made.

Steel Industry: An industry that deals with producing steel from iron ore and other materials; it's like a giant kitchen where raw ingredients are transformed into something useful for building things.