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Bethlehem Steel
The Bethlehem Steel Corporation was an American steelmaking company headquartered in Bethlehem, Pennsylvania. Until its closure in 2003, it was one of the world's largest steel-producing and shipbuilding companies. At the height of its success and productivity, the company was a symbol of American manufacturing leadership in the world, and its decline and ultimate bankruptcy and liquidation in the late 20th century is similarly cited as an example of America's diminished manufacturing leadership during the late 20th century. From its founding in 1857 through its 2003 dissolution, Bethlehem Steel's headquarters were based in Bethlehem, Pennsylvania, in the Lehigh Valley region of eastern Pennsylvania. Its primary steel mill manufacturing facilities were located in Bethlehem, Pennsylvania, and were later expanded to include a major research laboratory in Bethlehem, and various additional manufacturing plants in Sparrows Point, Maryland; Johnstown, Pennsylvania; Lackawanna, New York; and Burns Harbor, Indiana.
The company's steel was used in the construction of many of the nation's largest and most famed structures. Among major buildings, Bethlehem produced steel for 28 Liberty Street, the Empire State Building, Madison Square Garden, Rockefeller Center, and the Waldorf Astoria hotel in New York City and Merchandise Mart in Chicago. Among major bridges, Bethlehem's steel was used in constructing the George Washington Bridge and Verrazzano-Narrows Bridge in New York City, the Golden Gate Bridge in San Francisco, and the Peace Bridge between Buffalo and Fort Erie, Ontario.
Bethlehem Steel played an instrumental role in manufacturing the U.S. warships and other military weapons used in World War I and later by Allied forces in ultimately winning World War II. Over 1,100 Bethlehem Steel-manufactured warships were built for use in defeating Nazi Germany and the Axis powers in World War II. Historians cite Bethlehem Steel's ability to quickly manufacture warships and other military equipment as decisive factors in American victories in both world wars.
Bethlehem Steel's roots trace to an iron-making company organized in 1857 in Bethlehem, later named the Bethlehem Iron Company. In 1899, the owners of the iron company founded Bethlehem Steel Company and, five years later, Bethlehem Steel Corporation was created to be the steelmaking company's corporate parent.
Bethlehem Steel survived the earliest declines in the American steel industry beginning in the 1970s. In 1982, however, the company suspended most of its steelmaking operations after posting a loss of $1.5 billion, attributable to increased foreign competition, rising labor and pensions costs, and other factors. The company filed for bankruptcy in 2001, and was dissolved in 2003 after its remaining assets were sold to International Steel Group.
In 1857, the first iron works in Bethlehem, Pennsylvania, was launched as the Saucona Iron Company by Augustus Wolle. That same year, the Panic of 1857, a national financial crisis, halted the company's further organization. Another organization subsequently started, its site moved elsewhere to South Bethlehem, and the company's name was changed to the Bethlehem Rolling Mill and Iron Company. On June 14, 1860, the board of directors of the fledgling company elected Alfred Hunt president.
On May 1, 1861, the company's name was changed to the Bethlehem Iron Company. Construction of the first blast furnace began on July 1, 1861, and was operationalized on January 4, 1863. The first rolling mill was built between the spring of 1861 and the summer of 1863 with the first railroad rails being rolled on September 26, 1863. A machine shop, in 1865, and another blast furnace, in 1867, were completed. During its early years, the company produced rails for the rapidly expanding railroads and armor plating used by the U.S. Navy.
The company continued to prosper during the early 1880s, but its share of the rail market began to decline in the face of competition from growing Pittsburgh and Scranton-based firms, such as the Carnegie Steel Company and Lackawanna Steel. The nation's decision to rebuild the Navy with steam-driven, steel-hulled warships reshaped Bethlehem Iron Company's destiny.
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Bethlehem Steel
The Bethlehem Steel Corporation was an American steelmaking company headquartered in Bethlehem, Pennsylvania. Until its closure in 2003, it was one of the world's largest steel-producing and shipbuilding companies. At the height of its success and productivity, the company was a symbol of American manufacturing leadership in the world, and its decline and ultimate bankruptcy and liquidation in the late 20th century is similarly cited as an example of America's diminished manufacturing leadership during the late 20th century. From its founding in 1857 through its 2003 dissolution, Bethlehem Steel's headquarters were based in Bethlehem, Pennsylvania, in the Lehigh Valley region of eastern Pennsylvania. Its primary steel mill manufacturing facilities were located in Bethlehem, Pennsylvania, and were later expanded to include a major research laboratory in Bethlehem, and various additional manufacturing plants in Sparrows Point, Maryland; Johnstown, Pennsylvania; Lackawanna, New York; and Burns Harbor, Indiana.
The company's steel was used in the construction of many of the nation's largest and most famed structures. Among major buildings, Bethlehem produced steel for 28 Liberty Street, the Empire State Building, Madison Square Garden, Rockefeller Center, and the Waldorf Astoria hotel in New York City and Merchandise Mart in Chicago. Among major bridges, Bethlehem's steel was used in constructing the George Washington Bridge and Verrazzano-Narrows Bridge in New York City, the Golden Gate Bridge in San Francisco, and the Peace Bridge between Buffalo and Fort Erie, Ontario.
Bethlehem Steel played an instrumental role in manufacturing the U.S. warships and other military weapons used in World War I and later by Allied forces in ultimately winning World War II. Over 1,100 Bethlehem Steel-manufactured warships were built for use in defeating Nazi Germany and the Axis powers in World War II. Historians cite Bethlehem Steel's ability to quickly manufacture warships and other military equipment as decisive factors in American victories in both world wars.
Bethlehem Steel's roots trace to an iron-making company organized in 1857 in Bethlehem, later named the Bethlehem Iron Company. In 1899, the owners of the iron company founded Bethlehem Steel Company and, five years later, Bethlehem Steel Corporation was created to be the steelmaking company's corporate parent.
Bethlehem Steel survived the earliest declines in the American steel industry beginning in the 1970s. In 1982, however, the company suspended most of its steelmaking operations after posting a loss of $1.5 billion, attributable to increased foreign competition, rising labor and pensions costs, and other factors. The company filed for bankruptcy in 2001, and was dissolved in 2003 after its remaining assets were sold to International Steel Group.
In 1857, the first iron works in Bethlehem, Pennsylvania, was launched as the Saucona Iron Company by Augustus Wolle. That same year, the Panic of 1857, a national financial crisis, halted the company's further organization. Another organization subsequently started, its site moved elsewhere to South Bethlehem, and the company's name was changed to the Bethlehem Rolling Mill and Iron Company. On June 14, 1860, the board of directors of the fledgling company elected Alfred Hunt president.
On May 1, 1861, the company's name was changed to the Bethlehem Iron Company. Construction of the first blast furnace began on July 1, 1861, and was operationalized on January 4, 1863. The first rolling mill was built between the spring of 1861 and the summer of 1863 with the first railroad rails being rolled on September 26, 1863. A machine shop, in 1865, and another blast furnace, in 1867, were completed. During its early years, the company produced rails for the rapidly expanding railroads and armor plating used by the U.S. Navy.
The company continued to prosper during the early 1880s, but its share of the rail market began to decline in the face of competition from growing Pittsburgh and Scranton-based firms, such as the Carnegie Steel Company and Lackawanna Steel. The nation's decision to rebuild the Navy with steam-driven, steel-hulled warships reshaped Bethlehem Iron Company's destiny.