Bethlehem Steel Co.
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| Private | |
| Industry | Steel, shipbuilding, mining |
| Fate | Bankruptcy |
| Successor |
ArcelorMittal (2006–present) Mittal Steel Company (2005–2006) International Steel Group (2003–2005) |
| Founded | 1857 (roots), 1899 (Bethlehem Steel Company, original company), 1904 (Bethlehem Steel Corporation, new company) |
| Defunct | 2003 |
| Headquarters | Bethlehem, Pennsylvania |
| Subsidiaries | Bethlehem Steel Company and Bethlehem Shipbuilding Corporation |
| Website | www |
The Bethlehem Steel Corporation (commonly called Bethlehem Steel) was a steel and shipbuilding company that began operations in 1904 and was America's second-largest steel producer and largest shipbuilder.
The Bethlehem Steel roots trace back to 1857 with the establishment of the Bethlehem Iron Company; the Bethlehem Iron Company (also known as Bethlehem Iron Works or simply Bethlehem Iron) was established as the Saucona Iron Company and ceased operations in 1901. However, the Bethlehem Steel legacy began in 1899 with the formation of the first Bethlehem Steel, the Bethlehem Steel Company which was two years before the Bethlehem Iron Company ceased operations. The Bethlehem Steel Company (also known as Bethlehem Steel Works) leased all properties from the Bethlehem Iron Company from 1899 to 1901 and assumed ownership of all properties from the Bethlehem Iron Company after the Bethlehem Iron Company ceased operations.
The Bethlehem Steel Company became the primary subsidiary company of the Bethlehem Steel Corporation in 1904. The Bethlehem Steel Company is the first Bethlehem Steel while the Bethlehem Steel Corporation is the second Bethlehem Steel; both companies existed simultaneously after 1904, but the Bethlehem Steel Company was eventually merged into the Bethlehem Steel Corporation in the 1960s.
The Bethlehem Steel Corporation (using the Bethlehem Steel Company) and the Bethlehem Shipbuilding Corporation, which was also a Bethlehem Steel Corporation subsidiary, were two of the most powerful symbols of American industrial manufacturing leadership. Their demise is often cited as one of the most prominent examples of the U.S. economy's shift away from industrial manufacturing, its failure to compete with cheap foreign labor, and management's penchant for short-term profits.
After a decline in the American steel industry and other problems leading to the company's bankruptcy in 2001, the Bethlehem Steel Corporation was dissolved and the remaining assets sold to International Steel Group in 2003; Bethlehem Steel Corporation did not merge with/into International Steel Group.
The Saucona Iron Company was established by Augustus Wolle. The Panic of 1857, a national financial crisis, halted further organization of the company and construction of the works. Eventually, the organization was completed, the site moved elsewhere in 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.
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