UNITED STATES STEEL. CORPORATION, an Ameri can holding company, was incorporated under the laws of the State of New Jersey, on Feb. 25, 1901. On its formation it acquired the steel properties of many of the major steel-making interests in the United States together with anterior properties supplying the steel-making interests with raw materials, ore, coal, gas and fluxes, including transportation facilities for servicing the steel-making operations. During the years since its organization many changes have been made by merger and consolidation in the subsidiary corporations.
The subsidiary manufacturing companies operate 87 blast fur naces, 22 Bessemer converters, 36o open-hearth and electric steel furnaces and finishing mills for a wide range of steel products, and for production of cement. The steel ingot capacity is about 27, 627,600 net tons annually, about 34.8% of the total American ingot capacity. The capacity of output for rolled and other steel finished products is 19,759,000 net tons annually. For year 1939 the total sales had a value at producing plants of $801,089,000 and covered the disposal of 11,707,251 net tons of steel products, together with sales of by-products and miscellaneous items. In addition, its gross revenue from transportation and distribution service was $103,113,000. For that year the number of em ployees was 223,844 with a total pay roll of $368,578,000. The
output of finished steel products in 1939 was 60.77% of the total capacity, the economic conditions in the United States prevailing in 1939 not calling for the full output of the properties.
Capital stock of the corporation consisted, at close of 1938, of 8,703,252 shares of no par common and 3,602,841 shares of pre ferred of the par value of $100 per share. In 1938, the common shares were changed to a no par value stock, the same number of shares of common of no par value being substituted for previ ously existing common shares of $100 par value each. The no par value common shares were given a stated value of $75 per share, thus making the stated value of the common shares issued $652, plus the par of the preferred shares, $360,281,100, a total stated value for both classes of stock of $1,013,025,000, which, with a stated capital surplus of $38,462,800.89, makes a grand total of stated capital value of $1,051,487,800.89. The total bonded debt, mortgages and purchase money obligations at Dec. 31, 1939, were $246,061,588, of which total $97,854,500 were obligations of the United States Steel Corporation and $148, 207,088 were subsidiary companies' issues. The balance of earned surplus at Dec. 31, 1939, was $263,319,270. The number of stockholders was 219,727. (W. J. F.)