ISG Weirton Steel
Encyclopedia
ISG Weirton Steel was once a fully integrated steel producer and one of the world's largest producers of tin plate
products. Founded by Ernest T. Weir in 1909 as Weirton Steel, the company later became part of the National Steel Corporation
. In 1983, employees agreed to purchase the operation from National Steel and form into an employee-owned corporation
. In the last years of its life, Weirton withered away and filed for bankruptcy protection on May 19, 2003. The International Steel Group
purchased Weirton and formed ISG Weirton Inc. in 2004.
ISG was sold to Mittal Steel
, who currently is in the process of downsizing the mill.
founded in 1909 by Ernest T. Weir, who built Weirton Steel into one of the world's leading steel producers. In 1905 Weir and his partner, James Phillips, bought a tin mill in Clarksburg
, West Virginia
. In 1909, the partners successfully relocated and expanded the operation in what was then Hollidays Cove
, West Virginia
. They chose Hollidays Cove because of its abundant water supply. The water was much needed for steel production, and offered ready access to major steel markets.
In 1929, Weir merged Weirton Steel with Detroit's Michigan Steel and Cleveland's M.A. Hanna Steel to form National Steel Corporation
. National Steel quickly took a place among the nation's largest steel producers.
However, toward the end of the century Weirton Steel had fallen on hard times. In the early 1980s it was purchased from National Steel by the employees, thus at that time, making it the worlds largest Employee Stock Ownership Plan (ESOP).
This was not enough to ensure the long-term viability of the company. It finally went bankrupt in the early 21 century just short of its 100th birthday. By court order, the assets were auctioned with most being acquired by ISG
. ISG then formed a new division called ISG Weirton Steel. On April 5, 2005, ISG completed a merger with Mittal Steel
. Then again in 2006, Mittal Steel completed a merger with Arcelor
thus resulting in a new company known as Arcelor Mittal.
Tinning
Tinning is the process of thinly coating sheets of wrought iron or steel with tin, and the resulting product is known as tinplate. It is most often used to prevent rust....
products. Founded by Ernest T. Weir in 1909 as Weirton Steel, the company later became part of the National Steel Corporation
National Steel Corporation
The National Steel Corporation was a major American steel producer. It was founded in 1929 through a merger arranged by Weirton Steel with some properties of the Great Lakes Steel Corporation and M.A. Hanna Company. Despite a difficult market in Depression-setting 1930, the company reported USD...
. In 1983, employees agreed to purchase the operation from National Steel and form into an employee-owned corporation
Employee-owned corporation
An employee share ownership plan is the practice of companies giving staff members shares in their company as part of their salary....
. In the last years of its life, Weirton withered away and filed for bankruptcy protection on May 19, 2003. The International Steel Group
International Steel Group
International Steel Group was a steel company headquartered in Cleveland, Ohio. In 2004 it was ranked #426 on the Fortune 500. It was created after the turn around fund, WL Ross & Co. LLC, purchased LTV Steel in February 2002...
purchased Weirton and formed ISG Weirton Inc. in 2004.
ISG was sold to Mittal Steel
Mittal Steel Company
Mittal Steel Company N.V. was one of the world's largest steel producers by volume, and also one of the largests in turnover. The company is now part of ArcelorMittal....
, who currently is in the process of downsizing the mill.
Weirton Steel
Weirton Steel Corporation was an integrated steel millSteel mill
A steel mill or steelworks is an industrial plant for the manufacture of steel.Steel is an alloy of iron and carbon. It is produced in a two-stage process. First, iron ore is reduced or smelted with coke and limestone in a blast furnace, producing molten iron which is either cast into pig iron or...
founded in 1909 by Ernest T. Weir, who built Weirton Steel into one of the world's leading steel producers. In 1905 Weir and his partner, James Phillips, bought a tin mill in Clarksburg
Clarksburg
Clarksburg may refer to some places in the United States of America:*Clarksburg, California**Clarksburg AVA, an American Viticultural Area*Clarksburg, former name of Clarksville, California*Clarksburg, Indiana*Clarksburg, Maryland...
, West Virginia
West Virginia
West Virginia is a state in the Appalachian and Southeastern regions of the United States, bordered by Virginia to the southeast, Kentucky to the southwest, Ohio to the northwest, Pennsylvania to the northeast and Maryland to the east...
. In 1909, the partners successfully relocated and expanded the operation in what was then Hollidays Cove
Hollidays Cove
Hollidays Cove was a town founded in . The states that Hollidays Cove was the earliest permanent white settlement in what was then Brooke County, Virginia, later becoming Hancock County, West Virginia, United States...
, West Virginia
West Virginia
West Virginia is a state in the Appalachian and Southeastern regions of the United States, bordered by Virginia to the southeast, Kentucky to the southwest, Ohio to the northwest, Pennsylvania to the northeast and Maryland to the east...
. They chose Hollidays Cove because of its abundant water supply. The water was much needed for steel production, and offered ready access to major steel markets.
In 1929, Weir merged Weirton Steel with Detroit's Michigan Steel and Cleveland's M.A. Hanna Steel to form National Steel Corporation
National Steel Corporation
The National Steel Corporation was a major American steel producer. It was founded in 1929 through a merger arranged by Weirton Steel with some properties of the Great Lakes Steel Corporation and M.A. Hanna Company. Despite a difficult market in Depression-setting 1930, the company reported USD...
. National Steel quickly took a place among the nation's largest steel producers.
However, toward the end of the century Weirton Steel had fallen on hard times. In the early 1980s it was purchased from National Steel by the employees, thus at that time, making it the worlds largest Employee Stock Ownership Plan (ESOP).
This was not enough to ensure the long-term viability of the company. It finally went bankrupt in the early 21 century just short of its 100th birthday. By court order, the assets were auctioned with most being acquired by ISG
International Steel Group
International Steel Group was a steel company headquartered in Cleveland, Ohio. In 2004 it was ranked #426 on the Fortune 500. It was created after the turn around fund, WL Ross & Co. LLC, purchased LTV Steel in February 2002...
. ISG then formed a new division called ISG Weirton Steel. On April 5, 2005, ISG completed a merger with Mittal Steel
Mittal Steel Company
Mittal Steel Company N.V. was one of the world's largest steel producers by volume, and also one of the largests in turnover. The company is now part of ArcelorMittal....
. Then again in 2006, Mittal Steel completed a merger with Arcelor
Arcelor
Arcelor S.A. was the world's largest steel producer in terms of turnover and the second largest in terms of steel output, with a turnover of €30.2 billion and shipments of 45 million metric tons of steel in 2004...
thus resulting in a new company known as Arcelor Mittal.