The Cumberland Mine Railroad is a private carrier mine railroad serving the Cumberland Coal Resources mine near Waynesburg, Pennsylvania .
101-457: Operations on the mine and associated railroad began in November 1976. The line was originally developed by United States Steel as a source of steam coal for export to Canada. Subsequently, the mine and railroad have changed hands several times. As of January 2021 they are owned by Iron Senergy Holding LLC, and this coal is being consumed by domestic power plants. The tracks extend 17 miles from
202-667: A 5% base wage increase each year for the four years, a $ 4,000 bonus upon ratification of the deal, $ 0.50/hour increase in hourly contributions to the Steel Workers Pension Trust, $ 0.10/hour increase in 401(k) contributions, and uncapped profit-sharing. During the 1948 Donora smog , an air inversion trapped industrial effluent (air pollution) from the American Steel and Wire plant and U.S. Steel's Donora Zinc Works in Donora, Pennsylvania. In three days, 20 people died... After
303-566: A committee. The ten components with the largest dividend yields are commonly referred to as the Dogs of the Dow . As with all stock prices, the prices of the constituent stocks and consequently the value of the index itself are affected by the performance of the respective companies as well as macroeconomic factors. As of November 15, 2024, the Dow Jones Industrial Average consists of
404-505: A contentious relationship with U.S. Steel, but far less so than the relationship that other unions had with employers in other industries in the United States. They launched a number of long strikes against U.S. Steel in 1946 and a 116-day strike in 1959 , but those strikes were over wages and benefits and not the more fundamental issue of union recognition that led to violent strikes elsewhere. The Steelworkers union attempted to mollify
505-833: A crisis with its union, the United Steelworkers of America . The Supreme Court blocked the takeover by ruling that the president did not have the Constitutional authority to seize the mills. President John F. Kennedy was more successful in 1962 when he pressured the steel industry into reversing price increases that Kennedy considered dangerously inflationary. According to the author Dan Carter in The Politics Of Rage: George Wallace, The Origins Of The New Conservatism, And The Transformation Of American Politics, U.S. Steel strongly resisted Kennedy administration efforts to enlist Alabama businesses to support
606-418: A major subsidiary. About 22,000 USX employees stopped work on August 1, 1986, after the United Steelworkers of America and the company could not agree on new employee contract terms. This was characterized by the company as a strike and by the union as a lockout . This resulted in most USX facilities becoming idle until February 1, 1987, seriously degrading the steel division's market share. A compromise
707-467: A much higher-priced stock, even though the lower-priced stock experienced a larger percentage change. In addition, a $ 1 move in the smallest component of the DJIA has the same effect as a $ 1 move in the largest component of the average. For example, during September–October 2008, former component AIG 's reverse split-adjusted stock price collapsed from $ 22.76 on September 8 to $ 1.35 on October 27; contributing to
808-462: A negative return during most of the 1930s for new and old stock market investors. For the decade, the Dow Jones average was down from 248.48 at the beginning of 1930, to a stable level of 150.24 at the end of 1939, a loss of about 40%. Post-war reconstruction during the 1940s, along with renewed optimism of peace and prosperity, brought about a 33% surge in the Dow from 150.24 to 200.13. The strength in
909-534: A range between 53 and 103 until late 1914. The negativity surrounding the 1906 San Francisco earthquake did little to improve the economic climate; the index broke 100 for the first time in 1906. At the start of the 1910s, the Panic of 1910–1911 stifled economic growth. On July 30, 1914, as the average stood at a level of 71.42, a decision was made to close the New York Stock Exchange , and suspend trading for
1010-473: A record Warren Buffett called "a wonderful century"; when he calculated that to achieve that return again, the index would need to close at about 2,000,000 by December 2099. On September 17, 2001, the first day of trading after the September 11 attacks on the United States, the Dow fell 7.1%. However, the Dow began an upward trend shortly after the attacks, and regained all lost ground to close above 10,000 for
1111-407: A roughly 3,000-point drop in the index. As of June 2021, Goldman Sachs and UnitedHealth Group are among the highest-priced stocks in the average and therefore have the greatest influence on it. Alternately, Cisco Systems and Coca-Cola are among the lowest-priced stocks in the average and have the least sway in the price movement. Critics of the DJIA and most securities professionals recommend
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#17328583919891212-726: A site on the Delaware River in Fairless Hills, Pennsylvania , where the soil had been contaminated with arsenic , lead , and other heavy metals , as well as naphthalene . Groundwater at the site was found to be polluted with polycyclic aromatic hydrocarbons and trichloroethylene (TCE). In 2005, the EPA, United States Department of Justice , and the State of Ohio reached a settlement requiring U.S. Steel to pay more than $ 100,000 in penalties and $ 294,000 in reparations in answer to allegations that
1313-610: A span of four and a half months. Some historians believe the exchange was closed because of a concern that markets would plunge as a result of panic over the onset of World War I . An alternative explanation is that the United States Secretary of the Treasury , William Gibbs McAdoo , closed the exchange to conserve the U.S. gold stock in order to launch the Federal Reserve System later that year, with enough gold to keep
1414-456: A time of economic uncertainty and troubled relations between the U.S. and certain Middle-Eastern countries. The 1970s energy crisis was a prelude to a disastrous economic climate along with stagflation , the combination of high unemployment and high inflation. However, on November 14, 1972, the average closed at 1,003.16, above the 1,000 mark for the first time, during a brief relief rally in
1515-559: A whole. During the 1970s, the logo's meaning was extended to include the three materials used to produce steel: yellow for coal, orange for ore and blue for steel scrap. In the late 1980s, when the AISI founded the Steel Recycling Institute (SRI), the logo took on a new life reminiscent of its 1950s meaning. The Pittsburgh Steelers professional football team borrowed elements of its logo, a circle containing three hypocycloids , from
1616-475: Is price-weighted , unlike other common indexes such as the Nasdaq Composite or S&P 500, which use market capitalization . The value of the index can also be calculated as the sum of the stock prices of the companies included in the index, divided by a factor, which is approximately 0.163 as of November 2024 . The factor is changed whenever a constituent company undergoes a stock split so that
1717-495: Is an American steel company based in Pittsburgh, Pennsylvania , with production facilities in the U.S. and Central Europe. The company produces and sells steel products, including flat-rolled and tubular products for customers in industries across automotive, construction, consumer, electrical, industrial equipment, distribution, and energy. Operations also include iron ore and coke production facilities. In 2008, U.S. Steel
1818-523: Is computed as the sum of the prices of all thirty stocks divided by a divisor , the Dow Divisor. The divisor is adjusted in case of stock splits, spinoffs or similar structural changes, to ensure that such events do not in themselves alter the numerical value of the DJIA. Early on, the initial divisor was composed of the original number of component companies; this initially made the DJIA a simple arithmetic average. The present divisor, after many adjustments,
1919-462: Is less than one, making the index larger than the sum of the prices of the components. That is: where p are the prices of the component stocks and d is the Dow Divisor . Events such as stock splits or changes in the list of the companies composing the index alter the sum of the component prices. In these cases, in order to avoid discontinuity in the index, the Dow Divisor is updated so that
2020-602: Is typically carried out in an open outcry auction, or over an electronic network such as CME's Globex platform. The Chicago Board Options Exchange (CBOE) issues option contracts on the Dow through the root symbol DJX. Options on various Dow-underlying ETFs are also available for trading. The following table shows the annual development of the Dow Jones Index, which was calculated back to 1896. In 1884, Charles Dow composed his first stock average, which contained nine railroads and two industrial companies that appeared in
2121-534: The 1980s oil glut , the Japanese asset price bubble , and other political distractions. The index had only two negative years in the 1980s: in 1981 and 1984. The 1990s brought on rapid advances in technology along with the introduction of the dot-com era . The markets contended with the 1990 oil price shock compounded with the effects of the early 1990s recession and a brief European situation surrounding Black Wednesday . Certain influential foreign conflicts such as
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#17328583919892222-790: The 1991 Soviet coup d'état attempt which took place as part of the initial stages of the Dissolution of the Soviet Union and the Revolutions of 1989 ; the First Chechen War and the Second Chechen War , the Gulf War , and the Yugoslav Wars failed to dampen economic enthusiasm surrounding the ongoing Information Age and the " irrational exuberance " (a phrase coined by Alan Greenspan ) of
2323-614: The Customer's Afternoon Letter , a daily two-page financial news bulletin which was the precursor to The Wall Street Journal . On January 2, 1886, the number of stocks represented in what is now the Dow Jones Transportation Average dropped from 14 to 12, as the Central Pacific Railroad and Central Railroad of New Jersey were removed. Though comprising the same number of stocks, this index contained only one of
2424-508: The Dow ( / ˈ d aʊ / ), is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes. Many professionals consider it to be an inadequate representation of the overall U.S. stock market compared to a broader market index such as the S&;P 500 . The DJIA includes only 30 large companies. It
2525-485: The Dubai World 2009 debt standstill, and the 2011 United States debt-ceiling crisis . On May 6, 2010, the Dow lost 9.2% intra-day and regained nearly all of it within a single hour. This event, which became known as the 2010 Flash Crash , sparked new regulations to prevent future incidents. Six years after its previous high in 2007, the Dow finally closed at a new record high on March 5, 2013. It continued rising for
2626-472: The Great Lakes . Because of heavy debts taken on at the company's formation—Carnegie insisted on being paid in gold bonds for his stake—and fears of antitrust litigation, U.S. Steel moved cautiously. Competitors often innovated faster, especially Bethlehem Steel , run by Charles Schwab, U.S. Steel's former president. U.S. Steel's share of the expanding market slipped to 50 percent by 1911. James A. Farrell
2727-535: The Homestead, Pennsylvania , plant was, for many years, broken after a violent strike in 1892. U.S. Steel defeated another strike in 1901, the year it was founded. U.S. Steel built the city of Gary , Indiana, in 1906, and 100 years later it remained the location of the largest integrated steel mill in the Northern Hemisphere. U.S. Steel reached a détente with unions during World War I , when under pressure from
2828-432: The S&P 500 since 1957, U.S. Steel was removed from that index on July 2, 2014, due to declining market capitalization. The Board of Directors considers the declaration of dividends four times each year, with checks for dividends declared on common stock mailed for receipt on 10 March, June, September, and December. In 2008, the dividend was $ 0.30 per share, the highest in company history, but on April 27, 2009, it
2929-598: The Second Sino-Japanese War of 1937. The United States experienced the Recession of 1937–1938 , which temporarily brought economic recovery to a halt. The largest one-day percentage gain in the index happened in the depths of the 1930s bear market on March 15, 1933, when the Dow gained 15.34% to close at 62.10. However, as a whole throughout the Great Depression, the Dow posted some of its worst performances, for
3030-794: The Steel Workers Organizing Committee , an arm of the Congress of Industrial Organizations (CIO) led by John L. Lewis . Taylor was an outsider, brought in during the Great Depression to rescue U.S. Steel. Watching the upheaval caused by the United Auto Workers ' successful sit-down strike in Flint, Michigan , and convinced that Lewis was someone he could deal with on a businesslike basis, Taylor sought stability through collective bargaining. Still, U.S. Steel worked hand-in-hand with
3131-666: The Unisphere in Flushing Meadows-Corona Park , Queens , New York , for the 1964 World's Fair . It is the largest globe ever made and is one of the world's largest free-standing sculptures. The Chicago Picasso sculpture was fabricated by U.S. Steel in Gary, Indiana, before being disassembled and relocated to Chicago. U.S. Steel donated the steel for the construction of St. Michael's Catholic Church in Chicago since 90 percent of
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3232-481: The United Steelworkers (USW), forced the company to abandon plans to import British Steel Corporation slabs. U.S. Steel finally acquired National Steel's assets in 2003, after National Steel went bankrupt. As part of its diversification plan, U.S. Steel had acquired Marathon Oil on January 7, 1982, as well as Texas Oil and Gas several years later. Recognizing its new scope, it reorganized its holdings as USX Corporation in 1986, with U.S. Steel (renamed USS, Inc. ) as
3333-640: The Vietnam War ended in 1975, new tensions arose towards Iran surrounding the Iranian Revolution in 1979. Performance-wise for the 1970s, the index remained virtually flat, rising 4.8% from 800.36 to 838.74. The 1980s began with the early 1980s recession . In early 1981, the index broke above 1,000 several times, but then retreated. After closing above 2,000 in January 1987, the largest one-day percentage drop occurred on Black Monday , October 19, 1987, when
3434-482: The dot-com bubble . Between late 1992 and early 1993, the Dow staggered through the 3,000 level making only modest gains as the biotechnology sector suffered through the downfall of the Biotech Bubble; as many biotech companies saw their share prices rapidly rise to record levels and then subsequently fall to new all-time lows. The Dow soared from 2,753 to 8,000 between January 1990 to July 1997. In October 1997,
3535-561: The 10,000 mark by year end. The Dow continued climbing and reached a record high of 14,198.10 on October 11, 2007, a mark which was not matched until March 2013. It then dropped over the next year due to the 2007–2008 financial crisis . On September 15, 2008, a wider financial crisis became evident after the Bankruptcy of Lehman Brothers along with the economic effect of record high oil prices which had reached almost $ 150 per barrel two months earlier. The Dow lost more than 500 points for
3636-443: The 1920s, U.S. Steel, like many other large employers, coupled paternalistic employment practices with "employee representation plans" (ERPs), which were company unions sponsored by management. These ERPs eventually became an important factor leading to the organization of the United Steelworkers of America . The company dropped its hard-line, anti-union stance in 1937, when Myron Taylor, then president of U.S. Steel, agreed to recognize
3737-522: The Birmingham (Alabama) Police Department as it vigorously investigated and targeted labor activities during the 1930s and 1940s. The corporation developed and fed information to a "Red Squad" of detectives "who used the city's vagrancy and criminal-anarchy statutes (liberally reinforced by backroom beatings) to strike at radical labor organizers." In the 1950s, those investigations shifted from labor to civil rights activists. The Steelworkers continue to have
3838-529: The DJIA is possible via index funds as well as via derivatives such as option contracts and futures contracts . Index funds , including mutual funds and exchange-traded funds (ETF) can replicate, before fees and expenses, the performance of the index by holding the same stocks as the index in the same proportions. An ETF that replicates the performance of the index is issued by State Street Corporation ( NYSE Arca : DIA ). ProShares offers leveraged ETFs that attempt to produce three times
3939-405: The Dow fell nearly 20%. By early January 2019, the index had quickly rallied more than 10% from its Christmas Eve low. Overall in the 2010s decade, the Dow increased from 10,428.05 to 28,538.44 for a substantial gain of 174%. Despite the emerging COVID-19 pandemic , the Dow continued its bull run from the previous decade before peaking at 29,551.42 on February 12, 2020 (29,568.57 intraday on
4040-601: The Dow occurred despite the Recession of 1949 and various global conflicts. During the 1950s, the Korean War and the Cold War did not stop the Dow's climb higher. A nearly 240% increase in the average from 200.13 to 679.36 ensued over the course of that decade. The Dow began to stall during the 1960s as the markets trudged through the Kennedy Slide of 1962 , but still managed an 18% gain from 679.36 to 800.36. The 1970s marked
4141-483: The ENA in 1984. In 1986, U.S. Steel employees stopped work after a dispute over contract terms, characterized by the company as a strike and by the union as a lockout . In a letter to striking employees in 1986, Johnston warned, "There are not enough seats in the steel lifeboat for everybody." In addition to reducing the role of unions, the steel industry had sought to induce the federal government to take action to counteract
Cumberland Mine Railroad - Misplaced Pages Continue
4242-504: The S&;P 500 Index or the Russell 3000 Index . Additionally, the DJIA is criticized for being a price-weighted index , which gives higher-priced stocks more influence over the average than their lower-priced counterparts, but takes no account of the relative industry size or market capitalization of the components. For example, a $ 1 increase in a lower-priced stock can be negated by a $ 1 decrease in
4343-582: The Steelmark logo belonging to the American Iron and Steel Institute (AISI) and created by U.S. Steel. In the 1950s, when helmet logos became popular, the Steelers added players' numbers to either side of their gold helmets. Later that decade, the numbers were removed and in 1962, Cleveland's Republic Steel suggested to the Steelers that they use the Steelmark as a helmet logo. U.S. Steel financed and constructed
4444-500: The US equities market, particularly the S&P 500 Index . Between ( 1980-January-{{{day}}} ) ( 2023-November-{{{day}}} ) January 1980 – November 2023 , the DJIA returned an annualized 8.90%, with the S&P 500 returning a nearly identical 8.91%. With the inclusion of only 30 stocks, critics such as Ric Edelman argue that the DJIA is an inaccurate representation of overall market performance compared to more comprehensive indices such as
4545-531: The United Press International) closed over 30,000 on December 31, 2020, at a record 30,606.48. On November 24, following news that the presidential transition of Joe Biden was approved, the Dow increased by more than 500 points, closing at 30,046.24. On January 22, 2024, the Dow Jones crossed 38,000 points for the first time; a month later it surpassed 39,000; and in May, it surpassed 40,000 points. The DJIA
4646-491: The United States on par with the gold standard . When the markets reopened on December 12, 1914, the index closed at 74.56, a gain of 4.4%. This is frequently reported as a large drop, due to using a later redefinition. Reports from the time say that the day was positive. Following World War I, the United States experienced another economic downturn, the Post–World War I recession . The Dow's performance remained unchanged from
4747-520: The Wilson Administration it relaxed its opposition to unions enough to allow some to operate in certain factories. It returned to its previous policies as soon as the war ended, however, and in a 1919 strike defeated union-organizing efforts by William Z. Foster of the AFL. Heavy pressure from public opinion forced the company to give up its 12-hour day and adopt the standard eight-hour day. During
4848-447: The average fell 22.61%. There were no clear reasons given to explain the crash. On October 13, 1989, the Friday the 13th mini-crash , which initiated the collapse of the junk bond market, resulted in a loss of almost 7% of the index in a single day. During the 1980s, the Dow increased 228% from 838.74 to 2,753.20; despite the market crashes, Silver Thursday , an early 1980s recession ,
4949-540: The city of River Rouge, Michigan , and the residents of River Rouge and the nearby city of Ecorse filed a class-action lawsuit against the company for "the release and discharge of air particulate matter...and other toxic and hazardous substances" at its River Rouge plant. The company has also been implicated in generating water pollution and toxic waste . In 1993, the Environmental Protection Agency (EPA) issued an order for U.S. Steel to clean up
5050-466: The closing value of the previous decade, adding only 8.26%, from 99.05 at the beginning of 1910, to a level of 107.23 at the end of 1919. The Dow experienced a long bull run from 1920 to late 1929 when it rose from 73 to 381 points. In 1928, the components of the Dow were increased to 30 stocks near the economic height of that decade, which was nicknamed the Roaring Twenties . This period downplayed
5151-450: The company against criticisms and legal liability. U.S. Steel ranked 16th among United States corporations in the value of World War II production contracts. Production peaked at more than 35 million tons in 1953. Its employment was greatest in 1943, when it had more than 340,000 employees. The federal government intervened to try to control U.S. Steel. President Harry S. Truman attempted to take over its steel mills in 1952 to resolve
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#17328583919895252-556: The company illegally released pollutants into Ohio waters. U.S. Steel's Gary, Indiana facility has been repeatedly charged with discharging polluted wastewater into Lake Michigan and the Grand Calumet River . In 1998 the company agreed to payment of a $ 30 million settlement to clean up contaminated sediments from a five-mile (8 km) stretch of the river. With the exception of the Fairless Hills and Gary facilities,
5353-509: The company's corporate headquarters have been located there. It is the tallest skyscraper in the downtown Pittsburgh skyline, built out of the company's Corten Steel. New York City's One Liberty Plaza was also built by the corporation as that city's U.S. Steel Tower in 1973. When the Steelmark logo was created, U.S. Steel attached the following meaning to it: "Steel lightens your work, brightens your leisure and widens your world." The logo
5454-672: The daily result of either investing in ( NYSE Arca : UDOW ) or shorting ( NYSE Arca : SDOW ) the Dow Jones Industrial Average. In the derivatives market, the CME Group through its subsidiaries the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT), issues Futures Contracts; the E-mini Dow ($ 5) Futures (YM) , which track the average and trade on their exchange floors respectively. Trading
5555-608: The day, returning to its mid-July lows below 11,000. A series of bailout packages, including the Emergency Economic Stabilization Act of 2008 , proposed and implemented by the Federal Reserve and United States Department of the Treasury did not prevent further losses. After nearly six months of extreme volatility during which the Dow experienced its largest one-day point loss, largest daily point gain, and largest intraday range (of more than 1,000 points) at
5656-506: The debate." In July 2024, Nippon Steel hired Mike Pompeo to lobby for its acquisition of U.S. Steel. By September, the Biden Administration signaled plans to block the deal, citing national security concerns. U.S. Steel is a former Dow Jones Industrial Average component, listed from April 1, 1901, to May 3, 1991. It was removed under its USX Corporation name with Navistar International and Primerica . An original member of
5757-453: The decade, the Dow saw a rather substantial pullback for a negative return from 11,497.12 to 10,428.05, a loss of a 9.3%. During the first half of the 2010s decade, aided by the Federal Reserve 's loose monetary policy including quantitative easing , the Dow made a notable rally attempt. This was despite significant volatility due to growing global concerns such as the European debt crisis ,
5858-517: The desegregation of the University of Alabama , which Gov. George Wallace had promised to block by standing in the schoolhouse door . Although the firm employed more than 30,000 workers in Birmingham, Ala., company president Roger M. Blough in 1963 "went out of his way to announce that any attempt to use his company position in Birmingham to pressure local whites was 'repugnant to me personally' and 'repugnant to my fellow officers at U.S. Steel. ' " In
5959-488: The dumping of steel by foreign producers at below-market prices. Neither the concessions nor anti-dumping laws have restored the industry to the health and prestige it once had. In December 2022, a new four-year contract was ratified between members of the United Steelworkers union and U.S. Steel. This contract covers 11,000 workers at 13 locations. The new agreements were retroactive to September 1, 2022, and included
6060-570: The early 2010s, U.S. Steel began investing to upgrade software programs throughout their manufacturing facilities. In January 2012, U.S. Steel sold its underperforming Serbian mills near Belgrade to the Serbian government. On July 2, 2014, U.S. Steel was removed from S&P 500 index and placed in the S&P MidCap 400 Index , in light of its declining market capitalization. In October 2019, U.S. Steel invested $ 700 million in Big River Steel,
6161-408: The ensuing Great Depression over the next several years saw the Dow continue to fall until July 8, 1932, when it closed at 41.22, roughly two-thirds of its mid-1880s starting point and almost 90% below its peak. Overall for the 1920s decade, the Dow still ended with a healthy 131.7% gain, from 107.23 to 248.48 at the end of 1929. In inflation-adjusted numbers, the high of 381.17 on September 3, 1929,
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#17328583919896262-483: The events surrounding the 1997 Asian financial crisis plunged the Dow into a 554-point loss to a close of 7,161.15; a retrenchment of 7.18% in what became known as the October 27, 1997 mini-crash . However, the Dow continued climbing past 9,000 despite negativity surrounding the 1998 Russian financial crisis along with the subsequent fallout from the 1998 collapse of Long-Term Capital Management due to bad bets placed on
6363-520: The federal government in subsequent years. Researchers at the Political Economy Research Institute have ranked U.S. Steel as the 58th-greatest corporate producer of air pollution in the United States (down from their 2000 ranking as the second-greatest). In 2008, the company released more than one million kg (2.2 million pounds) of toxins, chiefly ammonia , hydrochloric acid , ethylene , zinc compounds, methanol , and benzene , but including manganese , cyanide , and chromium compounds. In 2004,
6464-465: The first LEED-certified steel facility, gaining a 49.9% ownership stake. In December 2020, U.S. Steel announced it would acquire the remaining ownership interest in Big River Steel for $ 774 million. The acquisition was completed in January 2021. In February 2022, U.S. Steel began construction on a new mill in Osceola, Arkansas which will be operational by 2024. In April 2022, the electric arc furnace flat-rolled Big River Steel mill in Osceola became
6565-578: The first ResponsibleSteel site certified in North America following an independent audit by SRI Quality System Registrar (SRI). On December 18, 2023, Nippon Steel agreed to buy U.S. Steel for $ 14.1 billion, or $ 55 per share, pending approval. Nippon pledged to keep U.S. Steel’s Pittsburgh headquarters and honor union contracts. However, the deal received widespread criticism, including from prominent steelworkers labor union United Steelworkers (USW). On March 14, 2024, U.S. President Joe Biden declared that U.S. Steel must remain American-owned, stating
6666-402: The first quarter of 2020, the DJIA fell 23%, its worst quarter since 1987. The market recovered in the third quarter, returning to 28,837.52 on October 12, 2020, and peaked momentarily at a new all-time high of 29,675.25 on November 9, 2020, at 14:00 ET, following that day's announcement of the success of the Pfizer–BioNTech COVID-19 vaccine in Phase III clinical trials. The Dow (as reported by
6767-403: The following companies, with a weighting as shown: As of November 8, 2024, the components of the DJIA have changed 59 times since its beginning on May 26, 1896. General Electric had the longest presence on the index, beginning in the original index in 1896 and ending in 2018, but was dropped and re-added twice between 1898 and 1907. Changes to the index since 1991 are as follows: Investing in
6868-478: The growth of U.S. Steel and its subsidiaries in the South was partly dependent on the labor of cheaply paid black workers and exploited convicts. The company could obtain black labor at a fraction of the cost of white labor by taking advantage of the Black Codes and discriminatory laws passed in the late 19th and early 20th centuries by Southern states after the Reconstruction Era . In addition, U.S. Steel had agreements with more than 20 counties in Alabama to obtain
6969-435: The influence of the Depression of 1920–1921 and certain international conflicts such as the Polish–Soviet War , the Irish Civil War , the Turkish War of Independence and the initial phase of the Chinese Civil War . After a peak of 381.17 on September 3, 1929, the bottom of the 1929 crash came just 2 months later on November 13, 1929, at 195.35 intraday, closing slightly higher at 198.69. The Wall Street Crash of 1929 and
7070-430: The inversion lifted, another 50 died, including Lukasz Musial, the father of baseball great Stan Musial . Hundreds more lived the rest of their lives with damaged lungs and hearts. But another 40 years would pass before the whole truth about Donora's bad air made public-health history. Today the Donora Smog Museum in that city tells of the influence that the hazardous Donora Smog had on the air quality standards enacted by
7171-427: The labor of its prisoners, often paying locals nine dollars a month for workers who would be forced into their mines through a system of convict leasing . This practice continued until at least the late 1920s. While some individuals were guilty of a crime, they did not receive payment or recognition for their work; many died from abuse, malnutrition, and dire working and living conditions. This practice of convict leasing
7272-422: The lawsuits concern facilities acquired by U.S. Steel via its 2003 purchase of National Steel Corporation , not its historic facilities. In 2021, U.S. Steel announced a goal to target net-zero carbon emissions by 2050. The company previously set a target to reduce greenhouse gas emissions intensity by 20% by 2030. The U.S. Steel Tower in Pittsburgh , Pennsylvania , is named after the company and since 1970,
7373-634: The merger to Morgan, ultimately emerged as the new corporation's first President. In 1907, U.S. Steel bought its largest competitor, the Tennessee Coal, Iron and Railroad Company , which was headquartered in Birmingham , Alabama . Tennessee Coal was replaced in the Dow Jones Industrial Average by General Electric . The federal government attempted to use federal antitrust laws to break up U.S. Steel in 1911 (the same year Standard Oil
7474-547: The merger. The architect of tax concessions to steel firms, Senator Arlen Specter (R-PA), complained that "we go out on a limb in Congress and we feel they should be putting it in steel." The events are the subject of "The U.S. Steal Song" by folk singer Anne Feeney . In 1984, the federal government prevented U.S. Steel from acquiring National Steel , and political pressure from the United States Congress , as well as
7575-475: The midst of a lengthy bear market. Between January 1973 and December 1974, the average lost 48% of its value in what became known as the 1973–1974 stock market crash , closing at 577.60 on December 6, 1974. The nadir came after prices dropped more than 45% over two years since the NYSE's high point of 1,003.16 on November 4, 1972. In 1976, the index reached 1,000 several times and it closed the year at 1,004.75. Although
7676-515: The movement of the Russian ruble . On March 29, 1999, the average closed at 10,006.78, its first close above 10,000. This prompted a celebration on the New York Stock Exchange trading floor, complete with party hats. Total gains for the decade exceeded 315%; from 2,753.20 to 11,497.12, which equates to 12.3% annually. The Dow averaged a 5.3% return compounded annually for the 20th century,
7777-460: The next several years past 17,000 points until a brief 2015–2016 stock market selloff in the second half of 2015. It then picked up again in early 2016 and climbed past 25,000 points on January 4, 2018. On November 9, 2016, the day after Donald Trump 's victory over Hillary Clinton in the U.S. presidential election , the index soared, coming within roughly 25 points of its all-time intraday high to that point. Volatility returned in 2018 when
7878-418: The original twelve industrials that would eventually form Dow's most famous index. Dow calculated his first average purely of industrial stocks on May 26, 1896, creating what is now known as the Dow Jones Industrial Average . None of the original 12 industrials still remain part of the index. When it was first published in the mid-1880s, the index stood at a level of 62.76. It reached a peak of 78.38 during
7979-535: The parishioners worked at its mills. U.S. Steel sponsored The United States Steel Hour television program from 1945 until 1963 on CBS. U.S. Steel built both the Disney's Contemporary Resort and the Disney's Polynesian Resort in 1971 at Walt Disney World , in part to showcase its residential steel building "modular" products to high-end and luxury consumers. Dow Jones Industrial Average The Dow Jones Industrial Average ( DJIA ), Dow Jones , or simply
8080-746: The postwar years, the steel industry and heavy manufacturing went through a restructuring that caused a decline in U.S. Steel's need for labor, production, and portfolio. Many jobs moved offshore. By 2000, the company employed 52,500 people. In the early days of the Reagan Administration , steel firms won substantial tax breaks in order to compete with imported goods. But instead of modernizing their mills, steel companies shifted capital out of steel and into more profitable areas. In March 1982, U.S. Steel took its concessions and paid $ 1.4 billion in cash and $ 4.7 billion in loans for Marathon Oil , saving approximately $ 500 million in taxes through
8181-775: The preparation plant (located about 2 miles west of Kirby ) to the Alicia Dock barge-loading facility on the Monongahela River north of Greensboro . The barges deliver the loads to the Norfolk Southern at East Millsboro . It is an isolated railroad, not connected to the North American railroad network. Rolling stock was delivered by the Norfolk Southern to a siding in Poland Mines, and then taken by truck and trailer to
8282-415: The problems of competitive foreign imports by entering into a so-called Experimental Negotiation Agreement (ENA) in 1974. This was to provide for arbitration if the parties were not able to reach an agreement on any new collective bargaining agreements , thereby preventing disruptive strikes. The ENA failed to stop the decline of the steel industry in the U.S. U.S. Steel and the other employers terminated
8383-469: The proposed acquisition by Nippon Steel would pose a risk to national security, and also declared that he would use U.S regulatory authorities to scuttle the deal. After this revelation, it was noted the Committee on Foreign Investment in the United States (CFIUS) had the authority to block the acquisition based on national security matters. According to USW President David McCall, Biden's decision "should end
8484-423: The quotations right before and after the event coincide: Since November 8, 2024, the Dow Divisor is 0.16268413125742 and every $ 1 change in price in a particular stock within the average equates to a 6.146881 (or 1 ÷ 0.16268413125742) point movement. Despite its unusual weighting by price rather than market capitalization, the Dow Jones Industrial Average is highly correlated with other proxies of
8585-418: The railroad's dockside terminus near Masontown . One EMD SD-40 and two SD38-2 locomotives comprise the power roster. Most trips convey roughly 35 to 38 (38 cars is the max amount capable of fitting in the loading/unloading facilities) leased and owned coal cars , often with two locomotives operating in "push-pull" mode. United States Steel U.S. Steel , or United States Steel Corporation,
8686-523: The same day). The index slowly retreated for the remainder of the week and into the next week, before coronavirus fears and an oil price war between Saudi Arabia and Russia sent the index into a tailspin , recording several days of losses (and gains ) of at least 1,000 points, a typical symptom of a bear market as previously seen in October 2008 during the 2007–2008 financial crisis . Volatility rose high enough to trigger multiple 15-minute trading halts . In
8787-399: The summer of 1890, but reached its all-time low of 28.48 in the summer of 1896 during the Panic of 1896 . Many of the biggest percentage price moves in the Dow occurred early in its history, as the nascent industrial economy matured. In the 1900s, the Dow halted its momentum as it worked its way through two financial crises: the Panic of 1901 and the Panic of 1907 . The Dow remained stuck in
8888-520: The time, the index closed at a new 12-year low of 6,547.05 on March 9, 2009, its lowest close since April 1997. The Dow had lost 20% of its value in only six weeks. Towards the latter half of 2009, the average rallied towards the 10,000 level amid optimism that the Great Recession , the United States housing bubble and the 2007–2008 financial crisis , were easing and possibly coming to an end. For
8989-550: The union and with management and proceeded to have proxy battles with shareholders and management. But he abandoned all efforts to buy out the company on January 8, 1987, a few weeks before union employees returned to work. By the late 20th century, U.S. Steel earned most of its revenue from energy operations. In 2001, under CEO Thomas Usher , it spun off Marathon and other non-steel assets, except Transtar , and expanded internationally by acquiring plants in Slovakia and Serbia. In
9090-520: The value of the index is unaffected by the stock split. First calculated on May 26, 1896, the index is the second-oldest among U.S. market indices, after the Dow Jones Transportation Average . It was created by Charles Dow , co-founder of both The Wall Street Journal and Dow Jones & Company , and named after him and his business associate, statistician Edward Jones . The index is maintained by S&P Dow Jones Indices , an entity majority-owned by S&P Global . Its components are selected by
9191-469: The year. In 2002, the Dow dropped to a four-year low of 7,286 on September 24, 2002, due to the stock market downturn of 2002 and lingering effects of the dot-com bubble . Overall, while the NASDAQ index fell roughly 75% and the S&P 500 index fell roughly 50% between 2000 and 2002, the Dow only fell 27% during the same period. In 2003, the Dow held steady within the 7,000 to 9,000-point level and recovered to
9292-461: Was broken up), but that effort ultimately failed. In 1902, its first full year of operation, U.S. Steel made 67 percent of all the steel produced in the United States. About 100 years later, as of 2001, it produced only 8 percent more than it did in 1902, and its shipments accounted for only about 8 percent of domestic consumption. According to the author Douglas Blackmon in Slavery by Another Name ,
9393-443: Was brokered and accepted by the union membership on January 31, 1987. On February 4, 1987, three days after the agreement had been reached to end the work stoppage, USX announced that four USX plants would remain closed permanently, eliminating about 3,500 union jobs. Corporate raider Carl Icahn launched a hostile takeover of the steel giant in late 1986 in the midst of the work stoppage. He conducted separate negotiations with
9494-427: Was fairly ubiquitous as eight Southern states had similar practices and many companies, as well as farmers, took advantage of this. The Corporation, as it was known on Wall Street , was distinguished by its size, rather than for its efficiency or creativity during its heyday. In 1901, it controlled two-thirds of steel production and, through its Pittsburgh Steamship Company, developed the largest commercial fleet on
9595-490: Was named president in 1911 and served until 1932. In March 1908, the company formed the Committee on Safety of United States Steel following chairman Elbert H. Gary's meetings on safety with casualty managers of the operating companies, thereby leading to the introduction of the modern "Safety First" movement. The committee's formation was intended not only to focus on workplace safety to prevent worker accidents, but to safeguard
9696-491: Was not surpassed until 1954. Marked by global instability and the Great Depression, the 1930s contended with several consequential European and Asian outbreaks of war, leading to the catastrophic World War II in 1939. Other conflicts during the decade which affected the stock market included the 1936–1939 Spanish Civil War , the 1935–1936 Second Italo-Abyssinian War , the Soviet-Japanese Border War of 1939 , and
9797-635: Was opposed by the United Steelworkers , the Trump campaign, and the Biden administration. As of November 2024 , the Biden administration was still set on blocking the proposed acquisition. J. P. Morgan formed U.S. Steel on March 2, 1901 (incorporated on February 25, 1901), by financing the merger of Andrew Carnegie 's Carnegie Steel Company with Elbert H. Gary's Federal Steel Company and William Henry "Judge" Moore 's National Steel Company for $ 492 million ($ 18 billion today). At one time, U.S. Steel
9898-402: Was reduced to $ 0.05 per share. In February 2020, the dividend was reduced to $ 0.01 per share but was then later increased back to $ 0.05 per share in November 2021. U.S. Steel maintained the labor policies of Andrew Carnegie . Carnegie believed that "good wages and good workmen I know to be cheap labor." The Amalgamated Association of Iron and Steel Workers union that represented workers at
9999-593: Was the largest steel producer and largest corporation in the world. It was capitalized at $ 1.4 billion ($ 51.3 billion today), making it the world's first billion-dollar corporation. The company established its headquarters in the Empire Building at 71 Broadway in New York City; it remained a major tenant in the building for 75 years. Charles M. Schwab , the Carnegie Steel executive who originally suggested
10100-645: Was the world's eighth-largest steel producer. By 2022, it ranked 24th globally and second in the U.S., behind Nucor . Though renamed USX Corporation in 1986, the company was renamed United States Steel in 2001 after spinning off its energy business, including Marathon Oil , and other assets, from its core steel concern. Nippon Steel , Japan's largest steel producer, announced plans to acquire U.S. Steel for $ 14.1 billion, pending approval from regulators and shareholders. The deal, announced in mid-December 2023, would retain U.S. Steel's name and headquarters in Pittsburgh. It
10201-403: Was used as part of a major marketing campaign to educate consumers about how important steel is in people's daily lives. The Steelmark logo was used in print, radio and television ads as well as on labels for all steel products, from steel tanks to tricycles to filing cabinets. In the 1960s, U.S. Steel turned over the Steelmark program to the AISI, where it came to represent the steel industry as
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