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→US Steel: art
By 1900 the US was the largest producer and also the lowest cost producer, and demand for steel seemed inexhaustible. Output had tripled since 1880, and prices fell. Productivity-enhancing technology encouraged faster and faster rates of investment in new plants. However during recessions, demand fell sharply taking down output, prices, and profits. [[Charles M. Schwab]] of [[Carnegie Steel]] proposed a solution: consolidation. [[J. P. Morgan]] and [[Elbert Gary]] led the team that worked with Carnegie and Schwab to create United States Steel, by far the largest non-railroad corporation in the world in 1901.
By 1900 the US was the largest producer and also the lowest cost producer, and demand for steel seemed inexhaustible. Output had tripled since 1880, and prices fell. Productivity-enhancing technology encouraged faster and faster rates of investment in new plants. However during recessions, demand fell sharply taking down output, prices, and profits. [[Charles M. Schwab]] of [[Carnegie Steel]] proposed a solution: consolidation. [[J. P. Morgan]] and [[Elbert Gary]] led the team that worked with Carnegie and Schwab to create United States Steel, by far the largest non-railroad corporation in the world in 1901.
US Steel combined finishing firms (American Tin Plate, American Steel and Wire, and National Tube) with two major integrated companies, Carnegie Steel and Federal Steel. It was capitalized at $1.466 billion, and included 213 manufacturing mills, one thousand miles of railroad, and 41 mines. In 1901, it accounted for 66% of America's steel output, and almost 30% of the world's. During World War I, its annual production exceeded the combined output of all German and Austro-Hungarian firms.
US Steel combined finishing firms (American Tin Plate, American Steel and Wire, and National Tube) with two major integrated companies, Carnegie Steel and Federal Steel. It was capitalized at $1.466 billion, and included 213 manufacturing mills, one thousand miles of railroad, and 41 mines. In 1901, it accounted for 66% of America's steel output, and almost 30% of the world's. During World War I, its annual production exceeded the combined output of all German and Austro-Hungarian firms.
[[Image:Rolling.jpg|thumb|300px|left]]
===Other firms===
===Other firms===
===Bethlehem Steel===
===Bethlehem Steel===