Lukens Steel Co.
Brand
Lukens Steel Company, located in Coatesville, Pennsylvania, is the oldest steel mill in commission within the United States.
In 1995, it was one of the three largest producers of plate steel and the largest domestic manufacturer of alloy-plate. It is ranked fourth out of 24 public steel corporations in profitability, earning 14.8% equity five years in a row. The company produces carbon, alloy, and clad steel plates along with stainless steel sheets, strips, plates, hot bands, and slabs.
Subject ID: 89239
MoreLukens Steel Company, located in Coatesville, Pennsylvania, is the oldest steel mill in commission within the United States.
In 1995, it was one of the three largest producers of plate steel and the largest domestic manufacturer of alloy-plate. It is ranked fourth out of 24 public steel corporations in profitability, earning 14.8% equity five years in a row. The company produces carbon, alloy, and clad steel plates along with stainless steel sheets, strips, plates, hot bands, and slabs.
1970 brought completed construction of a $12.8 million strand casting facility that produced steel slabs faster and reduced handling costs. By 1974 production of raw steel reach 958,000 tons and net sales reached $283.4 million. Huston Jr. retired that year ending the family dynasty since 1810. The following year the mill equipped four enormous electric furnaces that phased out the open-hearth furnaces. Economic problems hit the company hard in the late 70’s. High energy costs, interest rates, and employment costs as well as competition from other metals and cheap imported material put a decrease on net income from 4.2% to 1.3% and plates sales dropped from 11% to 8%.
W.R. Wilson became president and chief executive officer in 1980. In 1981, Lukens acquired General Steel Industries, Inc., a producer of steel, crushing, and conveying machinery, reflective highway signs, and protective coats for oil and gas pipelines, for $66 million. The company also bought 3.6 miles of railroad from Conrail called Brandywine Valley Railroad Co. The next year, Lukens would make two small purchases each year and one large every three years with non-steel productions. That same year steel was removed from the name to become Lukens Inc. From January through September 1982 in order to decrease costs the company reduced its work force by 22% and cut employee’s pay 10%.
Bethlehem Steel eventually bought Lukens in 1997 for $400 million in cash and stock.
In 2003, International Steel Group Inc (ISG) bought Bethlehem for $1.5 billion. The following year ISG was bought out by Mittal Steel for $4.5 billion. In 2006 Mittal Steel and Arcelor merged to make a steel company three times the size of any other steel company for $33.6 billion. From 2006 until the present the name has remained the same.
Subject ID: 89239
Subject ID: 89239
