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Obituary: David M Roderick

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发表于 10-13-2019 12:46:23 | 显示全部楼层 |阅读模式
James R Hagerty, Obituary: David M Roderick, 1924-2019 | US Steel CEO Slashed Jobs, Diversified into Oil. Wall Street Journal, Oct 12, 2019.
https://www.wsj.com/articles/dav ... s-at-95-11570567647

Note:
(a) "when he became chief executive of US Steel Corp. Faced with red ink and surging imports, he eliminated scores of steel mills and moved aggressively into a new business: oil and gas. It was shock therapy for the nation's largest steelmaker, created in 1901 by a merger of steel interests controlled by JP Morgan and Andrew Carnegie.
(i) US Steel
https://en.wikipedia.org/wiki/U.S._Steel
(Headquarters Pittsburgh)

Quote: "As of 2016, the company was * * * second-largest domestic producer, trailing only Nucor Corporation.  Though renamed USX Corporation in 1986, the company returned to its present name in 2001 after spinning off its energy business, including Marathon Oil * * *  * * * a decline in market capitalization resulted in its removal from the S&P 500 Index in 2014. [section 1 History, section 1.1 Formation:] JP Morgan formed US Steel n 1901 by financing the merger of Andrew Carnegie's Carnegie Steel Company [1892-1901; based in Pittsburgh; not Carnegie's first steelworks; 'After selling Carnegie Steel, he surpassed John D Rockefeller as the richest American for the next several years': en.wikipedia.org for Carnegie] with Elbert H Gary's Federal Steel Company [based in Chicago, Illinois] and William Henry 'Judge' Moore's National Steel Company for $492 million ($14.82 billion today). At one time, U.S. Steel was the largest steel producer and largest corporation in the world. It was capitalized at $1.4 billion ($42.2 billion today), making it the world's first billion-dollar corporation.[8] The company established its headquarters in the Empire Building at 71 Broadway in New York Cit

(ii) The Iron Trade Review. vol 32, at page 10
https://books.google.com/books?i ... g=RA3-PA106&dq="headquarters"+National+Steel+Company+"Moore"+judge&source=bl&ots=P0vpl7gqtv&sig=ACfU3U2HPpA4IzcYwb4UDCmmoF45raaF-A&hl=en&sa=X&ved=2ahUKEwix7daN9pnlAhWDmOAKHThVD0gQ6AEwDHoECAcQA
(Nov 9, 1899: "National Steel Co Offices Go to New York [which was sectional heading] The statement that National Steel Co will be removed from Chicago to New York has been authoritatively confirmed. * * * Oy os understood that New York would have been made headquarters originally, but for the fact of Judge Moore's residence in Chicago")

(b) "The company took 34 years shut down a Youngstown, Ohio, steel works first slated for the scrap heap in 1945. On Dec.27, 1983" Mr Roderick announced its closure.
(i) Youngstown, Ohio
https://en.wikipedia.org/wiki/Youngstown,_Ohio
(map; is on the Mahoning River, approximately 65 miles (105 km) southeast of Cleveland, Ohio and 61 miles (100 km) northwest of Pittsburgh; The city was named for John Young, an early settler from Whitestown, New York, who established the community's first sawmill and gristmill_
(ii) "Endowed with large deposits of coal and iron as well as "old growth" hardwood forests needed to produce charcoal, the Youngstown area eventually developed a thriving steel industry."  en.wikipedia.org for "economy of youngstown ohio."

Youngstown, Puttsburgh are all part of Appalachia
https://en.wikipedia.org/wiki/Appalachia
(map)

(c) "His purchases of Marathon Oil Co in 1982 and Texas Oil & Gas Corp in 1986"

Marathon Oil
https://en.wikipedia.org/wiki/Marathon_Oil
(today as "Marathon Oil Corp * * * Marathon began as The Ohio Oil Company in 1887 [founded by Henry M Ernst based in northwestern Ohio]. In 1889, it was purchased by John D. Rockefeller's Standard Oil. It remained a part of Standard Oil until Standard Oil was broken up in 1911." It was spun off in 2001 from USX)
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