By Kenneth Warren
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Additional info for Big Steel: The First Century of the United States Steel Corporation, 1901-2001
In 1915 Alva Dinkey, who had been Corey's successor both as general superintendent at Homestead and president of Carnegie Steel. also withdrew and joined Corey and Dickson in controlling the Midvale Steel and Ordnance Company. At its incorporation US Steel comprised 213 different manufacturing plants: 100 of them in Pennsylvania, 51 in Ohio, 15 in Illinois, 12 in Indiana, and 12 in New York. It had forty-one mines and almost one thousand miles of railroad. l3 From the start it was expected to follow the practice of earlier combinations in closing those plants judged inefficient or badly located.
7 percent; after this in no year was it ever again over 60 percent. In short, Schwab's anticipations of better performances in times of difficulty, projected from years of experience at Carnegie Steel, were quickly disproved. In other respects too early indicators were disappointing. For instance, earnings in relation to capital or per ton of steel were less good than in the predecessor companies as a whole, and in the former respect these were particularly behind what had recently happened at Carnegie Steel.
If their concerns were merged into a larger group, they could expect big financial rewards. As early as 1899, as the product groups were taking shape, there had been schemes for the combination of considerable sections of the industry. Elbert H. Gary, with whom Morgan was involved in the formation of Federal Steel, was said to have afterward urged the banker to purchase Carnegie Steel. There were various vague ideas for linking Federal and Carnegie. In spring that year there was a scheme, which nearly came to fruition, for cooperation between the Moore group, which had promoted a number of the product groups as well as National Steel, and certain of the Carnegie top management, notably Henry Phipps and Henry Clay Frick.
Big Steel: The First Century of the United States Steel Corporation, 1901-2001 by Kenneth Warren