US Steel, founded in 1901 and one of the foremost corporations in United States history is now the target of a buy-out by other corporations. The motive is seen to be a dismantling of the firm and sale of some of its parts. Esmark has offered $35 per share for the company, Cleveland-Cliffs a similar amount with a share included. So far US Steel hasn't bitten.
Owner of mills in various locations across the country and of the mines producing the ore and coke needed to supply them, US Steel has been a symbol of American industrial power throughout the twentieth century. Times have changed.
The market capitalization of US Steel is $6.98 billion. That's the number of shares outstanding multiplied by the share price. In a world where billions are just another number, that doesn't seem like a lot for a company that makes the materials needed for a host of industrial and consumer products. It isn't. It's the 4th largest steel company in the US and the 17th in the world.
researchgate.net
In fact, as US companies go, it's tiny. On the basis of market cap, Amazon is the 5th largest company on earth with a figure of $1.42 trillion, with a market cap 200 times that of US Steel. And Amazon doesn't actually manufacture anything. It's a techno-version of 19th century phenomenon Montgomery Ward.
Another big operation that doesn't really make anything is Meta, market cap $776 billion. Visa, an outfit that simply shuffles money, comes in at $504 billion.
Way down the list, Musk's X, apparently doomed to always be known as "the company formerly called Twitter", has a current market cap of $41.09 billion.
In what's possibly a negative omen, US Steel ranks below the 2500 mark in world companies. An indication of the direction the US economy has taken in the last few years.
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