In 1901, a Chicago lawyer, Elbert H. "Judge" Gary, among others, formed the United States Steel Corporation. Gary's intention was to produce large quantities of steel more efficiently and economically than ever before. Assisting him in this effort was the American banker J.P. Morgan, who financed the enterprisw. In fact, the company began business with assets of $1,400,000,000, becoming the first billion dollar corporation in the United States. From those auspicious beginnings and throughout most of the century, U.S. Steel has been among the largest steel producers in the world, and a true force in the U.S. economy. Aside from steel, the company produces iron ore, limestone, cement, coal, agricultural and industrial chemicals, and the basic materials for the plastic industry. It manufactures oil field drilling and pumping equipment, aluminium and steel siding and products for resedential and commercial construction throughout America. U.S. Steel also develops, finances, and leases real estate and handles mortgage operations.
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