Lone Star Steel Company

Last updated
Lone Star Technologies, Inc.
Defunct
Industry Metals
FateAcquired by U.S. Steel
Founded1942
Headquarters Lone Star, Texas
Key people
Rhys J. Best, Chairman & CEO
Charles J. Keszler, Chief Financial Officer [1]
Products Steel
Number of employees
2,784 (2007) [1]

Lone Star Steel Company was a company that operated a plant that produced steel in Lone Star, Texas. It specialized in making tubular steel with outer diameters ranging from 16 inches to 1.415 inches. In 2007, it was acquired by U.S. Steel for $2.1 billion. [2]

Steel alloy made by combining iron and other elements

Steel is an alloy of iron and carbon, and sometimes other elements. Because of its high tensile strength and low cost, it is a major component used in buildings, infrastructure, tools, ships, trains, automobiles, machines, appliances, and weapons.

Lone Star, Texas City in Texas, United States

Lone Star is a city in Morris County, Texas, United States. The population was 1,581 at the 2010 census.

U.S. Steel US steel-producing company

United States Steel Corporation, more commonly known as U.S. Steel, is an American integrated steel producer headquartered in Pittsburgh, Pennsylvania, with production operations in the United States and Central Europe. As of 2016, the company was the world's 24th-largest steel producer and second-largest domestic producer, trailing only Nucor Corporation.

The company is notable for its annual Chief Roughneck Award, which it has presented to lifetime contributors to the petroleum industry since 1955; the award has been presented by U.S. Steel since 2007 after it acquired the company.

The Chief Roughneck Award has presented annually since 1955 by U.S. Steel Tubular Products, Inc., a subsidiary of United States Steel Corporation. It honors the highest ideals of the petroleum industry and is awarded to honor the achievements and character of a petroleum executive. Recently it has been presented at the annual meeting of the Independent Petroleum Association of America in San Antonio, Texas.

History

The company was founded in 1942. [3]

In 1981, the company introduced a new family of steel, oil and gas well casings. [4]

In 1985, the company was spun off from Northwest Industries (now Fruit of the Loom,Inc. successor to Farley Industries, Inc.). [5] William H. Beasley 3d was named chairman and chief executive officer of Lone Star. [6]

In 1989, the company filed for bankruptcy protection; it emerged in 1991. [7] The company also reached an agreement with its labor union. [8]

Bankruptcy legal status of a person or other entity that cannot repay the debts it owes to creditors

Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

In 2002, U.S. Steel canceled its marketing agreement with the company. [9]

In 2007, the company was acquired by U.S. Steel. [2]

In March 2016, U.S. Steel idled the plant. [3]

In December 2016, U.S. Steel permanently closed a section of the plant. [10]

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References

  1. 1 2 Lone Star Technologies, Inc. 2007 Form 10-K Annual Report
  2. 1 2 "U. S. Steel Completes Purchase of Lone Star Technologies" (Press release). Thomas Net. June 14, 2007.
  3. 1 2 "U.S. Steel idling Lone Star plant; laying off 450". Longview News-Journal. March 19, 2016.
  4. "Lone Star Steel Has New Casings". The New York Times. May 28, 1981.
  5. SAXON, WOLFGANG (November 3, 1990). "William Howard Beasley 3d, 44, of Lone Star Technologies, Dies". The New York Times.
  6. Gilpin, Kennth N. (October 30, 1984). "Top Executive Chosen For Lone Star Steel". The New York Times.
  7. "Lone Star Steel Bankruptcy Plan". Associated Press . New York Times. March 27, 1991.
  8. "Lone Star Steel reaches deal with steelworkers union". American City Business Journals. June 25, 2001.
  9. "U.S. Steel cancels agreement with Lone Star". American City Business Journals. July 29, 2002.
  10. "Lone Star Steel to close down one section of plant". CBS News. December 29, 2016.