Summary
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]
| Industry | Metals |
|---|---|
| Founded | 1942 |
| Defunct | June 14, 2007 |
| Fate | Acquired by U.S. Steel |
| Headquarters | Lone Star, Texas |
Key people | Rhys J. Best, Chairman & CEO Charles J. Keszler, Chief Financial Officer |
| Products | Steel |
Number of employees | 2,784 (2007) |
| Footnotes / references [1] | |
The company presented its annual Chief Roughneck Award 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.
History edit
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 August 1988, the company acquired American Federal Bank for $48 million. It sold the bank for $150 million in 1993.[7]
In 1989, the company filed bankruptcy; it emerged in 1991.[8]
In 2001, the company reached a 4-year collective bargaining agreement with its labor union.[9]
In 2002, U.S. Steel canceled its marketing agreement with the company.[10]
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.[11]
References edit
- ^ "Lone Star Technologies, Inc. 2006 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b "U. S. Steel Completes Purchase of Lone Star Technologies" (Press release). Thomas Register. June 14, 2007.
- ^ a b "U.S. Steel idling Lone Star plant; laying off 450". Longview News-Journal. March 19, 2016.
- ^ "Lone Star Steel Has New Casings". The New York Times. May 28, 1981.
- ^ SAXON, WOLFGANG (November 3, 1990). "William Howard Beasley 3d, 44, of Lone Star Technologies, Dies". The New York Times.
- ^ Gilpin, Kennth N. (October 30, 1984). "Top Executive Chosen For Lone Star Steel". The New York Times.
- ^ "Lone Star Technologies to sell American Federal Bank". United Press International. February 17, 1993.
- ^ "Lone Star Steel Bankruptcy Plan". The New York Times. Associated Press. March 27, 1991.
- ^ "Lone Star Steel reaches deal with steelworkers union". American City Business Journals. June 25, 2001.
- ^ "U.S. Steel cancels agreement with Lone Star". American City Business Journals. July 29, 2002.
- ^ "Lone Star Steel to close down one section of plant". CBS News. December 29, 2016.