Bethlehem Steel Corporation
Bethlehem Steel Corporation, formerly known as Bethlehem Steel Corporation, is an American steel and manufacturing company based in Bethlehem, Pennsylvania. Before it went bankrupt and liquidated in 2003, it was the second-largest producer of steel and the fourth-largest steelmaker in the world. It was founded by Charles M. Schwab in 1904 and was originally known as Bethlehem Steel and Iron Company.
Bethlehem Steel began producing steel in 1905 and played an important role in the development and growth of the U.S. industrial sector. It supplied steel for naval vessels and armaments during World War I and World War II, and constructed many of the nation’s largest bridges during the 20th century. During the years of its success and prominence, it grew from a small steel plant to one of the largest in the world.
The company’s peak was during the mid-1940s to early 1970s. It expanded, including purchasing other steel companies, and it saw its employees’ ranks swell to over 80,000 by 1945. Through its subsidiaries, it also bought a substantial share of the US. steel industry.
The company’s downfall, however, began when foreign competition began to increase. This competition, coupled with a drop in market demand and labor issues, caused Bethlehem Steel to begin losing money in the late 1970s and early 1980s. Its productivity and profitability were both on the decline and, eventually, the company had to resort to bankruptcy protection in 2001. Its assets were sold in 2003 and, after liquidation, the company officially dissolved in 2005.
Today, much of the Bethlehem Steel plant lies abandoned and in disrepair. Although the land is now in use by numerous businesses, the site still serves as a reminder of Bethlehem Steel’s considerable history and contribution to the industrialization of America.
