U.S. Steel Born: World's First Billion-Dollar Firm

J.P. Morgan created United States Steel on February 25, 1901, by merging Andrew Carnegie's steel empire with Federal Steel, National Steel, and several smaller firms into the world's first billion-dollar corporation. Capitalized at .4 billion, roughly billion in today's dollars, US Steel controlled 67 percent of American steel production and employed over 168,000 workers. Carnegie had sold his stake for million in gold bonds, making him the richest man in the world. Morgan reportedly told Carnegie afterward, 'Congratulations, Mr. Carnegie, you are now the richest man in the world,' to which Carnegie replied, 'I should have asked for more.' The creation of US Steel epitomized the era of industrial consolidation and raised immediate antitrust concerns. President Theodore Roosevelt filed suit against the company in 1911, though the Supreme Court ultimately ruled it was not an illegal monopoly. The company dominated American industry for decades before declining in the face of foreign competition.