When J.P. Morgan Swallowed the Sun: The March 3, 1901 Birth of U.S. Steel
In this compelling segment of This Week in Wall Street History, host Todd M. Schoenberger revisits a pivotal date—March 3, 1901—when J.P. Morgan announced the merger of Carnegie Steel with Federal Steel and National Tube, forming U.S. Steel, the world’s largest corporation at the time, valued at $1.4 billion—a staggering sum equivalent to approximately 7% of U.S. GDP in 1901.
This landmark consolidation embodied the era's “Morganization”—the practice of streamlining competition into efficient, vertically integrated industry giants by eliminating chaos through high-profile mergers.
Why It Resonates Today:
This legacy lives on as we face today’s wave of high-stakes industrial consolidations. Recently, U.S. Steel emerged in headlines again due to its proposed $14.9 billion acquisition by Nippon Steel, prompting debates over national security, foreign ownership, and the future of American manufacturing.
Much like the early 1900s, modern consolidation raises questions about scale, control, and regulation—influencing policy and shaping market futures.
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