Lone Star Steel Company was a company that operated a plant that produced

steel Steel is an alloy made up of iron with added carbon to improve its strength and fracture resistance compared to other forms of iron. Many other elements may be present or added. Stainless steels that are corrosion- and oxidation-resistant ty ...

Lone Star, Texas Lone Star is a city in Morris County, Texas, United States. Its population was 1,581 at the 2010 census. Geography Lone Star is located at (32.943105, –94.708017). According to the United States Census Bureau, the city has a total area of , ...

. It specialized in making

tubular steel Cold-formed steel (CFS) is the common term for steel products shaped by cold-working processes carried out near room temperature, such as rolling, pressing, stamping, bending, etc. Stock bars and sheets of cold-rolled steel (CRS) are common ...

with outer diameters ranging from 16 inches to 1.415 inches. In 2007, it was acquired by

U.S. Steel United States Steel Corporation, more commonly known as U.S. Steel, is an American integrated steel producer headquartered in Pittsburgh, Pittsburgh, Pennsylvania, with production operations primarily in the United States of America and in severa ...

for $2.1 billion. The company presented its annual Chief Roughneck Award to lifetime contributors to the

petroleum industry The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The larges ...

since 1955; the award has been presented by U.S. Steel since 2007 after it acquired the company.

History

The company was founded in 1942. In 1981, the company introduced a new family of steel, oil and gas well casings. In 1985, the company was spun off from Northwest Industries (now Fruit of the Loom, Inc. successor to Farley Industries, Inc.). William H. Beasley 3d was named chairman and chief executive officer of Lone Star. In August 1988, the company acquired American Federal Bank for $48 million. It sold the bank for $150 million in 1993. In 1989, the company filed

bankruptcy 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 ...

; it emerged in 1991. In 2001, the company reached a 4-year

collective bargaining Collective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights for workers. The i ...

agreement with its

labor union A trade union (labor union in American English), often simply referred to as a union, is an organization of workers intent on "maintaining or improving the conditions of their employment", ch. I such as attaining better wages and benefits ( ...

. In 2002, U.S. Steel canceled its marketing agreement with the company. In 2007, the company was acquired by U.S. Steel. In March 2016, U.S. Steel idled the plant. In December 2016, U.S. Steel permanently closed a section of the plant.

References

{{Reflist, 1 1942 establishments in Texas 2007 mergers and acquisitions U.S. Steel