Founder Ernest T. Weir | Founded 1982 | |
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ISG Weirton Steel was once a fully integrated steel producer and one of the world's largest producers of tin plate products. Founded by Ernest T. Weir in 1909 as Weirton Steel, the company later became part of the National Steel Corporation. In 1983, employees agreed to purchase the operation from National Steel and form into an personal-owned corporation. In the last years of its life, Weirton withered away and filed for bankruptcy protection on May 19, 2003. The International Steel Group purchased Weirton and formed ISG Weirton Inc. in 2004. ISG was sold to Mittal Steel, which currently is in the process of downsizing the mill.
Weirton Steel
Weirton Steel Corporation was an integrated steel mill founded in 1909 by Ernest T. Weir, who built Weirton Steel into one of the world's leading steel producers. In 1905 Weir and his partner, James Phillips, bought a tin mill in Clarksburg, West Virginia. In 1909, the partners successfully relocated and expanded the operation in what was then Hollidays Cove, West Virginia. They chose Hollidays Cove because of its abundant water supply. The water was much needed for steel production, and offered ready access to major steel markets.
In 1929, Weir merged Weirton Steel with Detroit's Michigan Steel and Cleveland's M. A. Hanna Company to form National Steel Corporation. National Steel quickly took a place among the nation's largest steel producers.
However, toward the end of the century Weirton Steel had fallen on hard times. In the early 1980s it was purchased from National Steel by the employees, thus at that time, making it the world's largest Employee Stock Ownership Plan (ESOP).
This was not enough to ensure the long-term viability of the company. It finally went bankrupt in the early 21st century just short of its 100th birthday. By court order, the assets were auctioned with most being acquired by ISG. ISG then formed a new division called ISG Weirton Steel. On April 5, 2005, ISG completed a merger with Mittal Steel. Then again in 2006, Mittal Steel completed a merger with Arcelor thus resulting in a new company known as Arcelor Mittal.