Lone Star Steel Company Article

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Lone Star Technologies, Inc.
Defunct
Industry Metals
FateAcquired by U.S. Steel
Founded1942
Headquarters Lone Star, Texas
Key people
Rhys J. Best, Chairman & CEO
Charles J. Keszler, Chief Financial Officer [1]
Products Steel
Number of employees
2,784 (2007) [1]

Lone Star Steel Company was a company that operated a plant that produced steel in Lone Star, Texas. It specialized in making tubular steel with outer diameters ranging from 16 inches to 1.415 inches. In 2007, it was acquired by U.S. Steel for $2.1 billion. [2]

The company is notable for its annual Chief Roughneck Award, which it has presented to lifetime contributors to the petroleum industry 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. [3]

In 1981, the company introduced a new family of steel, oil and gas well casings. [4]

In 1985, the company was spun off from Northwest Industries (now Fruit of the Loom,Inc. successor to Farley Industries, Inc.). [5] William H. Beasley 3d was named chairman and chief executive officer of Lone Star. [6]

In 1989, the company filed for bankruptcy protection; it emerged in 1991. [7] The company also reached an agreement with its labor union. [8]

In 2002, U.S. Steel canceled its marketing agreement with the company. [9]

In 2007, the company was acquired by U.S. Steel. [2]

In March 2016, U.S. Steel idled the plant. [3]

In December 2016, U.S. Steel permanently closed a section of the plant. [10]

References

  1. ^ a b Lone Star Technologies, Inc. 2007 Form 10-K Annual Report
  2. ^ a b "U. S. Steel Completes Purchase of Lone Star Technologies" (Press release). Thomas Net. June 14, 2007.
  3. ^ a b "U.S. Steel idling Lone Star plant; laying off 450". Longview News-Journal. March 19, 2016.
  4. ^ "Lone Star Steel Has New Casings". The New York Times. May 28, 1981.
  5. ^ SAXON, WOLFGANG (November 3, 1990). "William Howard Beasley 3d, 44, of Lone Star Technologies, Dies". The New York Times.
  6. ^ Gilpin, Kennth N. (October 30, 1984). "Top Executive Chosen For Lone Star Steel". The New York Times.
  7. ^ "Lone Star Steel Bankruptcy Plan". Associated Press. New York Times. March 27, 1991.
  8. ^ "Lone Star Steel reaches deal with steelworkers union". American City Business Journals. June 25, 2001.
  9. ^ "U.S. Steel cancels agreement with Lone Star". American City Business Journals. July 29, 2002.
  10. ^ "Lone Star Steel to close down one section of plant". CBS News. December 29, 2016.