Spinnerette: 04.23.24
+1.14 x 2 companies
ESLT + EMR
MR. STEEL MELTERS
Today’s Spinnerette gave me the opportunity to learn about the Steel Industry, and as always, I gained some new knowledge.
Steel is an alloy composed of carbon and iron that has a long history of development.
The earliest steel artifacts date back more than 4,000 years ago. The invention of Steel cannot be attributed to one person, but over the years the production of Steel tells a story of its development. The 13th century B.C. blacksmiths discovered that Iron became harder and more durable when carbon was introduced and left in the heating coal furnaces. China in the 3rd century A.D. became the first country to mass produce high quality Steel. However, in those early years it was expensive to mass-produce Steel. Consequently, it was primarily applied to armour, tools and weaponry.
The First Industrial Revolution began in the United Kingdom of Great Britain in 1760 when people transitioned from creating goods by hand to using machines. Indisputably, Steel grew in popularity over the centuries. During the 1830’s Farming in America began to employ steel machinery to cultivate the land. Yet, it wasn’t until the later in the 19th century that the process of making Steel could become more efficient and economical to produce. The production of “high-quality Steel” paved the way for significant advancements in industrialization and infrastructure when a new Steel process was invented in 1856 by Sir Henry Bessemer who became known as the father of the Steel Industry.
Most notably, the industrialist and philanthropist, Andrew Carnegie is credited with leading the expansion of the American Steel Industry during the late 19th century. Carnegie introduced the Bessemer Process to the United States which replaced iron in the manufacturing of many products. Now, the Steel Industry is considered an essential staple of the world’s Industrial Economy.
The first Major Steel Company in the World was Carnegie Steel Company based in Pittsburgh, PA.
The oldest operating Steel Mill Company in America is Lukens Steel Company located in Coatesville, PA, which was established in 1793 by Isaac Pennock.
The largest Steel Company in the World today is the China state-owned Baowu Steel Group Corporation.
The Basic Oxygen Steelmaking method eventually improved the Bessemer process. Today Steel is manufactured using two processes which are the blast furnace/basic oxygen furnace route and the electric arc furnace route, as stated by, ArcelorMittal.
Steel and the sustainable environmental footprint: According to asu.edu, Steel is among the most carbon-intensive manufacturing processes, producing about 7% of carbon dioxide emissions globally. Low-carbon energy sources such as hydrogen, coal gasification or electricity in place of the traditional carbon-intensive manufacturing of coal-fired plants can ease carbon dioxide emissions from Steel manufacturing. In other words, to make Steel “Green” it requires manufacturing it without fossil fuels. Just days ago, the Wall Street Journal reported on the newest Steel making “Green” process known as Electra which uses renewable electricity and chemistry to process iron ore at low temperatures without using coal, oil or gas. The article was Written by Amrith Ramkumar entitled “A New Way to Make Green Steel” on June 13 , 2024.
There are 4 types of Steel: carbon steel, stainless steel, alloy steel and tool steel. The strongest form of Steel is steel-iron-nickel alloy. Stainless Steel is the most expensive Steel to manufacture.
The Top 5 Steel Companies trading on the Exchange are:
Nucor: NUE - NYSE / Revenue is over US$34 BILLION.
ArcelorMittal: MTCN - NYSE / Revenue is over US$68 BILLION.
Cleveland-Cliffs:CLF - NYSE / Revenue is approx. US$22 BILLION.
U.S. Steel: X - NYSE / Revenue is over US$18 BILLION.
Steel Dynamics: STLD - NASDAQ / Revenue is over US$22 BILLION.
The companies that created Today’s Spinnerette.Anagram are:
ESLT is Elbit Systems Ltd. an Israel based International military technology company and defense contractor that trades on TASE: ESLT and the NASDAQ: ESLT. The company was founded in 1966.
Revenue is reported around US$5.28 BILLION and employs more than 18,000.
Traded Today @ $203.21
EMR is Emerson Electric founded in 1890 by John W. Emerson. Since then, the company has grown into a multinational corporation with 170 manufacturing locations. The company is headquartered in Ferguson, MO.
Revenue is reported around US$15.17 BILLION and employs approx. 67,000.
Traded Today @ $109.77
Company/corporation information is from google wikipedia and britannica