United States Steel was created in 1901 by the merger of the companies of John Pierpont Morgan, Andrew Carnegie, Elbert M. Gary, and Charles Schwab. The first corporation capitalized at more than a billion dollars, US Steel was subject to several strikes, including the general steel strike of 1919, and in 1920 the Supreme Court ruled that the company was not a monopoly. In 1937, however, US Steel began to recognize unions such as the United Steelworkers of America.
John Pierpont Morgan (1837–1913) was, by the late 1880s, America’s most successful investment banker. Morgan found success in reorganizing railroads, consolidations of other industries, and in finance and insurance.
In Jean Strouse’s Morgan: American Financier, J. P. Morgan emerges as a man who was critical in reorganizing bankrupt railroads, attracting gold and investment to the United States, and building a financial empire, but who, at his death in 1913, was one of the most vilified men of the Gilded Age.