M. A. Hanna Company
Encyclopedia
M. A. Hanna Company was an iron ore processing company located in Cleveland, Ohio
, United States
.
in the Mahoning Valley
. Marcus Hanna, the national Republican
political figure, then married into the Rhodes family setting the stage for a change. It became Hanna Mining in 1885. In the mid 1860s the company expanded into iron ore mining
in the area around Lake Superior
.
Incorporation took place in 1922 and was named as the M.A. Hanna Company. In 1929 the Hanna Company transferred its blast furnace
s, coke ovens, and other materials to National Steel Corporation
for stock in NSC. Hanna's bituminous coal
properties were put into the newly formed Consolidation Coal Company in 1945 in return for CCC stock.
under George Humphrey producing high-grade iron ore pellets and establishing Iron Ore Company of Canada
. Hanna also acquired interests in mineral companies in Latin America
as well as beginning the mining of nickel
in Oregon
and silicon
in Washington.
In 1958 Hanna's subsidiary
, the Hanna Coal & Ore Company, became the independent Hanna Mining Company while M. A. Hanna continued with mineral
sales and in its investment firm work until liquidation
in 1965.
, low sulfur coal, and mineral exploration. Hanna executives believed that the name Hanna Mining did not reflect the entire scope of what the company embodied and the name returned to M. A. Hanna Company in March 1985.
During the 1980s under CEO Martin D. Walker, M. A. Hanna began acquiring plastic
and polymer
companies while divesting itself of mining and energy property. Hanna purchased Burton Rubber Processing Company in 1986 and other polymer industries totaling sales of $1.1 billion in 1990. By 1993, M. A. Hanna's revenue from polymer processing was 99% of all revenue. By 1998, annual sales reached $2.3 billion annually. Hanna merged with polyvinyl chloride
giant Geon Company, a former division of the B. F. Goodrich Company that became a separate entity in 1993. The merger produced PolyOne Corporation
, a company worth $3.5 billion and ranked in the Fortune 1000
.
Cleveland, Ohio
Cleveland is a city in the U.S. state of Ohio and is the county seat of Cuyahoga County, the most populous county in the state. The city is located in northeastern Ohio on the southern shore of Lake Erie, approximately west of the Pennsylvania border...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
Origin
The origins of the M. A. Hanna Co. are with Daniel F. Rhodes. In the 1840s Rhodes had founded Rhodes & Company which mined coalCoal
Coal is a combustible black or brownish-black sedimentary rock usually occurring in rock strata in layers or veins called coal beds or coal seams. The harder forms, such as anthracite coal, can be regarded as metamorphic rock because of later exposure to elevated temperature and pressure...
in the Mahoning Valley
Mahoning Valley
The Mahoning Valley is a geographic valley encompassing the area of northeast Ohio and northwest Pennsylvania that drains into the Mahoning River. The Mahoning River empties into the Beaver River, which empties into the Ohio River. The Mahoning River flows through Lawrence and Mercer counties in...
. Marcus Hanna, the national Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
political figure, then married into the Rhodes family setting the stage for a change. It became Hanna Mining in 1885. In the mid 1860s the company expanded into iron ore mining
Mining
Mining is the extraction of valuable minerals or other geological materials from the earth, from an ore body, vein or seam. The term also includes the removal of soil. Materials recovered by mining include base metals, precious metals, iron, uranium, coal, diamonds, limestone, oil shale, rock...
in the area around Lake Superior
Lake Superior
Lake Superior is the largest of the five traditionally-demarcated Great Lakes of North America. It is bounded to the north by the Canadian province of Ontario and the U.S. state of Minnesota, and to the south by the U.S. states of Wisconsin and Michigan. It is the largest freshwater lake in the...
.
Incorporation took place in 1922 and was named as the M.A. Hanna Company. In 1929 the Hanna Company transferred its blast furnace
Blast furnace
A blast furnace is a type of metallurgical furnace used for smelting to produce industrial metals, generally iron.In a blast furnace, fuel and ore and flux are continuously supplied through the top of the furnace, while air is blown into the bottom of the chamber, so that the chemical reactions...
s, coke ovens, and other materials to National Steel Corporation
National Steel Corporation
The National Steel Corporation was a major American steel producer. It was founded in 1929 through a merger arranged by Weirton Steel with some properties of the Great Lakes Steel Corporation and M.A. Hanna Company. Despite a difficult market in Depression-setting 1930, the company reported USD...
for stock in NSC. Hanna's bituminous coal
Bituminous coal
Bituminous coal or black coal is a relatively soft coal containing a tarlike substance called bitumen. It is of higher quality than lignite coal but of poorer quality than Anthracite...
properties were put into the newly formed Consolidation Coal Company in 1945 in return for CCC stock.
1950s
In the early 1950s the company began diversificationDiversification (marketing strategy)
Diversification is a form of corporate strategy for a company. It seeks to increase profitability through greater sales volume obtained from new products and new markets. Diversification can occur either at the business unit level or at the corporate level. At the business unit level, it is most...
under George Humphrey producing high-grade iron ore pellets and establishing Iron Ore Company of Canada
Iron Ore Company of Canada
Iron Ore Company of Canada is a Canadian-based producer of iron ore. The company was founded in 1949 from a partnership of Canadian and American M.A. Hanna Company...
. Hanna also acquired interests in mineral companies in Latin America
Latin America
Latin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
as well as beginning the mining of nickel
Nickel
Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile...
in Oregon
Oregon
Oregon is a state in the Pacific Northwest region of the United States. It is located on the Pacific coast, with Washington to the north, California to the south, Nevada on the southeast and Idaho to the east. The Columbia and Snake rivers delineate much of Oregon's northern and eastern...
and silicon
Silicon
Silicon is a chemical element with the symbol Si and atomic number 14. A tetravalent metalloid, it is less reactive than its chemical analog carbon, the nonmetal directly above it in the periodic table, but more reactive than germanium, the metalloid directly below it in the table...
in Washington.
In 1958 Hanna's subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
, the Hanna Coal & Ore Company, became the independent Hanna Mining Company while M. A. Hanna continued with mineral
Mineral
A mineral is a naturally occurring solid chemical substance formed through biogeochemical processes, having characteristic chemical composition, highly ordered atomic structure, and specific physical properties. By comparison, a rock is an aggregate of minerals and/or mineraloids and does not...
sales and in its investment firm work until liquidation
Liquidation
In law, liquidation is the process by which a company is brought to an end, and the assets and property of the company redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation...
in 1965.
1970s and on
By the early 1970s, Hanna Mining was the world's second-largest producer of iron ore with United States Steel being the largest. Also during this decade, Hanna secured interests in petroleumPetroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
, low sulfur coal, and mineral exploration. Hanna executives believed that the name Hanna Mining did not reflect the entire scope of what the company embodied and the name returned to M. A. Hanna Company in March 1985.
During the 1980s under CEO Martin D. Walker, M. A. Hanna began acquiring plastic
Plastic
A plastic material is any of a wide range of synthetic or semi-synthetic organic solids used in the manufacture of industrial products. Plastics are typically polymers of high molecular mass, and may contain other substances to improve performance and/or reduce production costs...
and polymer
Polymer
A polymer is a large molecule composed of repeating structural units. These subunits are typically connected by covalent chemical bonds...
companies while divesting itself of mining and energy property. Hanna purchased Burton Rubber Processing Company in 1986 and other polymer industries totaling sales of $1.1 billion in 1990. By 1993, M. A. Hanna's revenue from polymer processing was 99% of all revenue. By 1998, annual sales reached $2.3 billion annually. Hanna merged with polyvinyl chloride
Polyvinyl chloride
Polyvinyl chloride, commonly abbreviated PVC, is a thermoplastic polymer. It is a vinyl polymer constructed of repeating vinyl groups having one hydrogen replaced by chloride. Polyvinyl chloride is the third most widely produced plastic, after polyethylene and polypropylene. PVC is widely used in...
giant Geon Company, a former division of the B. F. Goodrich Company that became a separate entity in 1993. The merger produced PolyOne Corporation
PolyOne Corporation
PolyOne Corporation is a global provider of specialized polymer materials, services, and solutions. PolyOne has operations in thermoplastic compounds, specialty polymer formulations, color and additive systems, thermoplastic resin distribution, and vinyl resins...
, a company worth $3.5 billion and ranked in the Fortune 1000
Fortune 1000
Fortune 1000 is a reference to a list maintained by the American business magazine Fortune. The list is of the 1000 largest American companies, ranked on revenues alone...
.