Washington Steel Corporation
Encyclopedia
Washington Steel Corporation was a highly successful post-war stainless steel
production company, located in Washington, Pennsylvania
. Washington Steel was the first U.S. company to use a Sendzimir Mill, invented by Polish inventor Tadeusz Sendzimir
to cold-roll stainless steel.
Washington Steel was founded in 1945
by T. S. Fitch
who was a member of the U.S. War Production Board
from 1942 to 1944. As a member of the Board's Steel Division, he saw a Sendzimir Cold Rolling Mill in operation and began to appreciate its potential value for rolling stainless steel into thin, high-accuracy sheets.
Washington Steel began production in 1947, with a 39-inch Z-mill
much wider than any previously produced (it cost $278,000, installed). The light-gauge stainless steel had exceptional dimensional accuracy and surface quality, and in its first year of operation the company posted net income of $237,000. Sales in 1948 were $4.6 million, and by 1954 more than quadrupled to $19 million.
The company's ability to achieve dimensional precision in strong, light-gauge steel quickly won favor in the aerospace industry, and was used in the Atlas missile which served as the launch vehicle for NASA's Project Mercury
, which sent the first American into space in 1962 (John Glenn
).
The company was listed on the New York Stock Exchange
under the symbol WSS on Feb 7, 1968, and remained there until its purchase by Blount, Inc in 1979.
Washington Steel was purchased by Lukens Steel Company
in April 1992 for $274 million.
Stainless steel
In metallurgy, stainless steel, also known as inox steel or inox from French "inoxydable", is defined as a steel alloy with a minimum of 10.5 or 11% chromium content by mass....
production company, located in Washington, Pennsylvania
Washington, Pennsylvania
Washington is a city in and the county seat of Washington County, Pennsylvania, United States, within the Pittsburgh Metro Area in the southwestern part of the state...
. Washington Steel was the first U.S. company to use a Sendzimir Mill, invented by Polish inventor Tadeusz Sendzimir
Tadeusz Sendzimir
Tadeusz Sendzimir of Ostoja coat of arms was a Polish engineer and inventor of international renown with 120 patents in mining and metallurgy, 73 of which were awarded to him in the United States.His name has been given to revolutionary methods of processing steel and metals used in every...
to cold-roll stainless steel.
Washington Steel was founded in 1945
by T. S. Fitch
T. S. Fitch
Tecumseh Sherman Fitch was the founder and CEO of Washington Steel Corporation. He was the great-grandson of Civil War general William Tecumseh Sherman. He graduated from Yale University in 1931, when he joined Jessop Steel, initially working as a laborer and then rising in the ranks of management...
who was a member of the U.S. War Production Board
War Production Board
The War Production Board was established as a government agency on January 16, 1942 by executive order of Franklin D. Roosevelt.The purpose of the board was to regulate the production and allocation of materials and fuel during World War II in the United States...
from 1942 to 1944. As a member of the Board's Steel Division, he saw a Sendzimir Cold Rolling Mill in operation and began to appreciate its potential value for rolling stainless steel into thin, high-accuracy sheets.
Washington Steel began production in 1947, with a 39-inch Z-mill
Z-mill
A Z-mill is a machine for rolling steel. Instead of using a single pair of rolls the Z-mill uses several supporting rolls to put the force on the small active rolls in the center . This allows to yield a higher pressure without bending the rolls to much. Thus very hard and elastic materials can be...
much wider than any previously produced (it cost $278,000, installed). The light-gauge stainless steel had exceptional dimensional accuracy and surface quality, and in its first year of operation the company posted net income of $237,000. Sales in 1948 were $4.6 million, and by 1954 more than quadrupled to $19 million.
The company's ability to achieve dimensional precision in strong, light-gauge steel quickly won favor in the aerospace industry, and was used in the Atlas missile which served as the launch vehicle for NASA's Project Mercury
Project Mercury
In January 1960 NASA awarded Western Electric Company a contract for the Mercury tracking network. The value of the contract was over $33 million. Also in January, McDonnell delivered the first production-type Mercury spacecraft, less than a year after award of the formal contract. On February 12,...
, which sent the first American into space in 1962 (John Glenn
John Glenn
John Herschel Glenn, Jr. is a former United States Marine Corps pilot, astronaut, and United States senator who was the first American to orbit the Earth and the third American in space. Glenn was a Marine Corps fighter pilot before joining NASA's Mercury program as a member of NASA's original...
).
The company was listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
under the symbol WSS on Feb 7, 1968, and remained there until its purchase by Blount, Inc in 1979.
Washington Steel was purchased by Lukens Steel Company
Lukens Steel Company
Lukens Steel Company is located in Coatesville, Pennsylvania. Lukens is the oldest steel mill in commission within the United States. In 1995 it was one of the three largest producers of plate steel and the largest domestic manufacturer of alloy-plate. It is ranked fourth out of 24 public steel...
in April 1992 for $274 million.