U.S. Steel was the first U.S. corporation formed with more than $1 billion in capitalization.
United States Steel Corporation was created in 1901 through the combination of Carnegie Steel and other steel businesses. Its initial capitalization exceeded $1 billion, an extraordinary figure for the period and a landmark in the development of large American corporations.
The company’s formation was led by financier J. P. Morgan, who organized the merger after Andrew Carnegie agreed to sell his steel interests. The new corporation combined major production, transportation, and distribution assets in the steel industry.
This historical figure is not directly comparable with a modern stock-market capitalization. Early twentieth-century capitalization referred to the value assigned when the corporation was created, while modern market cap is recalculated continuously from a public share price and shares outstanding.