Bethlehem Steel
Through the 1870s Wharton began to buy into Bethlehem Iron Company which produced pig iron and steel rails, gradually investing more of his own time and energy, but without involvement in the day-to-day operations. He became the largest shareholder with a position on the board of managers, and eventually purchased a controlling share of the company. In 1885, Wharton successfully bid a contract with the United States Navy for forged steel armor, and in 1886 he visited England (Whitworth Co.) and France (Schneider Co.) to research the designs for a plant to forge steel of higher quality. With these designs, Bethlehem Iron built the first plant to forge high-strength steel in America. The plant fabricated armor plates and guns for warships. Similar contracts gave the company, renamed the Bethlehem Steel Company, a consistent source of income, and Wharton made slow but steady profits. In 1901 he sold the company but continued to be the largest producer of pig iron in the country because of his extensive iron and coal mines and refining works.
Read more about this topic: Joseph Wharton
Famous quotes containing the words bethlehem and/or steel:
“The stars which shone over Babylon and the stable in Bethlehem still shine as brightly over the Empire State Building and your front yard today. They perform their cycles with the same mathematical precision, and they will continue to affect each thing on earth, including man, as long as the earth exists.”
—Linda Goodman (b. 1929)
“Man you ought to see his plans for allsteel buildins. He’s got an idea the skyscraper of the future’ll be built of steel and glass. We’ve been experimenting with vitrous tile recently... crist-amighty some of his plans would knock you out... He’s got a great sayin about some Roman emperor who found Rome of brick and left it of marble. Well he says he’s found New York of brick an that he’s goin to leave it of steel... steel an glass.”
—John Dos Passos (1896–1970)