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.
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