J.P. Morgan forms the United States Steel Corporation, America’s first billion-dollar firm, from some one hundred and seventy formerly independent steel facilities., incorporating on February 25, 1901.

Morgan places corporation lawyer Elbert Gary, president of the Federal Steel Company from 1898, in charge of organizing the giant combine.

US Steels’s capitalized value, which includes the Carnegie steel interests purchased for over $400 million, represents one twenty-fifth of the entire national wealth.

The company establishes its headquarters in the Empire Building at 71 Broadway in New York City; it will remain a major tenant in the building for seventy-five years.

Charles M. Schwab, the Carnegie Steel executive who originally suggested the merger to Morgan,  ultimately emerges as the new corporation's first President.