The predecessor of American Steel Company is Carnegie Steel Company, which was founded in 1864. Carnegie Steel Company became powerful only after the United States implemented tariff barriers in the middle of19th century. It was not until 19 13 that this tariff protection for the American steel industry was completely abolished. Prior to this, American steel industry mostly relied on tariff barriers to profit from free trade competition with Britain. Carnegie Iron & Steel Company gained an advantage by building itself into a large-scale iron and steel complex that produces steel from scratch, and maintained its position as the largest steel plant in the world for decades.
The company has dozens of subsidiaries and more than 30 bulk carriers in China for transportation. Foreign subsidiaries and its affiliated companies are located in Canada, Britain, Italy, Germany, Spain, France, Japan, India, Nigeria, Brazil and other countries. The company produces a variety of products, including mining iron ore, coal, dolomite and other non-ferrous metals, manufacturing various steel pipes, steel plates and rails, chemical products, oil drilling and oil production equipment. It plays an important role in the manufacture of weapons such as tank body and heavy artillery, and also participates in construction, shipbuilding and other businesses.