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Cyclops Steel (also known as Universal-Cyclops and for one of its main subsidiaries as Detroit Steel[1]) was a steel company based in Pittsburgh, Pennsylvania.
| |
| Industry | |
| Founded | 1908 in Bridgeville, Pennsylvania |
| Defunct | February 1987 |
| Fate | Acquired by Alleghany Corporation, Silo and Busy Beaver subsidiaries sold to Dixons Group Ltd. |
| Successor | Universal Stainless & Alloys |
| Headquarters | , United States |
Key people | William H. Knoell (chairman and CEO) |
| Subsidiaries |
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Overview
editCyclops Steel marketed to industries such as aerospace, automotive, business machines, chemical processing, communications equipment, construction, electronics, farm machinery, food processing equipment, home appliances and cutlery, industrial machinery, marine equipment, medical equipment, drilling and mining equipment, military equipment, power generation equipment, rail transportation, sports equipment and tools, ties and fixtures.[1]
Not to be confused with Cyclops Steel Works in Sheffield, UK in the mid 1800s.
History
editThe company was founded in nearby Bridgeville, Pennsylvania in 1908 as Universal Rolling Mill Company, and merged with Cyclops Steel Company founded in 1884 of the Western Pennsylvania city of Titusville in 1936.[1]
Led by Chairman and CEO William H. Knoell, Cyclops pursued a counter-cyclical strategy which helped it to diversify from steel. As a result, Cyclops purchased the Clairton, Pennsylvania based 16-chain Busy Beaver lumber stores in 1972,[2][1] and the Silo Electronic Stores in 1980 for $35 million ($147 million in today's terms).[3]
Cyclops and Colt's Manufacturing Company entered into a very public battle for a Colt steel mill in Midland, Pennsylvania during 1982.[4]
In August, 1986 Cyclops shareholders rejected selling off its core steel mill business in favor of a management suggested re-focusing only on Silo & Busy Beaver retail stores.[5]
In February 1987, Cyclops Steel was bought out by Alleghany Corporation for $494 million ($1.37 billion in today's terms), as its 119-store Silo electronics outlets and 11-store Busy Beaver retailers are spun off into British based Dixons Group Ltd.[6]
In 1992, a group of former managers of Cyclops Steel formed a new company, Universal Stainless & Alloy, and bought out the former Cyclops Steel mills in Bridgeville and Titusville in 1994.[7] As of 2023, these mills remain in operation under Universal Stainless. [8]
Notable visits
edit- In 1952: Dutch Prime Minister Willem Drees opened the second day of his three-day visit, stopping at the Cyclops Steel mill near Pittsburgh.[9][10]
- April, 1980: Senator and 1980 presidential candidate Edward Kennedy visits the Bridgeville, Pennsylvania mill on a campaign stop.[11]
References
edit- ^ a b c d "Cyclops Corp. Makes Two Important Acquisitions- Washington Pa. Observer-Reporter 02/01/1973".
- ^ [1] [dead link]
- ^ "Archived copy". news.google.com. Archived from the original on 24 January 2013. Retrieved 27 January 2022.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ [2] [dead link]
- ^ "Cyclops shareholders rejected a proposed sale. - Los Angeles Times". Articles.latimes.com. 2009-02-12. Retrieved 2014-02-27.
- ^ "Cyclops Agrees To Be Acquired By British Company". Apnewsarchive.com. 1987-02-17. Retrieved 2014-02-27.
- ^ "Cyclops & Cytemp: A Short History of Steelmaking in Titusville". Benson Memorial Library. 2017-11-13. Retrieved 2023-12-24.
- ^ "Universal Stainless". 2017-11-13. Retrieved 2023-12-24.
- ^ [3] [dead link]
- ^ "Document 307 – Foreign Relations of the United States, 1952–1954, Western European Security, Volume V, Part 1 – Historical Documents – Office of the Historian". History.state.gov. Retrieved 2014-02-27.
- ^ "Historic Pittsburgh : Search Results : Senator Edward Kennedy". Digital.library.pitt.edu. Retrieved 2014-02-27.
External links
edit
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