Bethlehem Steel Corporation in its earliest manifestation dates from 1861 when it was initially conceived as the Bethlehem Iron Company located in the Lehigh Valley of Pennsylvania to produce railroad rails. This nomenclature changed to Bethlehem Steel Corp. at the turn of the century when the company under the direction of Charles Schwab and Eugene Grace became the second largest American steel company; combined with its other venture, Bethlehem Shipbuilding Corp., it became a leading twentieth century American business. Bethlehem's ambitious rise to dominance included acquiring Cambria, Lackawanna, McClintic-Marshall, Midvale, and Pennsylvania Steel Companies. The Pennsylvania Steel Company, a large integrated producer of rails and bridges, was acquired in 1916. Its subsidiary, the Maryland Steel Company (1891-1919), operated a large steel-works and shipyard at Sparrow's Point. Baltimore Dry Dock Co., Fore River Shipbuilding Co., Pennsylvania Shipbuilding Co., and United Shipyards Inc. among others were acquired by Bethlehem Shipbuilding Corporation.