Big Steel was at one time the second largest steel producer in the country and one of the largest shipbuilding companies in the world. The company was originally founded under the name Saucona Iron Works in 1857, then eventually changed to Bethlehem Iron Works in 1861. In its early years, it produced railroad rails and armor plating for the Navy.

Charles Schwab took over the company as president in 1904, and Big Steel quickly began its huge climb to greatness. The age of the skyscraper began, and Big Steel was the leading supplier to the industry. Beams from the company now stand in historic structures such as Rockefeller Center, Madison Square Garden and the Golden Gate Bridge in San Francisco.

Big Steel also was a major supplier of armor plate and ore products to US armed forces. Many of the ships used armor and large guns from the factory. During World War II alone, Beth Steel's factories managed to crank out a total of 1,121 ships, employing 180,000 in the one process. 300,000 worked for the company in total. The company's height came in the 1950s when it was manufacturing 23 million tons of steel per year.

From 1923 to 1991 The Steel was also one of the world's largest manufacturers of railroad freight cars. They pioneered the use of aluminum in freight car construction.

While steel industry flourished in the United States during World War II, it fell apart in Germany and Japan because of Allied bombings. Because of this, it had to be rebuilt, but both countries were able to use more modern techniques in their newer factories. This coupled with the stubbornness of US Steel industry to invest in new techniques eventually caused the beginning of the end for Bethlehem Steel.

Suddenly in the 1980s cheaper foreign steel began to appear in the market, hurting Big Steel's bottom line. In 1982 the company lost $1.5 billion and had to close many factories across the US. This was a temporary fix, but by the early 1990s restructuring and shutdowns were continual.

Another factor in Big Steel's demise was the movement towards lighter and lower construction styles. Suddenly there was no longer a need for the heavy load-bearing steel beams Bethlehem was so good at producing. After 140 years of metal production the company closed the factory for good.
There has been much debate over how to reuse the 163-acre site. For a while the Smithsonian Institution wanted to create The National Museum of Industrial History, but funding was pulled. Now a casino and hotel has been planed, and while some buildings will be saved, others are headed for the wrecking ball.

Since the end of April in 2007, buildings have been steadily falling in favor of a casino and hotel complex.