United States Steel (NYSE: X) tracks its history back to 1901, making it one of the oldest steel companies in the world. It has literally helped to build the American economy for more than 100 years, since steel is so important to industrial development. That said, this "old dog" is trying to learn some new tricks for some very important reasons.

Here's what you need to know.

There are two dominant steelmaking processes. The first, and older method, is to produce primary steel in blast furnaces. This approach, to simplify things dramatically, takes raw iron and melts it to produce steel.

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Source Fool.com