On January 13 1899 the Pressed Steel Car Company was incorporated in New Jersey with an authorized capitalization of $25 million, for the stated purpose of “manufacturing passenger, freight and street railway cars and to make trucks, wheels, and other parts of cars”. The Pressed Steel Car Company of Pittsburgh came into existence 17 February 1899 and was an amalgamation of the Schoen Pressed Steel Company, Pittsburgh, and the British company, the Fox Solid Pressed Steel Company, set up in 1889 in Joliet, 30 miles southwest of Chicago. Annual production of the consolidated companies' factories in Pittsburgh, Pennsylvania, and Joliet, Illinois was forecast to be 24,000 steel freight cars, 300,000 bolsters and 180,000 truck frames.
Pressed Steel Car Company ranked 41st among United States corporations in the value of World War II military production contracts.
Pressed Steel Car Company's most notable product was the MP54 electric car built for the Pennsylvania Railroad, and used until the early 1980s from New York to Washington. The plant on Torrance Avenue in Chicago's Hegewisch neighborhood remains today and is occupied by various steel-oriented businesses. It is served by Norfolk Southern and Indiana Harbor Belt.