Schwab transferred his ownership of the Bethlehem Steel Company to the United States Steel Corporation (U.S. Steel), the company he was president of. This period was brief; Schwab repurchased Bethlehem Steel Company, then sold it to the United States Shipbuilding Company. The United States Shipbuilding Company owned Bethlehem Steel Company only a brief time. The United States Shipbuilding Company was in turmoil; its subsidiaries, including the Bethlehem Steel Company, contributed to the United States Shipbuilding Company's problems. Schwab again became involved with Bethlehem Steel Company, through the parent company, the United States Shipbuilding Company.