The Pittsburgh, Bessemer and Lake Erie Railroad Company was founded in 1897 by Andrew Carnegie to haul iron ore and other products from the port at Conneaut, Ohio, on the Great Lakes to Carnegie Steel Company plants in Pittsburgh and the surrounding region. On the return trip, Pennsylvania coal was hauled north to Conneaut Harbor. The company was created largely out of a series of small predecessor companies including the Pittsburgh, Shenango and Lake Erie Railroad, and the Butler and Pittsburgh Railroad Company. The company was renamed the Bessemer and Lake Erie Railroad in 1900. Carnegie Steel had an exclusive 99-year lease to the PS&LE. This lease was acquired by US Steel when that company acquired Carnegie Steel in 1901.