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's most notable product was the MP54

PRR MP54

The Pennsylvania Railroad's MP54 class of electric multiple unit cars was their first and largest class of this type of car. They were initially built for the original Philadelphia-based network of electrified suburban lines and were eventually used throughout the railroad's electrified area...

 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.

Officers

President	Charles T. Schoen
1st Vice President	E.N. Dickerson
2nd Vice President	Henry W. Oliver Jr.
3rd Vice President	W.H. Schoen
Secretary	W.O. Jacquette
Treasurer	W.C. DeArmond
General Manager	F.A. Schoen
Sales Agent	J.B. Brady