9 Western Pennsylvania firms on Fortune 500 list this year
Western Pennsylvania held its ground on the Fortune 500 list this year, with nine companies headquartered here on the prestigious roster of America's largest corporations — even though five dropped several notches.
For the second year, U.S. Steel Corp. remained the highest-ranked Pittsburgh-area company at No. 147, according to Fortune magazine's list released on Monday.
The steelmaker slipped from No. 140 because of a 3 percent drop in 2012 revenue, the measure the magazine uses to rank companies.
PNC Financial Services Group repeated as the region's second-largest corporation on the list. The bank increased revenue by 5.1 percent last year, but slipped in the overall rankings from No. 165 last year to No. 170.
Also making the list were PPG Industries Inc., H.J. Heinz Co., Mylan Inc., Wesco International Corp., Dick's Sporting Goods, Consol Energy Inc. and Allegheny Technologies Inc. — the same companies that made the list last year.
“Very little changed for (companies in) the Pittsburgh area, which I suppose is a good thing,” said Jim Futrell, vice president of market research for the Allegheny Conference on Community Development. “It reflects the ongoing stability of the region.”
The other three companies that fell in the rankings were PPG, which slipped to No. 182 from No. 180, despite higher revenue; Consol, which dropped to No. 463 from No. 399; and Allegheny Technologies, which fell to No. 490 from No. 468.
Next year, Heinz will fall off the list because it is being acquired. Conglomerate Berkshire Hathaway, which has an agreement in hand to acquire a stake in Heinz, jumped to No. 5 on Fortune's list this year, with revenue of $162 billion.
Oil companies took three of the top five Fortune 500 slots overall this year, but Wal-Mart Stores claimed No. 1. The retailer retook the top spot it lost to oil giant ExxonMobil in 2012, posting revenue of $469 billion. ExxonMobil slid back to No. 2, while Chevron was third and Phillips66 was fourth.
Apple Inc. vaulted to No. 6 this year from No. 17 in 2012. The company had revenue of $156 billion last year, up from $108 billion in 2011.
Thomas Olson is a Trib Total Media staff writer. He can be reached at 412-320-7854 or at firstname.lastname@example.org.