The growth of the American steel industry is commemorated on U.S. #1090. The industry’s success began with the discovery of the Bessemer process, in which iron with high carbon content is turned into steel. The American Iron Association was founded in 1855. It evolved into the American Iron and Steel Institute in 1908, where today it is located in Washington, D.C. It is one of the oldest trade associations in the U.S. Its purpose is to promote the American steel industry.