The National Steel Car is known for their ability to face economic challenges, and still, they can grow and become stronger. During the 1930s, the National Steel Car experienced one of the worst financial meltdowns to hit the planet. The Great Depression is dubbed by experts as one of the most dreadful days in the business sector, as the day was associated with the stock market crash, massive layoffs and millions of people who are jobless and does not have the means to buy their food. The Great Depression has been in the memory of the company as the time when they decided to build products other than rolling stocks and train cars. The National Steel Car made it through the global economic meltdown by being innovative, a characteristic that the company still practices up to this day.
After the Great Depression, the National Steel Car had to face another economic meltdown during the late 1980s, up until the early 1990s. They have already survived the war during this time, and Dofasco had already purchased them in 1962. Their slow growth under the management of Dofasco can be attributed to the lack of interest of their money company for their exposure, and after the rolling stock crash in the 1980s, Dofasco decided to hold an emergency meeting and discussed what they would have to do with the National Steel Car. The board of directors suggested that the National Steel Car should be sold right away because if they were holding onto it any much longer, the company would suffer for hundreds of millions of losses.
The National Steel Car was later on sold to a wealthy entrepreneur named James Aziz, and he still owns the company today. Gregory James Aziz is known as a brilliant entrepreneur who focused on the financial industry. He made a lot of money trading stocks and spearheading hedge funds, and when he managed to save a lot of money, he decided to put it in a good investment that would bring him more revenue. It was in 1994 when he first heard about the case of the National Steel Car, and how its mother company, Dofasco, wanted to sell it. He rushed to speak with the Dofasco management and offered some of his savings to purchase the company. After specifying the details of the deal, the ownership of the National Steel Car went to Gregory James Aziz. Read This Article for additional information.