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PrintPNC Financial Services Group displaced U.S. Steel at the top of the list of companies ranked by 2009 revenues as a result of its merger with Cleveland-based National City Corp. and the steelmaker's sharp decline in sales during the global recession.
PNC's revenues swelled by more than 100 percent to nearly $17 billion with the acquisition of National City. The merger helped push it to first place on the list from fifth place a year ago when 2008 revenues totaled $7.2 billion.
PDFsMeanwhile, U.S. Steel's revenues tumbled by 54 percent, to $11 billion, from $23.8 billion in 2008, as the steelmaker coped with a significant fall off in demand as the economy soured. It was the largest decline in revenues for any company on the list.
Though its sales fell by 23 percent because of recession-related factors, PPG Industries held on to its spot at No. 2 with revenues of $12.2 billion, down from $15.8 billion in 2008. H.J. Heinz fell a notch on the list to fourth, with revenues of $10.1 billion. But Heinz's revenues actually edged up by almost 1 percent from the prior year figure of $10.07 billion.
New to the top five was Mylan Laboratories. While its 2009 revenues dipped slightly, to $5.09 billion from $5.14 billion the prior year, the generic drug maker jumped ahead of Allegheny Technologies and Wesco International which it trailed last year.
Also making room for Mylan to enter the top five was the absence of Nova Chemicals. The company, ranked fourth last year with 2008 revenues of $7.4 billion, fell off the list following its purchase by International Petroleum Investment Corp. of the United Arab Emirates.
New to the top 10 was Allegheny Energy, the Greensburg-based utility, with revenues of $3.4 billion. It was ninth, up from 11th last year.
Newcomer Education Management Corp. entered the list at No. 12 with revenues of $2 billion following a public offering of its stock that took the specialty school operator out of private control.
Other new companies on the list were retailer rue21, ranked 28th with revenues of $391 million; and software and consulting firm Mastech Holdings, ranked 41st with revenues of $71 million.
Atlas Energy jumped to 14th from 34th a year ago but this year's ranking reflects its merger with sister firm Atlas America which was 14th last year. Atlas Energy, which manages exploration and drilling for natural gas, had revenues totaling $1.6 billion.
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