Apr. 21--Despite the sagging economy, the number of Western Pennsylvania companies on Fortune magazine's list of the nation's 500 largest publicly traded companies increased from six to eight this year.

Fortune's annual list is based on a company's previous-year revenue. The region had seven companies on the list in 2007 and six in 2008. Mylan Inc. and Consol Energy Inc. are the new local companies on the list.

Organizations that market the region to potential employers and to conventions agree: the more Fortune 500 companies based here, the better.

"Having a number of local companies on the Fortune 500 list is good for the image of the region," said Shawn Bannon, spokesman for the Allegheny Conference on Community Development. "These rankings confirm what we've been saying for a long time, (about) the tremendous financial strength of the companies based here."

Pittsburgh fared well as a Fortune 500 headquarters city compared with larger cities. Denver and Washington, D.C., each had three in the top 500, and Philadelphia had six; San Francisco had seven, and Chicago, nine. New York last year had 43 Fortune 500 headquarters, and Houston had 27.

Many companies locally and nationwide recorded excellent first-half 2008 increases in revenue, despite the official start of the recession in December 2007. Some even extended the good times into the year's third quarter before effects of the recession hit.

U.S. Steel Corp. led the region's contingent on the Fortune 500 list at No. 105, up 41 spots. The steelmaker's revenue last year totaled $23.8 billion, up from $16.9 billion in 2007. Its revenue in the first three quarters of last year was progressively better, rising from $5.2 billion, to $6.7 billion, to $7.3 billion, before plunging in the fourth quarter to $4.6 billion.

PPG Industries Inc. ranked No. 161, with revenue of $15.8 billion, up from $12.3 billion, good enough to climb 56 spots. H.J. Heinz Co. was ranked No. 267, with revenue of $10.1 billion, up from $9 billion in 2007. The iconic food purveyor rose 26 spots on Fortune's list.

PNC Financial Services Group Inc. dropped 14 spots, coming in at No. 278, with $9.7 billion in revenue, down $300 million from a year earlier. Electrical equipment provider Wesco International Inc. rose two spots to No. 406, with revenue of $6.1 billion.

It's expected PNC will climb in the 2010 list, because its $5.6 billion acquisition of National City Corp., which closed on Dec. 31, will be included.

Specialty steelmaker Allegheny Technologies Inc. fell seven spots and was ranked No. 448, with $5.3 billion in revenue, down $200 million from 2007.

Generic and specialty drugmaker Mylan leaped into the 500, at No. 462, with 2008 revenue of $5.1 billion, up from $2.7 billion. The huge jump reflected Mylan's major additions -- Matrix Laboratories Ltd. and Merck KGaA's generics business.

Coal and natural gas producer Consol Energy Inc. rose 80 positions from Fortune's second-tier list to No. 497, with 2008 revenue of $4.7 billion, up from $3.8 billion the year before.

Western Pennsylvania had five companies in the second 500, led by Dick's Sporting Goods Inc., with 2008 revenue of $4.1 billion. It ranked No. 541, up from 562 and revenue of $3.9 billion. Energy company Allegheny Energy Inc. was No. 630, down from 623, with revenue of $3.4 billion. Teens and young people's clothier American Eagle Outfitters Inc. fell to No. 690 from 663 with revenue of $3 billion.

Industrial toolmaker Kennametal Inc. was ranked No. 732, up from 792, with revenue of $2.7 billion, and Moon-based independent oil and natural gas exploration-production company Atlas America Inc., entered the list at No. 864, with revenue of $2.1 billion.

Topping the list was Exxon Mobil Corp., which surpassed Wal-Mart Stores Inc. in Fortune's list, with $442.9 billion in revenue, compared with the retailer's $405.6 billion.

Rick Stouffer can be reached via e-mail or at 412-320-7853.

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