In February 2001, the Northern League's Board of Directors approved a request by Northwest Sports Ventures, LLC to start an expansion baseball team in Gary, Indiana.

Later that year, a limited liability company named Victory Sports Group took the task to build a ballpark in downtown Gary.

In July 2001, the City of Gary and Victory agreed on a 15-year lease that would facilitate the building of a state-of-the-art ballpark with construction scheduled to be completed in May 2002; the groundbreaking ceremony was held at this time.

In October 2001, the City of Gary and the construction and architectural companies involved in the building of the new ballpark announced that it would not be completed in time for the 2002 Northern League season.

On May 26, 2003, the RailCats played their inaugural home opener in the new ballpark before a sellout crowd of 7,089; the first pitch was thrown at 3:28 pm Eastern Standard Time.

The next day, on May 27, the first home run was hit in U.S. Steel Yard by outfielder Billy Brown; the RailCats recorded their first win in the new ballpark, defeating the Flyers 5–4.

On July 10, 2009, a memorial service was held at U.S. Steel Yard for deceased pop musician and Gary native Michael Jackson.

Over 6,000 fans attended the service, which also served as a musical tribute to the pop star, as local musicians played a few of Jackson's songs.