Andrew Carnegie's Steel Industry

Great Essays
Early in the nineteenth century, Andrew Carnegie was considered a captain of industry for his vast empire of steel. Carnegie would build his empire from the ground up, literally, by investing in skyscrapers, railroads, and steel. Andrew would become one of the wealthiest men in the world at the time when he sold his Carnegie Steel corporation to J.P. Morgan. As America grew in industry, it needed an increase in steel. Carnegie realized this need and acted upon it making America a world of towering steel jungles.
Born in Scotland on November 25, 1835, to his father, a handloom weaver, Carnegie was brought into the would of a not wealthy family. Andrew 's father, William Carnegie, fell into financial problems in 1848. The result of the economic
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Seeing the demand for iron and steel, Andrew left the Pennsylvania Railroad to work for the Keystone Bridge Company until 1873. Carnegie would eventually leave the Keystone Bridge Company and start his own Business, the Carnegie Steel Company. Carnegie would be the first person to build huge plants in the United States that solely used the new method of steel manufacturing known as Bessemer Steel. Another advancement that Carnegie introduced to the steel industry is the Open Hearth Furnace. This furnace is used to filter out excess carbon and other impurities in the iron to produce a higher quality of steel. Not only did Carnegie invest In steel, he also invested in every aspect of the steelmaking process. He would buy the iron mines so that he would not have any third-party present for his empire. He would buy the oil fields, railroad companies, and shipping companies. All the aspects of the steelmaking process was bought up by Carnegie, making the processing and transportation of the steel cheaper …show more content…
At the end of his career, an entrepreneur named J.P. Morgan decided to enter the steel business too. Morgan formed the United States Steel Corporation in 1901. Coming to the end of Carnegie 's business career, Carnegie decided to sell his company to Morgan for $480,000,000. With the influx of wealth, Carnegie was able to pursue the philanthropic responsibilities that he had always wanted.
Not only was Andrew Carnegie an exceptional business man, but he also indwelled in several other affairs like writing and founding organizations. Andrew wrote many articles and about business and the pursuit of wealth. One of the most famous examples of the writings of Carnegie is his article entitled "Wealth". This article was the June issue of the North American Review dated 1889. This article outlined the responsibilities of a person with great wealth spread the wealth for "the improvement of mankind"

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