USA HISTORY

Detailed explanation-1: -In addition, Carnegie Steel bought up its sources of raw materials and shipping (in a strategy called vertical integration) and bought out and absorbed its competitors (horizontal integration) to dominate the steel industry. By the 1890s, it was the largest and most profitable steel company in the world.

Detailed explanation-2: -He invested a good sum of money into the steel industry. Which eventually would pay off greatly. Once he did make it into the steel industry he adapted the style of vertical integration. This this business style can be seen as a monopoly due to its control of the complete process of a product.

Detailed explanation-3: -Rather than rely on expensive middlemen, Carnegie vertically integrated his production process by buying out all of the companies-coal, iron ore, and so on-needed to produce his steel, as well as the companies that produced the steel, shipped it, and sold it.

Detailed explanation-4: -Carnegie adopted a new process invented by Sir Henry Bessemer that allowed steel to be made from iron more efficiently and quickly. This lowered the cost for steel, expanding the market. While this Bessemer steel didn’t work for bridges or buildings, it worked well for railways.

Detailed explanation-5: -In the United States during the 19th century, steel became a vital element of industrial growth, and Andrew Carnegie revolutionized its production through a system of hard driving at his steel mills outside of Pittsburgh, Pennsylvania.