USA HISTORY

Detailed explanation-1: -By age 30, Carnegie had amassed business interests in iron works, steamers on the Great Lakes, railroads, and oil wells. He was subsequently involved in steel production, and built the Carnegie Steel Corporation into the largest steel manufacturing company in the world.

Detailed explanation-2: -Answer and Explanation: Andrew Carnegie (b. 1835-1919) gained control of the U.S. steel industry by producing quality steel at low prices and by taking over every stage of production, eventually gaining a monopoly.

Detailed explanation-3: -In the early 1870s, Carnegie co-founded his first steel company, near Pittsburgh. Over the next few decades, he created a steel empire, maximizing profits and minimizing inefficiencies through ownership of factories, raw materials and transportation infrastructure involved in steel making.

Detailed explanation-4: -Andrew Carnegie sold his steel company, Carnegie Steel, to J.P. Morgan for $480 million in 1901. According to the Carnegie Corporation, Carnegie’s personal peak wealth was about $380 million, or around $309 billion by today’s standard.