USA HISTORY

Detailed explanation-1: -Carnegie Steel Company was a steel-producing company primarily created by Andrew Carnegie and several close associates to manage businesses at steel mills in the Pittsburgh, Pennsylvania area in the late 19th century.

Detailed explanation-2: -Scottish-born Andrew Carnegie (1835-1919) was an American industrialist who amassed a fortune in the steel industry then became a major philanthropist. Carnegie worked in a Pittsburgh cotton factory as a boy before rising to the position of division superintendent of the Pennsylvania Railroad in 1859.

Detailed explanation-3: -From about 1872–73, at about age 38, he began concentrating on steel, founding near Pittsburgh the J. Edgar Thomson Steel Works, which would eventually evolve into the Carnegie Steel Company.

Detailed explanation-4: -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-5: -He accumulated further wealth as a bond salesman, raising money for American enterprise in Europe. He built Pittsburgh’s Carnegie Steel Company, which he sold to J. P. Morgan in 1901 for $303, 450, 000 (equal to $9, 883, 973, 400 today); it formed the basis of the U.S. Steel Corporation.