USA HISTORY

Detailed explanation-1: -In the late 1800s, a Scottish immigrant named Andrew Carnegie developed a new method to produce steel much faster and cheaper. This was known as the Bessemer Process. This new mass production made steel much more affordable at a time when it was in high demand.

Detailed explanation-2: -The steel-making process requires three ingredients: iron ore, coal, and lime; and both iron ore and coal had to be refined before use in steel-making. Second, Carnegie was able to generate unparalleled scale via productivity gains and capacity expansion, creating pricing power and leverage with customers.

Detailed explanation-3: -In the early 1870s, he entered the steel business, and over the next two decades became a dominant force in the industry. In 1901, he sold the Carnegie Steel Company to banker John Pierpont Morgan for $480 million. Carnegie then devoted himself to philanthropy, eventually giving away more than $350 million.

Detailed explanation-4: -Andrew Carnegie (1835-1919), founder of the Carnegie Steel Company, was born on November 25, 1835, in Dunfermline, Scotland, to William and Margaret (Morrison) Carnegie. His family immigrated to Western Pennsylvania and settled in Allegheny City in 1848, where Andrew worked as a bobbin boy in a cotton mill.

Detailed explanation-5: -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.