USA HISTORY

Detailed explanation-1: -Andrew Carnegie (Scots: [kɑrˈnɛːɡi], English: /kɑːrˈnɛɡi/ kar-NEG-ee; November 25, 1835 – August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in history.

Detailed explanation-2: -Andrew Carnegie a name infamous with big business. He is seen as one of the great business moguls of America. He came from rags to riches, and eventually dominated the steel industry.

Detailed explanation-3: -To date, the most famous United States monopolies, known largely for their historical significance, are Andrew Carnegie’s Steel Company (now U.S. Steel), John D. Rockefeller’s Standard Oil Company, and the American Tobacco Company.

Detailed explanation-4: -Gradually, he created a vertical monopoly in the steel industry by obtaining control over every level involved in steel production, from raw materials, transportation and manufacturing to distribution and finance. By 1897, he controlled almost the entire steel industry in the United States.

Detailed explanation-5: -However, he decided to invest more time in the steel industry in 1875 and built his own steel plant in Braddock, Pennsylvania. Known as the Edgar Thomson Works, Carnegie’s steel mill adopted the Bessemer steel-making process and any other technological innovations that helped factory operations run more efficiently.