USA HISTORY

Detailed explanation-1: -In 1901, banker John Pierpont Morgan (1837-1913) purchased Carnegie Steel for some $480 million, making Andrew Carnegie one of the world’s richest men. That same year, Morgan merged Carnegie Steel with a group of other steel businesses to form U.S. Steel, the world’s first billion-dollar corporation.

Detailed explanation-2: -Early in 1901, J. P. Morgan, the country’s most powerful banker, merged Andrew Carnegie’s Carnegie Steel Corporation with nine other steel companies to form the world’s largest corporation.

Detailed explanation-3: -J. P. Morgan formed U.S. Steel on March 2, 1901 (incorporated on February 25, 1901), by financing the merger of Andrew Carnegie’s Carnegie Steel Company with Elbert H. Gary’s Federal Steel Company and William Henry “Judge” Moore’s National Steel Company for $492 million ($17.1 billion today).

Detailed explanation-4: -Andrew Carnegie sold his steel company to J.P. Morgan for $480 million in 1901. Retiring from business, Carnegie set about in earnest to distribute his fortune. In addition to funding libraries, he paid for thousands of church organs in the United States and around the world.

Detailed explanation-5: -In 1898, Morgan formed the Federal Steel Company. Again he merged with other steel companies, forming the huge United States Steel Corporation. He made another fortune in steel. Morgan helped the government a second time in 1907.