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: -WEALTHIEST MAN IN THE WORLD 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-3: -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. After selling Carnegie Steel, he surpassed John D. Rockefeller as the richest American for the next several years.

Detailed explanation-4: -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-5: -United States Steel-1901. Historical Significance: When founded in 1901, United States Steel Corporation was the largest business enterprise ever launched in America. During its first year, the company made 67% of all steel produced in the country.