USA HISTORY

Detailed explanation-1: -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-2: -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.

Detailed explanation-3: -Andrew Carnegie sold his steel company, Carnegie Steel, to J.P. Morgan for $480 million in 1901. According to the Carnegie Corporation, Carnegie’s personal peak wealth was about $380 million, or around $309 billion by today’s standard.

Detailed explanation-4: -As technology improved, Carnegie ordered existing equipment to be torn out and replaced. He quickly made back these investments through reduced labor costs, and his mills remained always the most productive in the world. The life of a 19th-century steel worker was grueling.

Detailed explanation-5: -In 1900 the profits of Carnegie Steel (which became a corporation) were $40, 000, 000, of which Carnegie’s share was $25, 000, 000. Carnegie sold his company to J.P. Morgan’s newly formed United States Steel Corporation for $480, 000, 000 in 1901.