USA HISTORY

Detailed explanation-1: -Through Carnegie Corporation of New York, the innovative philanthropic foundation he established in 1911, his fortune has since supported everything from the discovery of insulin and the dismantling of nuclear weapons, to the creation of Pell Grants and Sesame Street.

Detailed explanation-2: -Carnegie started work as a telegrapher, and by the 1860s had investments in railroads, railroad sleeping cars, bridges, and oil derricks. He accumulated further wealth as a bond salesman, raising money for American enterprise in Europe.

Detailed explanation-3: -By the time of his death, Andrew Carnegie, despite his best efforts, had not been able to give away his entire fortune. He had distributed $350 million, but had $30 million left, which went into the Corporation’s endowment.

Detailed explanation-4: -He opened his first steel plant in 1875, bought a rival steel company, the Homestead Steel Works, in 1883, and formed the Carnegie Steel Company in 1892. Using technological advances including the Bessemer process and vertical integration, Carnegie built the largest steel empire in American history.

Detailed explanation-5: -A generous philanthropist, he slashed the wages of the workers who made him rich. One of the captains of industry of 19th century America, Andrew Carnegie helped build the formidable American steel industry, a process that turned a poor young man into the richest man in the world.