USA HISTORY

Detailed explanation-1: -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.

Detailed explanation-2: -In the early 1870s, Carnegie co-founded his first steel company, near Pittsburgh. Over the next few decades, he created a steel empire, maximizing profits and minimizing inefficiencies through ownership of factories, raw materials and transportation infrastructure involved in steel making.

Detailed explanation-3: -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.

Detailed explanation-4: -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-5: -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. Carnegie was born in Dunfermline, Scotland, in 1835.