USA HISTORY

Detailed explanation-1: -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-2: -Carnegie agreed to Frick’s subsequent proposal that the various plants and assets, including H. C. Frick & Company, be consolidated into a single company. This consolidation occurred on July 1, 1892, with the formation of the Carnegie Steel Company.

Detailed explanation-3: -During his trips to Britain he came to meet steelmakers. Foreseeing the future demand for iron and steel, Carnegie left the Pennsylvania Railroad in 1865 and started managing the Keystone Bridge Company. From about 1872–73, at about age 38, he began concentrating on steel, founding near Pittsburgh the J.

Detailed explanation-4: -In 1870 Carnegie erected his first blast furnace where he used the ideas being developed by Bessemer in England. Others followed and by 1874 he opened his steel furnace at Braddock. He took several partners, including Henry Frick, but he insisted in retaining the majority holding in his various ventures.

Detailed explanation-5: -Following a personal demonstration Carnegie decided to adopt Henry Bessemer’s new technology and enter the steel industry, building the Edgar Thompson Works in 1873, just as the Panic of 1873 hit.