USA HISTORY

Detailed explanation-1: -Gary, U. S. Steel’s first chairman. At the turn of the century, a group headed by Gary and Morgan bought Carnegie’s steel company and combined it with their holdings in the Federal Steel Company. These two companies became the nucleus of U. S. Steel.

Detailed explanation-2: -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-3: -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. The United States Steel Corporation, usually known as U.S. Steel or simply Big Steel, was capitalized at $1.4 billion.

Detailed explanation-4: -The negotiations would feature Morgan in his most famously histrionic mode: knocking heads together, barking out prices for properties, and forcing titans to truckle to his will. In the end he fused together a trust that controlled 60 percent of the steel industry and employed 168, 000 workers.

Detailed explanation-5: -J. P. Morgan formed U.S. Steel on March 2, 1901 (incorporated on February 25, 1901), by financing the merger of Andrew Carnegie’s Carnegie Steel Company with Elbert H. Gary’s Federal Steel Company and William Henry “Judge” Moore’s National Steel Company for $492 million ($17.1 billion today).