USA HISTORY

Detailed explanation-1: -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.

Detailed explanation-2: -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-3: -Andrew Carnegie earned the title of the “richest man in the world” in 1901 when he sold his steel corporation for $480 million. In today’s dollars that equals $12.3 billion. Carnegie claimed he was a captain of industry because he started out as a poor, immigrant teen, who worked hard and became a success.

Detailed explanation-4: -Scottish-born Andrew Carnegie (1835-1919) was an American industrialist who amassed a fortune in the steel industry then became a major philanthropist.

Detailed explanation-5: -However, he decided to invest more time in the steel industry in 1875 and built his own steel plant in Braddock, Pennsylvania. Known as the Edgar Thomson Works, Carnegie’s steel mill adopted the Bessemer steel-making process and any other technological innovations that helped factory operations run more efficiently.