USA HISTORY

Detailed explanation-1: -In the 1880s and 1890s, Andrew Carnegie had built the Carnegie Steel Company into one of the largest and most-profitable steel companies in the United States. The Homestead steel mill, located a few miles from Pittsburgh along the Monongahela River, was one of the largest of Carnegie’s mills.

Detailed explanation-2: -Andrew Carnegie, (a Scottish emigrant), bought the 2 year old Homestead Steel Works in 1883, and integrated it into his Carnegie Steel Company. For many years, the Homestead Works was the largest steel mill in the world and the most productive of the Mon Valley’s many mills.

Detailed explanation-3: -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-4: -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-5: -Homestead Steel Works Site, Pennsylvania The steel works which once employed 15, 000 people closed in 1986 after more than a century of operation. The plant was demolished and the land was turned into the Waterfront Shopping Center, which opened in 1999.