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: -Andrew Carnegie, a Scottish immigrant from a relatively unknown family, eventually worked his way to the top of the steel industry and became one of the most successful businessmen in U.S. history. He accomplished the takeover of the steel industry thanks to several important innovations and tactics.

Detailed explanation-3: -His steel empire produced the raw materials that built the physical infrastructure of the United States. He was a catalyst in America’s participation in the Industrial Revolution, as he produced the steel to make machinery and transportation possible throughout the nation.

Detailed explanation-4: -Carnegie got his start working for the Pennsylvania railroad company before becoming the nation’s leading steel producer.

Detailed explanation-5: -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.