USA HISTORY

Detailed explanation-1: -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-2: -In addition, Carnegie Steel bought up its sources of raw materials and shipping (in a strategy called vertical integration) and bought out and absorbed its competitors (horizontal integration) to dominate the steel industry.

Detailed explanation-3: -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-4: -Carnegie Steel Company was a steel-producing company primarily created by Andrew Carnegie and several close associates to manage businesses at steel mills in the Pittsburgh, Pennsylvania area in the late 19th century.

Detailed explanation-5: -Carnegie adopted a new process invented by Sir Henry Bessemer that allowed steel to be made from iron more efficiently and quickly. This lowered the cost for steel, expanding the market. While this Bessemer steel didn’t work for bridges or buildings, it worked well for railways.