USA HISTORY

Detailed explanation-1: -Andrew Carnegie was an industrialist best known for leading the expansion of the American steel industry in the late 19th century.

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’s relentless efforts to drive down costs and undersell the competition made his steel mills the most modern in the world, the models for the entire industry. By 1900, Carnegie’s steel was cheap. Suddenly bridges and skyscrapers were not only feasible but affordable, too.

Detailed explanation-4: -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.