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King Steel

 

Andrew Carnegie was as rich and powerful as Vanderbilt was. He made his fortune in the steel industry.

In 1870 he made a trip to England and saw the Bessimer steel process in use. He brought this back to the United States, and began making lots of money. He used this money to buy out rivals. He also began buying iron mines, railroad and steamship lines, and warehouses. Soon he controlled all phases of the industry, from mining the raw materials to the finished product. This is called vertical integration.

In 1892, Carnegie combined all his businesses into the giant Carnegie Steel Corporation.

1870's

 

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