Andrew Carnegie and Steel (KI) Nena Bossaller

            

Andrew Carnegie’s remarkable life started in Scotland. He was the son of a poor hand weaver so he hoped to improve his life and moved to the United States in 1848. He started out working as a bobbin boy in a textile factory and earned $1.20 per week. Two years later he became a messenger in a telegraph office, and then worked as secretary to Thomas Scott, a superintendent. He later got the job as the President of the Pennsylvania Railroad. When Scott, who was impressed by Carnegie’s energy, was promoted, Andrew became the new superintendent. He knew how to invest his money and by his early 30’s he earned $50,000 per year, which was a tremendous amount compared to his first own earnings. Then he decided to quit his job to focus on his own business investments. He traveled to Europe and met Sir Henry Bessemer, who had a new process for making high quality steel that was cheap and efficient. Carnegie liked his idea and opened a steel company in Pittsburgh in 1875, using Sir Henry Bessemer’s process. By using the vertical integration for his company, which means that he owns all the different businesses that he needed for his business, he had success. When he got required in 1901 he sold his business for $400 Million to John Pierpont Morgan, a banker.