The Scottish born industrialist who built Carnegie Steel into the largest steel producer of its era, then gave away most of his fortune to education, libraries and science under the philosophy he called the Gospel of Wealth.
Facts
BirthplaceDunfermline, Fife, Scotland 1 Death PlaceLenox, Massachusetts, U.S. 1 Defining ContributionPioneered the adoption of the Bessemer process for cheap, efficient mass production of steel, dramatically cutting prices and enabling rapid industrial expansion. 1 Notable WorkThe Gospel of Wealth (1889), his essay arguing that the rich have a moral duty to redistribute their fortunes. 1 Connections
Associated With
Carnegie's rise from bobbin boy to steel magnate is a canonical example used in entrepreneurship scholarship of opportunity recognition and venture-building.
Source Wikipedia, Entrepreneurship
Carnegie sold his steel company into this 1901 merger.
Source Wikipedia, United States Steel
Source Wikipedia, Andrew Carnegie
Carnegie Steel controlled its own raw materials, transport and mills end to end, a textbook case of vertical integration.
Source Wikipedia, Andrew Carnegie
Companies Founded
Founded by Andrew Carnegie in 1892.
Source Wikipedia, Carnegie Steel Company
Companies Led
Carnegie personally directed the company he founded until its 1901 sale, which formed U.S. Steel.
Source Wikipedia, Andrew Carnegie
Sources
1. Wikipedia, Andrew Carnegie
Wikipediainfobox / lead section
Andrew Carnegie (November 25, 1835 - August 11, 1919) was a Scottish-American industrialist and philanthropist.
- Companies Led: Carnegie Steel Company
- Associated With: Vertical Integration
- Associated With: Steel Industry
View the Source Business LibreTexts, 20 Most Influential Entrepreneurs of the Century
Business LibreTexts (Brooks, AI-Driven Entrepreneurial Management)20 Most Influential Entrepreneurs of the Century, entry 4, Andrew CarnegieQuote, 20 Most Influential Entrepreneurs of the Century, entry 4, Andrew Carnegie
Built Carnegie Steel into the largest steel empire. ... Donated most of his fortune to education, libraries, and science, embodying the "Gospel of Wealth."
Wikipedia, Entrepreneurship
WikipediaAssociated With: Entrepreneurship, Historians' assessment and ranking sectionQuote, Associated With: Entrepreneurship, Historians' assessment and ranking section
A 2002 survey of 58 business history professors gave the top spots in American business history to Henry Ford, followed by Bill Gates; John D. Rockefeller; Andrew Carnegie, and Thomas Edison.
Wikipedia, Carnegie Steel Company
WikipediaCompanies Founded: Carnegie Steel Company, Lead sectionQuote, Companies Founded: Carnegie Steel Company, Lead section
The 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.
Wikipedia, United States Steel
WikipediaAssociated With: Formation of U.S. Steel, History sectionQuote, Associated With: Formation of U.S. Steel, History section
In 1901, J. P. Morgan created U.S. Steel by merging Carnegie Steel Company, Federal Steel, and National Steel for $492 million.
Reader Challenges (0)
No disputes yet. Spotted an error or a better source? Open the first one.
Sign in to dispute this or suggest a correction.