A Pittsburgh steel producer founded by Andrew Carnegie in 1892, pioneering the Bessemer process and open hearth furnace at industrial scale before its 1901 sale into the newly formed U.S. Steel for roughly 492 million dollars. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
Facts
Company TypeSteel producer (historical, merged into U.S. Steel in 1901) 1 Founded Year HeadquartersPittsburgh, Pennsylvania, U.S. 1 Connections
Associated With
Carnegie Steel was merged into U.S. Steel by this 1901 transaction.
Source Wikipedia, United States Steel
Carnegie Steel controlled not only the mills where steel was manufactured but the mines where coal and iron ore were extracted, the textbook example of vertical integration.
Source Wikipedia, Vertical Integration
Founded By
Founded by Andrew Carnegie in 1892.
Source Wikipedia, Carnegie Steel Company
Led By
Carnegie personally directed the company he founded until its 1901 sale, which formed U.S. Steel.
Source Wikipedia, Andrew Carnegie
Operates In
Pittsburgh steel producer.
Source Wikipedia, Carnegie Steel Company
In the Other Atlases
Sources
1. Wikipedia, Carnegie Steel Company
Wikipedialead sectionQuote, lead section
The company was formed in 1892, and was subsequently sold in 1901 in one of the largest business transactions of the early 20th century, to become a major component of U.S. Steel.
Wikipedia, Vertical Integration
WikipediaAssociated With: Vertical Integration, Steel and oil section, Carnegie SteelQuote, Associated With: Vertical Integration, Steel and oil section, Carnegie Steel
Carnegie Steel is an example of America's initial approach to vertical integration, with the business controlling not only the mills where steel was manufactured, but mines where coal and iron ore was extracted.
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.
Wikipedia, Andrew Carnegie
Frequently Asked Questions
What happened to Carnegie Steel Company after Andrew Carnegie sold it?
Carnegie Steel Company, founded by Andrew Carnegie in Pittsburgh in 1892, was sold in 1901 to a newly formed corporation organized by J.P. Morgan called U.S. Steel. The sale price was roughly 492 million dollars, of which about 226 million dollars went to Carnegie personally, and Carnegie Steel became one of the founding companies inside U.S. Steel rather than continuing as an independent business.
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.