Andrew Carnegie
Andrew Carnegie was born on November 25, 1835, in Dunfermline, Fife, Scotland. He grew up in a family that believe in the importance of books and studying. He came to America at the age of 13 in 1848 with his family; they settled at Allegheny, Pennsylvania. Carnegie went to work at a local factory, earning $1.20 a week. A year later, he found a job as a telegraph messenger. In 1851, he was promoted to a telegraph operator position. Later, he took a job at the Pennsylvania Railroad in 1853 where he worked as an assistant for Thomas Scott, one of the railroad's top officials. From his experience, he learned more about the railroad industry and business in general.
While he was working for the railroad, he started making some investments, especially those in oil, and made substantial returns. By 1865, Carnegie wanted to try something new, so he left the railroad to focus on a new type of business, the steel industry.
Over the next decade, Carnegie dedicated almost all of his work in the steel industry. His business, Carnegie Steel Company, changed the production of steel in the United States. He built plants all around the country and used technology and methods that made manufacturing steel easier, faster, and more productive. He owned only enough for what he needed for his business: the raw materials, ships and railroads for transportation, and coal fields to fuel his factories.
He became the dominant force in his industry and an ever-growing wealthy man. He was known as the steel tycoon who helped fuel the economy and shape the nation into what it is today. Carnegie Steel Corporation became the largest of its kind in the word by 1889.
While he was working for the railroad, he started making some investments, especially those in oil, and made substantial returns. By 1865, Carnegie wanted to try something new, so he left the railroad to focus on a new type of business, the steel industry.
Over the next decade, Carnegie dedicated almost all of his work in the steel industry. His business, Carnegie Steel Company, changed the production of steel in the United States. He built plants all around the country and used technology and methods that made manufacturing steel easier, faster, and more productive. He owned only enough for what he needed for his business: the raw materials, ships and railroads for transportation, and coal fields to fuel his factories.
He became the dominant force in his industry and an ever-growing wealthy man. He was known as the steel tycoon who helped fuel the economy and shape the nation into what it is today. Carnegie Steel Corporation became the largest of its kind in the word by 1889.
Homestead Strike of 1892
As a result of the growing industry and increasingly labor demand from the workers, strikes broke out. One of the most famous occurred in 1892 when the company tried to lower wages at the Carnegie Steele Plant located in Homestead, Pennsylvania. The employees objected the wage cuts and refused to work; it became known as the Homestead Strike of 1892 and soon became violent after the managers called in Pinkertons (private armies for hire). The arrival of the Pinkertons greatly escalated the situation, and although Carnegie was away at the time, he was still blamed for the actions of the managers.
Giving Back to the Community
In 1901, Carnegie decided to sell his business to J.P. Morgan for $200 million. Morgan changed the name to the United States Steel Corporation. By the age of 65, Carnegie decided to retire and wanted to spend the rest of his days helping the community; he built libraries, schools, and donated for the better good. He wrote an article in 1889 called "Wealth". It stated that the wealthy must be socially responsible and use their assets to help others within their community. It was later published in 1900 as the book The Gospel of Wealth.