In which business did andrew carnegie create a monopoly?

Andrew Carnegie create a monopoly in the steel business  

Andrew Carnegie was born in Scotland in 1837, at the age of 13, his family emigrated to the USA. Because of his hard work and dedication around in the 1870s, he built his own company in the steel industry. At that time, the demand for steel is on the rise. The nation industry in the needs of steel to build railroads, and skyscrapers.

Carnegie developed his business into a vertical monopoly by controlling every aspect of one highly valuable product. He controlled every level involved in steel production, from raw material he gained control on iron and coal mines, in manufacturing, he implemented the Bessemer process. He also bought the railroad and the shipping company. By doing this he could reduce his costs and produce cheaper steel.

In 1901, he sold his Carnegie Steel to J.P. Morgan, who paid him 500 million dollars to create U.S. Steel. The US-Steel control 70 percent steel industry in the USA.

Monopolies in the USA

Steel industry

John D. Rockefeller

Keywords: steel industry, Andrew Carnegie, monopoly, combine vertical, steel company, Carnegie