The Sultan of Steel
Dec 30, 2015
The Sultan of Steel
Born in Dunfermline, Scotland November 25, 1838 Father was a handloom weaver Lived originally in a one room
house Emigrated to the US in 1845
Andrew arrived in Alleghany Pennsylvania.
$1.20 a week for 72 hours. Ohio Telegraph Company
Began as a telegraph messenger in 1849
$2.50 per week. Impressed local businessman with his
competency and intellect. Rose through the business ranks.
Employed as Scotts personal assistant for $35 a week in 1853.
Scott became involved in rampant corruption
Helped Carnegie earn some crucial capital for future investments
Stayed part of Carnegie’s business life well afterwords.
Sideburns
Sideburns
Increased steel production Pittsburgh became center of
production Carnegie invested with other friends
to own a steel rolling mill After the war, Carnegie focused
entirely on owning his steel mills $42,000 in 1863
Carnegie was a giant of industry Bought steel mills at low prices Used vertical integration to increase
profit Bought iron ore fields in Michigan
By 1900 Carnegie was making 45 million a year.
Carnegie was bought out by J.P Morgan in 1901.
$485 million Carnegie was the richest man in the world.
Donated $10 million to Carnegie Teacher’s pension fund.
Carnegie Endowment for International Peace
Carnegie Corporation Carnegie dies in 1919
<http://www.carnegieendowment.org>
Legacy “ He that cannot reason is a fool. He
that will not is a bigot. He that dare not is a slave.”
“I resolved to stop accumulating and begin the infinitely more serious and difficult task of wise distribution.”
“Mr. Morgan buys his partners; I grow my own.”
Works CitedWorks Cited CONTENT "American Experience." PBS. PBS, Web. 16 Feb 2010.
<http://www.pbs.org/wgbh/amex/carnegie/>. "Andrew Carnegie." Spartacus. Spartacus, Web. 16 Feb 2010.
<http://www.spartacus.schoolnet.co.uk/USAcarnegie.htm>. "Foundation History." Carnegie Corporation of New York. Carnegie
Corporation, Web. 17 Feb 2010. <http://carnegie.org>. PICTURES "Andrew Carnegie." Wikimedia. Wikipedia, Web. 16 Feb 2010.
http://upload.wikimedia.org/wikipedia/commons/9/95/Andrew "Dismal Scientist." Datapoints. Datapoints, Web. 17 Feb 2010.
<http://www.economy.com/dismal/blog/blog_main.asp?tab=1&edition=4&m=9&y=2008>.