The Steel Business
By: Noah Belk
Andrew Carnegie was a son of a Scottish immigrant. He started working as a telegraph operator, but soon worked his way up to a Railroad manager. In 1865 he left the communication industry to join the iron industry and built a steel plant near Pittsburgh that used the "Bessemer process." This process was where steel could be made in large numbers but was still affordable. 1890 was where Carnegie really began to dominate the industry which he became powerful through the "vertical integration" which was where he acquired companies that could help him by providing him equipment and services. His industry got to where they began producing up to one- third of the country's steel and had earned up to in 1901 sold his company to a man by the name of J. Pierpont Morgan for 500 million dollars. The company combined with several other companies to form the U.S. Steel Corporation.
How & Why The Government Began To Restrict It
The government began to restrict it because there was no competition and businesses had no reason to keep their prices low. They Restricted it by passing the "Sherman Antitrust Act." That was where the law was trying to protect trade and commerce against monopoly.