Steel Industry
About
Steel became a huge industry in the late 1800's. 2 methods of making steel changed the industry : the Bessemer process developed by Henry Bessemer of England and the open-hearth process. These new methods could could produce steel faster and would cost less money.
Andrew Carnegie
After learning about the Bessemer process he built a steel plant and named is after his biggest customer; J. Edgar Thompson Steel Works. In 1900, he was producing 1/3 of the nation's steel.
USS
In 1901 Carnegie sold his company to J. Pierpont Morgan. Morgan combined the Carnegie company with other businesses to form the United States Steel Corporation, the worlds first billion-dollar corporation
Restrictions
Several states passed laws restricting business combinations. But many Corporations avoided these laws by moving to other states that did not have those laws