Andrew Carnegie

Background, Achievements, Legacy

Background

Andrew Carnegie was born in 1835 to a poor Scottish family. In 1848 the Carnegie family moved to Pennsylvania seeking better economic opportunities for their family. Andrew Carnegie soon found work at a cotton plant making $1.20 a week. He moved through a few different jobs before finally settling at the Pennsylvania Railroad company. He was soon promoted to railroad division superintendent. He then used the money he made in this position to make multiple lucrative investments in multiple different companies and industries. He quit his job in the railroad company in 1865 and invested a large portion of his money in the railroad industry. He also founded an iron bridge building company and a telegraph firm using his connections in these different industries to win insider contracts. After traveling to Europe and learning of the Bessemer process he returned to the U.S. and created a steel factory using this process. Over the next few decades he expanded his steel factories and hold on the steel industry creating a steel empire. In 1901 J.P. Morgan bought Carnegie's steel company for $480 million. After this Andrew Carnegie devoted his time to philanthropy donating around $350 million to different charitable foundations.


Achievements

Bessemer Process-

Andrew Carnegie was one of the first people to implement the Bessemer processin steel factories revolutionizing the steel industry.


Investments-

Andrew Carnegie was able to notice trends in the stock market making a small fortune investing in different companies.


Early Companies-

Andrew Carnegie created multiple small companies in different industries and used insider pull and connections to make each of these companies flourish even though they were in completely different fields.


Steel Industry-

Andrew Carnegie created a monopoly over the entire steel industry effectively controlling most of the worlds steel production and becoming one of the richest men of the time.


Philanthropy-

Andrew Carnegie started multiple charities and invested heavily in many more donating a total of around $350 million over his life.




Legacy

Andrew Carnegie left multiple legacies that greatly affected the world around him. A few of these are the money he donated to charity and the charities he made and funded, revolutionizing the steel industry, making it possible for steel to be a product we use in every day life. Without these our lives today would be very different.