Carnegie constructed his first steel mill in the mid-1870s. The profits he made from this one steel mill and the investments other people made in his company allowed him to expanded his business with several other steel mills. In 1892, the Carnegie Steel Company was formed. Its headquarters were located in the Carnegie
Building, an office building in downtown Pittsburgh. Built
to show its use of steel in its construction, the building was fifteen stories
high, and was left uncovered for a full year.
Building, an office building in downtown Pittsburgh. Built
to show its use of steel in its construction, the building was fifteen stories
high, and was left uncovered for a full year.
Carnegie made major technological innovations in the 1880s, especially the
installation of the open hearth furnace system. It now became possible to make steel suitable for structural beams and for armor plate for the US Navy, which paid far higher prices for the premium product. Carnegie installed vastly improved systems of material-handling, like overhead cranes, hoists, charging machines, and buggies. All of this greatly sped the process of steelmaking, and allowed the production of far
vaster quantities of the product.
installation of the open hearth furnace system. It now became possible to make steel suitable for structural beams and for armor plate for the US Navy, which paid far higher prices for the premium product. Carnegie installed vastly improved systems of material-handling, like overhead cranes, hoists, charging machines, and buggies. All of this greatly sped the process of steelmaking, and allowed the production of far
vaster quantities of the product.
Carnegie Steel Company was sold to the United
States Steel Company in 1901 for $500 million, about
half of that went to Carnegie himself.
States Steel Company in 1901 for $500 million, about
half of that went to Carnegie himself.