Thursday, June 25, 2009

Which immigrant became one of the richest men in the world from his domination in the steel industry?

The answer to this question is Andrew Carnegie. Carnegie, who was born in Scotland, emigrated to the United States and settled in Pennsylvania with his family in his teens. He found employment as a teenager working as a telegraph operator, a trade that eventually brought him into the employment of a prominent local railroad magnate. He worked his way up through this industry, investing his considerable earnings in a diverse portfolio that eventually came to include steel. Carnegie used both innovative technology and business practices to become one of the nation's largest steel manufacturers in the aftermath of the Civil War. By the 1880s, Carnegie Steel had, by controlling the supply chain for the production of steel, gained a near-monopoly on the industry. By 1901, when he sold his firm to financier J.P. Morgan, Carnegie was among the world's richest men. He devoted much of the rest of his life to endowing money on various causes, especially public lending libraries--he had always credited his passion for reading and self-education (and the fact that he had benefactors willing to share their books with him) as the key to his success. His immigrant origins made him an archetypal "rags to riches" story, even if his ruthless business practices and unsympathetic stance toward labor have added a layer of complexity to his story.

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