Andrew Carnegie And The Transformation Of The Steel Industry

American Economic Development Andrew Carnegie and the Transformation of the Steel Industry November 2014 Before Andrew Carnegie’s influence in the steel industry, steel was as an expensive product. It was used for tools and weapons, all large scale metal operations were created with cast iron. The Bessemer process was the cheap way to produce steel. The process enabled the mass production of steel for industrial types of usage. Essentially the process breaks down impurities in the iron by way of open furnace extraction. This oxidizes the steel while it is run through molten metal. Steel has been common in production since the Bessemer process was discovered and perfected in the late 1850s. Andrew Carnegie made his fortune in the steel industry. He was one of the first to practice the vertical integration management technique which drastically reduced his costs of production. Along with the vertical integration his honing of the Bessemer process created somewhat of a monopoly in the area. I say this because Edgar Thompson Steel Works provided permits for Carnegie to purchase a n umber of nearby steel mills. The steel industry in the United States changed drastically from the early 1800s to 1900s; the man responsible for the mass production was Andrew Carnegie. Carnegie is one of the wealthiest men to live on this earth; much of that wealth came from Carnegie Steel Company, later U.S. Steel. Prior to the application of the Bessemer process, Britain had no way of reducingShow MoreRelatedHow Steel Changed America953 Words   |  4 PagesHow Steel changed America One of the greatest discovers that transformed cities to what they are now is steel industry. The rise of the steel industry in the United States drove Americas growth as a world economic power. â€Å"The industrialization of America made steel the number-one selling product. 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