Andrew+Carnegie


 * __Andrew Carnegie__**



Andrew Carnegie, a Scottish Immigrant, was one of the richest Americans from the steel industry. Carnegie made his own steel mill after he had seen The Bessemer Process in action in Britain. The Bessemer Process is the steps to produce stronger steel at a lower cost. The Bessemer Process was invented in the 1950s by William Kelly in America and by Henry Bessemer in England. Railroads began to lay steel rails because of this. Within a short period of time, Andrew Carnegie's business began to profit. With the money he earned, he began to buy out rivals, iron mines, railroad lines, steamship lines, and warehouses. By buying all these suppliers, he gained control of all the products he needed which gave him an advantage over the other companies. This process was called vertical integration. Vertical integration is owning all the companies that supply you to make the product that you sell. Once owning all the suppliers, you can control everything by not letting other companies use your products and it is also cheaper. By 1900, Andrew Carnegie's steel mills were producing more steel than Great Britain was. Carnegie invented the "Gospel of Wealth," Carnegie believed that the rich needed to help the poor and improve society. The Gospel of Wealth describes the responsibility of philanthropy by the rich. It allowed large sums of money to be passed to organizations or to people. In 1901, he sold his steel empire and spent his time and money helping people.

http://en.wikipedia.org/wiki/Andrew_Carnegie