Andrew Carnegie’s profile picture

Andrew Carnegie

Industrialist, Businessman, Entrepreneur and a major Philanthropist.
Andrew Carnegie’s profile picture
Net worth 2018: $309 Billion
Industry: Steel
Residence: Dunfermline
BirthDay: 25 November 1835
Died On: August 11, 1919

Andrew Carnegie was bornon 25 November 1835 in Dunfermline, American, Scottish, is Industrialist, Businessman, Entrepreneur and a major Philanthropist.. Andrew Carnegie, a well-known Scottish-American, who rose from a life of utter poverty to become an industrialist, is considered as the second richest man in history. He built his fortunes mainly through the steel industry. He was a great visionary who could foresee and encash the business opportunities well in time thereby becoming the leader of the American steel industry. He built the Carnegie Steel Company which was the largest and most profitable industrial enterprise in the world in 1890s. Later, he sold it to J.P. Morgan who created U.S. Steel. He later turned towards philanthropy and did significant work in the field of education and culture. He founded various organizations like Carnegie Corporation of New York, Carnegie Endowment for International Peace, Carnegie Institution of Washington, Carnegie Mellon University and the Carnegie Museums of Pittsburgh. His benevolence can be seen in the donations he made for the promotion of education, uplifting the weaker section of the society and world peace.


$309 Billion


It finally resulted in ‘the United States Steel Corporation’, which was incorporated on March 2, 1901


In1892 he founded the Carnegie Steel Company by utilizing the various assets that he had accumulated over the years


He wrote an article, “Wealth” in 1889 through which he emphasized upon the social responsibility of the wealthy class towards the less fortunate in the society


His decision to take over the rival company, Homestead Steel Works in 1888 brought strategic advantages to his business


His well-known piece of writing, “Triumphant Democracy” was published in 1886 and well accepted in the U


He had the vision to foresee that iron would be replaced by steel hence he ended up setting a steel rail company in 1873 after which the steel furnace at Braddock started with steel rails in 1874


Till 1870, Carnegie speculated in small iron factories through investments


Carnegie made his very first investment of $500 in Adams Express in 1855 with Scott’s support; following which he learnt to invest and disinvest resulting in a huge start-up capital for his business ventures


Scott (superintendent of Pennsylvania Railroad) in 1853


Starting in 1850 as a messenger boy for a telegraph office in Pittsburg, he moved on to become secretary to Thomas A


His father was a weaver and moved the entire family to Allegheny City, Pennsylvania, in 1848 after industrialization phase that rendered him jobless and in relentless poverty


Andrew Carnegie was born on November 25, 1835 to William Carnegie and Margaret Morrison Carnegie in Dunfermline, Scotland

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