which captain of industry owned the us steel company
Andrew Carnegie Carnegie was born in Dunfermline, Scotland, and emigrated to the United States with his parents in 1848. Carnegie started work as a telegrapher, and by the 1860s had investments in railroads, railroad sleeping cars, bridges, and oil derricks. He accumulated further wealth as a bond salesman, raising money for American enterprise in Europe. He built Pittsburgh's Carnegie Steel Company, which he sold to J. P. Morgan in 1901 for $480 million.[5] It became the U.S. Steel Corporation. After selling Carnegie Steel, he surpassed John D. Rockefeller as the richest American for the next couple of years.[6]
Industrial Revolution in the United States Famed Merchant Francis Cabot Lowell memorized the designs of British textile machines in 1810 and realized that, during the War of 1812, demand for domestic finished cloth increased as imports were drastically cut through embargoes. When he returned to the United States, he set up the Boston Manufacturing Company, which employed the famed Lowell system as a response to poor working conditions in England, initially employing many women. His company was massively successful and extremely productive, especially because his competitors continued to use labor-intensive methods while he employed the mechanized spinning jenny and the water frame. The systems developed by the Boston Manufacturing Company and Lowell himself, such as vertical integration and mass production, found replicas across the country as the United States began to recognize the need for economic independence and industrial development in the wake of the Embargo Act of 1807, which highlighted the country's long-term reliance on the British Empire for trade in important refined resources.[2] Since it became clear the U.S. had relied too heavily on foreign refinement of resources,[3] entrepreneurs such as Oliver Evans, Robert Fulton, and Matthias W. Baldwin capitalized on this mostly new industry and mechanized refinement and transportation, thereby drastically increasing the economic independence of the United States for resource refinement and fueling the war effort against Britain.