Sunday, January 4, 2009

The Life of Andrew Carnegie

Andrew Carnegie is known to be one of America's wealthiest mogul in the steel industry.
Born on November 25, 1835 in Dunfermline Scotland, later moved to the United States with his family, prior to the economic crisis in his birth land. They settled in Allegheny near the city of Pittsburgh. He began working at the tender of twelve in a local cotton factory, and by the age of fourteen, he became a messenger boy for the Telegraph office of Pittsburgh.
Thomas Scott (superintendent of the western division Pennsylvania railroad) observed Carnegie's hard work and dedication promoting him to become secretary. At the beginning of the civil war both both Carnegie and Scott had to move to Washington. After the Civil War, Carnegie became more recognizable and succeeded Scott's position.
He later invested in several ventures, like Woodruff Sleeping Car Company and several small iron factories. Carnegie later drew his attention from iron and focused on steel realising that this could earn him major profits.
After spending time in england on various occasions observing the industry, he decided to form his own steel Compnay with the help from his chairman Henry Frick, who helped the business increased rapidly.
By 1892 the value of the Company was 25 million which made it the largest steel company in the world. The company continued to expand, and sadly so did conflict between carnegie and Frick. In 1901 frick purshased the company now valued 1.4 billion. While carnegie earned 225,000,000. Later on, Carnegie gave back in the building 3000 libaries and 380 in England. By the time he died in 1919, he had given away 350,000,000.