10Carnegie Steel1. Created by Andrew Carnegie, a Scottish Immigrant. 2. Based out of Pittsburgh, PA 3. Used the “Bessemer Process” to create the strongest steel in the world.
11Vertical Integration1. Carnegie believes in owning every step of production, to eliminate the “middle man”.2. Reduced costs, lower the price of his steel.3. Controlled 25% of the world’s steel market.
12John Pierpont (JP) Morgan 1. Financier, who made his fortune investing in the Trusts. 2. Used “interlocking directories” of joint share holders on multiple Corporate Boards. 3. Spends $400 million to buy Carnegie Steel. 4. Becomes 1st Billionaire by creating 1st Billion $ Company, US Steel.