Andrew Carnegie: America’s First Steel Tycoon

Carnegie’s early years

Andrew Carnegie first set foot on American soil when he was thirteen years of age. He was just one of a multitude of Scottish immigrants who dreamed the first American dream. The one where you go from rags to riches by your own hard work, ability to save money at every turn and a large portion of being at the right place at the right time. Andrew Carnegie went from the poor immigrant to the richest man in America and hit every stage in between. When he died in 1919, he had given away most of his huge fortune.

Building an empire

Carnegie began his career in America as a telegraph operator and then moved to be the assistant to Thomas Alexander Scott, who was the district superintendent for Pennsylvania Railroad. He began aggressively buying shares in companies with every cent he could spare. He profited from the oil boom and also the steel boom. He became the leading partner of the Keystone Bridge Company. His brother was a partner in another steel company and when they merged, they became Union Iron Mills, a very large, very strong steel company in 1870. Unlike many wealthy individuals, Andrew Carnegie believed that wealth came his way for philanthropic purposes. When he was asked to sell Carnegie Steel he asked for $480,000,000. He sold out the company and retired with his share of $220 million in US Steel first mortgage bonds.

Carnegie’s philanthropy

With this money, Andrew Carnegie devoted himself completely to his philanthropic endeavors. He was a very strong supporter of schooling and churches, in 1911, he established the Carnegie Corporation with a capital of $125,000,000. His was the first and largest institution until the creation of the Ford Foundation in 1947. Andrew Carnegie passed away in 1919 but his contributions have had and will continue to have an enormously positive effect on the country.