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okay dudes. i'm just posting this because the school disabled our email. so i need to get it home. the end.
don't read it
History of US Steel Corporation
The largest integrated steel producer in the United States was formed on February 15, 1901. JP Morgan and Elbert H. Gary combined the steel operations owned by Andrew Carnegie with their own companies, which was negotiated in secret by Charles Schwab. These four men are considered the founding fathers of USX.
Andrew Carnegie is known for his philanthropy and economic successes. His initial empire included nine separate steel works, included Edgar Thomson Steel Works, the Pittsburgh Bessemer Steel Works, and the Union Iron Mills. He bought out his competitor Homestead Steel works, and by 1888 he had an extensive amount of plants, railway, and steamships. In 1901, Carnegie sold his holdings to a group of New York-based financers with the help of Charles Schwab. For 250 million dollars, JP Morgan and Elbert H. Gary bought Carnegie’s companies. With the money that he made from this exchange and from his 18 newspapers among other things, Carnegie became a world-class philanthropist and assisted in building over 3,000 libraries all over the world. He also contributed to building the colleges of Carnegie Mellon and its equivalent in Washington DC.
JP Morgan was a railway tycoon in his early years. He controlled the New York Central, New Haven and Hartford, Lehigh Valley, Pennsylvania, Reading, Erie, Southern, Chesapeake and Ohio, and the Northern Pacific systems. Knowing that he would need steel for this business, he decided to start producing mass quantities of steel. Therefore, in 1901 he decided it would be beneficial to merge Carnegie’s holdings with his own.