carnegie, andrew - Investment & Finance Definition
A day laborer who began his career earning $1.20 a week in a Pittsburgh Steel mill and became wealthy as the head of a steel empire. Carnegie’s Union Iron Mills produced beams and plates for his bridge-building company. He created his steel empire through acquisitions and good management processes. He also bought steamships and railroads. He sold his steel company to J.P. Morgan’s U.S. Steel Corporation for $492 million, which made him the world’s richest man. He gave away much of his fortune to charitable organizations and endowed libraries throughout the United States.