The End of Carnegie Steel Company

The Carnegie Steel Company, once the cornerstone of Andrew Carnegie’s industrial empire, officially became defunct on March 2, 1901, marking the end of a remarkable era in American industry. Founded in the late 19th century, Carnegie Steel revolutionized steel production through innovative methods such as the Bessemer process, making steel more affordable and fueling rapid industrial growth in the United States. Under Carnegie’s leadership, the company became the largest steel producer in the world and played a vital role in building railroads, bridges, and skyscrapers. On March 2, 1901, Carnegie sold the company to J.P. Morgan for $480 million, creating U.S. Steel, the world’s first billion-dollar corporation. This sale marked Carnegie’s retirement from business and the beginning of his full-time dedication to philanthropy. The dissolution of Carnegie Steel symbolized both the end of Carnegie’s business career and the transformation of American industry at the dawn of the 20th century.