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Andrew Carnegie Biography: Businessman and Philanthropist
Famous for : Becoming fabulously wealthy from Steel and was a very generous philanthropist.
Carnegie details : Born - November 25, 1835 Scotland Died - August 11, 1919 USA (came to America in 1848)United States of America

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Andrew Carnegie Bio

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Andrew Carnegie is a famous industrialist, businessman, and philanthropist of the late nineteenth and early twentieth centuries. He built the Carnegie Steel Company (which eventually became U.S. Steel) through which Carnegie amassed a fortune. He used his money to found the Carnegie Corporation of New York, the Carnegie Mellon University, and the Carnegie Endowment for International Peace as well as numerous libraries and educational foundations.

Andrew Carnegie was born on November 25, 1835 in Dunfermline in the United Kingdom and immigrated with his parents to the U.S. in 1848. Carnegie and his family settled in Allegheny, Pennsylvania where, at the age of 13, Carnegie took his first job as a bobbin boy at a local cotton mill. He worked for twelve hours a day, six days a week for $1.25 per week in wages. Two years later Carnegie took a job as a messenger boy for the Ohio Telegraph office in Pittsburgh for $2.20 a week.

While working as a messenger, Carnegie was exposed to the works of Robert Burns as well as to the theatre. His uncle, a grocer in Dunfermline, introduced young Carnegie to the writings of Robert Burns and had him memorize his teachings on democracy and the heroic tales of Rob Roy, Robert the Bruce, and William Wallace. In addition to his readings, Carnegie would often convince theatre managers to let him watch shows for free after delivering messages. The works of Burns and the art of Shakespeare helped Carnegie form ideas and passions that lasted his entire life.

Carnegie had little formal education. Instead, the boy was mostly self-taught; educating himself with the help of Colonel James Anderson who opened his library to working boys once a week. Carnegie always borrowed books and eventually taught himself economics, culture, and the telegraph. His study of the telegraph led him to his next job with the Pennsylvania Railroad Company in 1853 as a telegraph operator.

Carnegie quickly advanced through the business and became the the superintendent of the Pittsburgh Division of the Railroad at the age of eighteen. Two years later Carnegie began investing his savings and put $500 into a firm called Adams Express. The firm was very successful and helped Carnegie build capital which he continued to reinvest in the industry. . He bought stock in sleeping cars and railroad industries, including iron and rails, which helped him accumulate more capital for later investments.

His interest in sleeping cars gave Carnegie the connections to assist the Union army during the civil war, too. With his railroad connections, Carnegie was able to move the army and munitions to battle and his travels opened investment opportunities in oil and iron that were needed for the war. It was the introduction to the steel and iron businesses (needed to make gunboats, cannons and shells for war) that gave Carnegie the motivation to focus on steel as his next project venture.

Once the Civil War ended, Carnegie left the railroad business and focused on ironworks. He formed The Keystone Bridge Works and the Union Ironworks, both of which helped build and develop better infrastructure for the Pennsylvania Railroad Company. His passion for steel and business eventually led him to purchase a rival company, Homestead Steel Works in 1888 which included coal and iron fields, a railway, and a line of steamships. With his new assets, Carnegie formed the Carnegie Steel Company in 1892. By this time Carnegie had already purchased multiple other steel companies and was known as the largest steel producer in the U.S.

In 1901, Carnegie, with the help of John Pierpont Morgan, consolidated his companies and eliminated duplications between them, helping to make Carnegie's businesses run more efficiently under one system. The new company was named the United States Steel Corporation. Morgan organized a trust which held the holdings of the company and allowed Carnegie to retire from business. The company was then bought out by Charles M. Schwab for an estimated $480 million. Carnegie retired with over $250 million in personal wealth.

With this large sum of money, Carnegie set out to fund schools and libraries in hopes of educating the world. After his retirement in 1901, Carnegie spent most of his time creating and promoting libraries in the United Kingdom as well as the United States. He also donated millions to universities and formed the Carnegie Institute of Technology (now part of Carnegie Mellon University) and gave $2 million to assist in Scottish universities.

In addition to educational institutions, Carnegie promoted and funded organizations dedicated to the education of African-Americans, built the Carnegie Hall in New York City, founded the Carnegie Hero Fund and the Carnegie Endowment for International Peace.

Andrew Carnegie died on August 11, 1919 in Lenox, Massachusetts and is buried at Sleepy Hollow Cemetery.

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Andrew Carnegie Quotes Famous Andrew Carnegie Quotes

I resolved to stop accumulating and begin the infinitely more serious and difficult task of wise distribution.
Andrew Carnegie - Money - Responsibility - Philanthropy

I believe the true road to preeminent success in any line is to make yourself master in that line. I have no faith in the policy of scattering one's resources, and in my experience I have rarely if ever met a man who achieved preeminence in money making.. certainly never one in manufacturing.. who was interested in many concerns.
Andrew Carnegie - Money - Success - Commitment

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Andrew Carnegie Biography - Life

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