U.S. History 101 by Kathleen Sears

Author:Kathleen Sears
Language: eng
Format: epub
Publisher: F+W Media

Forged from Steel

Carnegie’s plants manufactured Bessemer steel, a new way of forging the metal from pig iron. In 1901 J. Pierpont Morgan bought out Carnegie and formed the United States Steel Corporation, the first corporation with a capitalization of more than $1 billion.

Among the philanthropic projects Carnegie undertook were:

A series of Carnegie libraries, both in Britain and in the United States

The Carnegie Institute of Technology in Pittsburgh (later Carnegie-Mellon University)

Carnegie Hall in New York City

A pension fund for college professors that later evolved into TIAA-CREF (Teachers Insurance and Annuity Association– College Retirement Equities Fund)

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