The steel industry provides the solution. The Carnegie Steel Company was started by him.
In Braddock, Pennsylvania, Carnegie started constructing his first steel factory, the Edgar Thomson Steel Works, in 1872. In 1874, the Thomson Steel Works started making rails. The mill produced inexpensive steel that was sold for a significant profit in the expanding markets of industrial expansion thanks to a combination of low labor, efficient technical infrastructure investment, and an efficient organization. By himself, Carnegie calculated a return on investment of 40%, or a profit of $40,000 from a $100,000 investment in the mill.
The Edgar Thomson Steel Works' profits were sizable enough to allow Carnegie and his business partners, Henry Clay Frick, his cousin George Lauder, and Henry Phipps Jr., to purchase more local steel mills.
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