Event

Sale of the Carnegie Steel Company and formation of U.S. Steel

The 1901 purchase of the Carnegie Steel Company by J. P. Morgan's syndicate, which became the core of the United States Steel Corporation.

4 links, 1 backed by primary records

Connections 4

Andrew Carnegie seller Self-published 1
J. P. Morgan buyer Self-published 1
United States Steel Corporation corporation formed; its organization and underwriting directed by Morgan & Co. Primary record 2
Carnegie Steel Company company sold Self-published 1

Timeline 1 date

Proof 2 sources

Autobiography of Andrew Carnegie, Andrew Carnegie, Houghton Mifflin (text via Project Gutenberg #17976), 1920. Self-published
Mr. Schwab told me Mr. Morgan had said to him he should really like to know if I wished to retire from business; if so he thought he could arrange it.
The Carnegie Steel Company was bought by Mr. Morgan at Mr. Carnegie's own price.
Our successors, the United States Steel Corporation, soon after the purchase, netted sixty millions in one year.
Report of the Committee Appointed Pursuant to House Resolutions 429 and 504 to Investigate the Concentration of Control of Money and Credit (the Pujo report), U.S. House of Representatives, Committee on Banking and Currency (text via FRASER, Federal Reserve Bank of St. Louis), 28 Feb 1913. Primary record
stock and $304,000,000 of bonds, par value, was directed and absolutely dominated by Morgan & Co.
named the entire first board of directors. No director has been chosen since without his approval.

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