One of history’s wealthiest men made his fortune in the steel industry.
Andrew Carnegie arrived in the United States as a penniless 12-year-old in 1848 and immediately got to work. After a stint in the railroad business, Carnegie started investing in the steel industry in the 1870s, using his connections in local railroads to get sweetheart rail contracts. By the 1890s, Carnegie Steel was the largest steel company in the nation, eventually merging with various competitors to create the mammoth U.S. Steel.
More than 100 years later, steel is integral to the world’s economy. Asia has become a significant producer as nations like China use modern production capabilities to build vast tracts of high rises. Steel is also used to manufacture heavy machinery, weapons, and energy products for the energy industry.
Canada’s steel industry has also seen significant changes over the years. Stelco dominated the space for years, but the…
