The Business of Railroads Industrial Empires: Steel Industry; vertical integration (jan 1, 1850 – jan 1, 1900)
Description:
The steel industry grew in the 1850s with the discovery by Henry Bessemer and Willaim Kelly of an alternate process for making large quantities of it Blasting air through molten iron created steel of high quality, a metal that was more durable than iron. Andrew Carnegie's steel company utilized vertical integration, which was when a company would control every stage of the industrial process. The company will have control over mining raw materials to transporting finished product. This strategy allowed them to produce more steel than the Mills in Britain by 1900.Added to timeline:
Date:
jan 1, 1850
jan 1, 1900
~ 50 years