2. In the late 1800s, iron was used to build
bridges, buildings, and railroads. As motives
got bigger and heavier, iron tracks were no
longer strong enough.
Steel tracks were needed, but steel was much
more expensive to make than iron.
By the 1850s, inventers came up with a way to
make steel cheaper.
3. In the late 1860s,Andrew Carnegie built a steel
mill in Pittsburgh, Pennsylvania.
By the 1870s,business was good for him. With
his profits he built steel mills and made even
more money.
He bought ships to carry resources to the mills.
4. He made steel at a lower cost then others could.
The other steel mills were not able to compete
with Carnegie’s low prices. Then they joined
his business and formed the Carnegies' steel
company; the largest in the U.S.
He became very rich at 250 billion dollars a
year.
5.
6. In 1863, John D. Rockefeller set up an oil
refinery in Cleveland , Ohio. He was 24 years
old.
A refinery is a factory that makes oil into
products we use.
The first products made in his refinery were
grease and kerosene for lamps.
His refinery was one of 30 in Cleveland. Later
on he was able to buy most of them.
7. In 1870, he consolidated them into on business
he called the standard oil company.
Others could not match his low prices.
8. John D. Rockefeller
He had a
monopoly or
was in control
of the oil.
At age 99,
Rockefeller
was worth 1.4
billion dollars.
9. Most factories were located near harbors or
rivers.
With the growth of railroads, oil, and steel
industries, new cities developed land away
from the coast.
10. They were one of the most rich people
in the world at the time.
