1901 - Edgar Thomson Plant sold to US Steel
In 1901, Andrew Carnegie retired and sold his entire Carnegie Steel Company to the JP Morgan subsidary US Steel for 480 million dollars. This sale included the Edgar Thompson Steel Works in Braddock as well as fifteen other steel facilities throughout Allegheny county, including the Carrie Furnaces. Carnegie’s sale transferred ownership of the majority of steel industry in Pittsburgh to US Steel, and made Carnegie one of the richest men in history.
US Steel was created through the merging of Elbert Gary’s Federal Steel Company and Carnegie Steel Company, to create one large steel conglomerate. It was formed when Charles Schwab became the president of the Carnegie Steel Company and he approached Gary with the possibility of a merger, and together with JP Morgan they bought out Carnegie’s interests and created US Steel, Incorporating Federal Steel, Carnegie Steel, and many other steel companies around the country into one conglomerate.