Question

How did Andrew Carnegie make his fortune?

Answer 1

Andrew Carnegie emigrated to the Us at the age of 13 and worked his way up from working in a factory to a superintendant on the railroads.
he made his first money by investing in oil, and started a steel company. His business method was to own the means of production, ie he controlled the process from start to finish and wasn't paying someone else for raw materials or to make stuff for him. However, he didn't treat his workers that well (lowering wages etc).
In 1901 he sold his business and decided to use his wealth to help others.
So I guess the short version is; he had a good eye for an opportunity/ a good investment, was lucky to have been in the right place at the right time (getting in on the start of railroads, then oil, then steel production), knew his industry well, and could be ruthless in business.

Answer 2

Andrew Carnegie made his fortune through the steel industry by controlling every aspect of steel production and capitalizing on smart business decisions. His success allowed him to become a philanthropist, donating his fortune to construct libraries, schools, and institutions of higher education.

Step-by-step explanation:

Andrew Carnegie made his fortune through the steel industry. He sought to control every aspect of steel production and lower costs by owning mines, foundries, and railroads. Carnegie capitalized on smart business decisions, buying out other steel companies at low prices during economic recessions and constantly seeking innovative ways to increase production and reduce cost. His empire included iron ore mines, furnaces, mills, and steel works companies. Carnegie's success in the steel industry allowed him to become a philanthropist later in life, donating his enormous fortune to construct libraries, schools, and institutions of higher education.