Question

How did Andrew Carnegie vertically integrate the steel industry?

O buying his competition and closing their plants
O buying iron mines and means of transportation
O persuading laborers and managers to cooperate
Obribing government officials to allow a monopoly

Answer 1

Andrew Carnegie vertically integrated the steel industry by buying iron mines and means of transportation. This allowed him to control every aspect of steel production from mining the raw materials to transporting the finished product. By eliminating the need for external suppliers, Carnegie reduced competition and increased efficiency.

Step-by-step explanation:

Andrew Carnegie vertically integrated the steel industry by buying iron mines and means of transportation. By purchasing these key components of the steel production process, Carnegie was able to control every aspect of steel production from mining the raw materials to transporting the finished product.

For example, Carnegie acquired coal mines to ensure a steady supply of fuel for the steel furnaces, and he bought railroads and ships to transport his steel to customers. This vertical integration allowed Carnegie to lower production costs, increase efficiency, and dominate the steel industry.

By controlling the entire production process, Carnegie eliminated the need to rely on external suppliers and reduced competition in the industry.

Learn more about Andrew Carnegie's vertical integration of the steel industry