Final answer:
Andrew Carnegie revolutionized the steel industry by adopting new technologies and exercising vertical integration, resulting in the Carnegie Steel Company overshadowing British steel production and ultimately leading to the creation of the U.S. Steel Corporation.
Step-by-step explanation:
Andrew Carnegie's Investment into the Steel Industry
Andrew Carnegie, a notable figure in the rise of the US steel industry, invested significantly in the revamping of steel plants, which led to the production of steel on an unprecedented scale.
By adopting new technologies like the Bessemer process and practicing vertical integration, he was able to efficiently control every aspect of steel production—from raw materials to distribution—enabling him to offer steel at lower prices than his competitors. His firm, Carnegie Steel Company, outpaced even the production of the entire British Empire by the end of the 19th century.
Carnegie's consolidation and expansion strategies paid off, allowing him to eventually sell his steel empire to J.P. Morgan, who formed the U.S. Steel Corporation, while Carnegie himself redirected his efforts toward philanthropy, building a legacy of libraries, schools, and institutions of higher education.