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With Frick, Richard Mellon, and William Donner, Mellon co-founded Union Steel Company, which specialized in the production of nails and barbed wire. Though Frick had fallen out with steel magnate and long-time business partner Andrew Carnegie, Mellon received Carnegie's consent to venture into the steel industry.
He built Pittsburgh's Carnegie Steel Company, which he sold to J. P. Morgan in 1901 for $303,450,000 (equal to $11,113,550,000 today); [7] it formed the basis of the U.S. Steel Corporation. After selling Carnegie Steel, he surpassed John D. Rockefeller as the richest American of the time.
Carnegie Steel Company was sold in 1901 to U.S. Steel, a newly formed organization set up by J. P. Morgan. [10] It sold at roughly $492 million [11] ($18 billion+ today), of which $226 million ($8.3 billion+ today) went to Carnegie himself. [12] U.S. Steel was a conglomerate with subsidiary companies.
Henry Clay Frick (December 19, 1849 – December 2, 1919) was an American industrialist, financier, and art patron.He founded the H. C. Frick & Company coke manufacturing company, was chairman of the Carnegie Steel Company and played a major role in the formation of the giant U.S. Steel manufacturing concern.
US Steel was created in 1901 through a merger when a group led by J.P. Morgan and Charles Schwab, two of the world’s leading financiers of the time, bought the steel company owned by Andrew ...
The Mellon family is a wealthy and influential American family from Pittsburgh, Pennsylvania.The family includes Andrew Mellon, one of the longest serving U.S. Treasury Secretaries, along with famous members in the judicial, banking, financial, business, and political professions.
Mellon’s grandfather Andrew was Treasury secretary from 1921 to 1932. In that role, he cut taxes for America’s wealthiest and successfully campaigned to remove any estate taxes so that he ...
Andrew Carnegie builds an empire around steel, but finds himself struggling to save face after the ruthless tactics of his business partner, Henry Clay Frick, result in both the Johnstown Flood as well as the bloody 1892 strike at the Homestead Steel Works. [1] [2]