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Two pounds of iron-stone purchased on the shores of Lake Superior and transported to Pittsburgh; two pounds of coal mined in Connellsville and manufactured into coke and brought to Pittsburgh; one half pound of limestone mined east of the Alleghenies and brought to Pittsburgh; a little manganese ore, mined in Virginia and brought to Pittsburgh. And these four and one half pounds of material manufactured into one pound of solid steel and sold for one cent. That’s all that need be said about the steel business.

-Andrew Carnegie’s Ode to Steelmaking

What is the term for how Andrew Carnegie created a monolithic company that dominated the steel industry?


Holding company.


Vertical integration.


Interlocking directorate.


Supply-side economics.


Horizontal integration.

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