What major acquisition did J.P. Morgan complete in the steel industry?

• A. He bought out U.S. Steel
• B. He bought out Carnegie Steel
• C. He founded the Pennsylvania Railroad
• D. He created the Southern Pacific Railroad

Answer: (B)

J.P. Morgan's significant acquisition in the steel industry was the purchase of Carnegie Steel. In 1901, he orchestrated the merger that created U.S. Steel by buying out Andrew Carnegie's company, which at the time was the largest steel producer in the United States. This acquisition was a pivotal moment in the industrialization of America, as it allowed Morgan to consolidate the steel industry, control production, and significantly dominate the market. The newly formed U.S. Steel Corporation became the first billion-dollar corporation in U.S. history, reflecting the immense scale and influence of the company in the early 20th century. This move not only reshaped the steel industry but also established Morgan as a key player in American industrial finance and corporate consolidation during that era.