Who owned US steel?
Asked in Economics, Manufacturing, Decade - 1920s
Who owned the largest manufacturing operation of the 1920s and what did he manufacture?
I would say there were 2 large manufacturers in the US during the 1920s. The US steel industry, mostly owned by US Steel. J. P. Morgan and attorney Elbert H. Gary founded U.S. Steel on March 2, 1901 (incorporated on February 25); they combined Andrew Carnegie'sCarnegie Steel Company with Gary's Federal Steel Company and William Henry "Judge" Moore's National Steel Company. US Steel became one of the largest monopolies in US History. Henry Ford founded Detroit Automobile Company. But it failed. The Henry Ford Company was the second company for Henry Ford, founded November, 1901. Henry Ford created new methods to mass produce automobiles. This meant ordinary people could afford to buy an auto; sales soared in the 1920s. But without STEEL, the Detroit auto industry would have been no more valuable than the river that flowed nearby. For many decades, Steel and Auto Manufacturing went hand in hand. Both industries helped the other grow, steadily, every year.