What is Carnegie’s effect on the steel industry between 1865 and 1892?

Andrew Carnegie had made steel cheaper and nearly monopolized the industry.

Explanation:

Andrew Carnegie used the Bessemer Process to make steel faster and cheaper. With this process, Carnegie was able to produce finer steel and amassed a ton of money. He used this profit to benefit his steel factories more and buy off other steel industries.

With more steel industries under his hand, Carnegie essential made a monopoly on steel. Since most of the steel plants and factories were under his command, he could set prices and demands as he wished.

Carnegie became one of the richest men in America. His steel monopoly stood with others like Rockefeller.

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