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Another factor was his partnership with Henry C. Frick. Carnegie, concentrating on production rather than stock-market manipulations, further expanded his plants and consolidated his hold in the depression of 1893?97. By 1900, the Carnegie Steel Company was producing one quarter of all the steel in the United States and controlled iron mines, coke ovens, ore ships, and railroads. It was in these circumstances that the U.S. Steel Corp. was formed to buy Carnegie out. He had long been willing to sell?at his own price?and in 1901 he transferred possession for $250 million in bonds and retired from business...
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