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"By close scrutiny of their process and through conversations with them, he had come to a number of conclusions. To continue as a maker of iron products, it was important to start by making pig iron? If he was to remain in and expand his iron industries, he had to get out of everything else- his diversified security holdings, his bonds promotions, his acting as an intermediary between companies needing funds and the foreign investment bankers...
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Any technological innovation that could reduce the cost of making steel was speedily adopted, and in the 1890s Carnegie's mills introduced the basic ?open-hearth furnace' into American steel making.
Carnegie also obtained greater efficiency by purchasing the coke fields and iron-ore deposits that furnished the raw materials for steel making, as well as the ships and railroads that transported these supplies to his mills...
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