About
Charles M. Schwab (1862-1939) was an American industrialist who dominated the steel industry in the early 20th century. Rising from humble beginnings, he became president of Carnegie Steel Company at age 35, then brokered its sale to J.P. Morgan, becoming the first president of U.S. Steel Corporation in 1901, the nation's first billion-dollar corporation. He later led Bethlehem Steel Corporation, transforming it into the second-largest steel producer in the U.S., and pioneered the H-beam that revolutionized skyscraper construction. During World War I, he oversaw American shipbuilding. His extravagant lifestyle and stock speculation led to his financial ruin after the 1929 crash.
Key milestones
- 1897Becomes president of Carnegie Steel Company.
- 1901Becomes the first president of U.S. Steel Corporation.
- 1918Appointed Director General of the Emergency Fleet Corporation, overseeing U.S. shipbuilding during World War I.
Themes
Steel industryAmerican capitalismIndustrial innovationExtravagance and financial declineWartime leadership
Sources: britannica.com · anb.org · oxfordreference.com