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Answer :
Final answer:
In 1901, J. P. Morgan bought Andrew Carnegie's steel company for $500 million. Morgan then merged Carnegie's company with several smaller steel firms to create a new company named U.S. Steel Corporation.
Explanation:
In 1901, wealthy industrialist Andrew Carnegie sold his prosperous steel company to noted financier, J. P. Morgan. The price that Morgan paid for Carnegie’s steel company was an astonishing $500 million, a sum that was considered extremely high at the time. Carnegie had been initially hesitant to part with his company, but after repeated encouragements from Morgan, he finally agreed to sell. After acquiring Carnegie's company, Morgan did not hold on to the name. Instead, he consolidated Carnegie's company with other smaller steel companies, subsequently creating a new entity known as the U.S. Steel Corporation. The U.S. Steel Corporation was capitalized at approximately $1.4 billion, securing its place in history as the United States' first billion-dollar corporation. The correct answer to the question, therefore, is: $500 million; U.S. Steel Corporation
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