What was the main reason for U.S. Steel's formation in 1901?
To compete with European steelmakers
To consolidate the American steel industry
To create a monopoly on steel production
To invest in new steelmaking technologies
Answer
U.S. Steel was formed in 1901 to consolidate the American steel industry and create a more competitive and efficient sector. The company was created through the merger of several smaller steel companies, including Carnegie Steel Company and Federal Steel Company.
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