Steel IndustryAt the beginning of this century, it was a time when the industry was booming with growth around the installation of major railroads. This growth was accompanied by the transatlantic cable, the telegraph and a lot of steel. Steel would be needed to build these new transportation systems and communications were now possible between businesses and industries. (Wren, 2005)This article will first discuss the development of the steel industry. Next, it will examine steel and its impact on the transportation industry. Finally, he will discuss the systematic management practices of this era and how they gave rise to the scientific approach still used today.SteelThe steel industry was needed for almost everything. Alfred D. Chandler Jr. could see the potential market value early on. According to Wren: Chandler traced the history of various companies and delineated four phases in the history of great American business:1. The initial expansion and accumulation of resources2. Rationalization of the use of resources3. Expansion into new markets and lines to help ensure full utilization of resources;4. The development of a new structure that streamlined the resumption of growth. For many companies, the phases began and ended at different times, depending on the state of the technology and the company's ability to respond and capitalize on market opportunities. Chandler further highlighted two facets of industrial growth:1. Horizontal growth from 1879 to 1893 – which occurred when producers in similar fields joined together through mergers, pools, or trusts to achieve economies of scale, and2. Vertical growth from 1898 to 1904 - which occurred when firms moved backwards or forwards in ter...... middle of paper ......winds/pande01.htmlEnglish Online. (Ed.). (nd). The industrial revolution. Retrieved April 23, 2012, from English-online.com website: http://www.english-online.at/history/industrial-revolution/industrial-revolution-manufacturing.htmHistory.com. (Ed.). (nd). Andrew Carnegie. Retrieved April 23, 2012, from History.com website: http://www.history.com/topics/andrew-carnegieKernsanalysis.com. (Ed.). (nd). An overview of management. Retrieved April 24, 2012, from Fredrick Taylor Scientific Management website: http://www.kernsanalysis.com/sjsu/ise250/history.htmVectorstudy.com. (Ed.). (2008). Henri Fayol Management gurus. Retrieved April 25, 2012, from Vector Study.com website: http://www.vectorstudy.com/management_gurus/henri_fayol.htmWren. (2005). The History of Managerial Thought (5th ed.). Danvers, MA: Wiley & Sons. (Original work published 1976)