On this day 124 years ago, on March 13, 1901 (January 23, 1901), Andrew Carnegie, the steel king, announced his retirement. Andrew Carnegie March 13, 1901 Andrew Carnegie announced his retirement today, disposing of a fortune estimated at more than $300 million during his lifetime. In the United States, there is also a "steel king" listed with the names of big plutocrats such as "car king" Ford and "oil king" Rockefeller. The steel king announced this decision in a letter to the citizens of Pittsburgh. Pittsburgh is where he made his fortune. He also announced that he would dedicate $4 million to establish a foundation for the old and disabled employees of the Carnegie Steel Company, because the company was the main source of his wealth. Andrew Carnegie began his philanthropic cause a few years ago, donating to libraries in many cities across the United States, which has become his tradition. Today he donates another $1 million to build libraries in Braddock, Dikaina, and Homestead, Pennsylvania. Andrew Carnegie's retirement ends the career of one of the most outstanding entrepreneurs in American industrial history. His shrewd and enterprising leadership of the oil and railroad companies made him a millionaire from a penniless immigrant in his mid-20s. When he was nearly 30, he turned to the steel industry and soon became a towering figure. In 1901, when he sold his stake in Carnegie Steel to the newly formed U.S. Steel Co., Ltd., the proceeds reached $225 million. Today Carnegie leaves for the summer at his estate in his hometown of Scotland.