Steel Industry The early part of this century was a time when the industry was booming with growth around the installation of major railways. With this growth came the transatlantic cable, the telegraph, and lots of steel. Steel would be needed to build these new transportation systems, and communications would now be possible between businesses and industries. (Wren, 2005) This article will first discuss the development of the steel industry. Next, he will look at steel and the impact it has had on the transportation sector. Finally, systematic management practices of the time will be discussed and how they gave rise to the scientific approach still in use today. SteelThe steel industry was needed for almost everything. Alfred D Chandler Jr. immediately understood the potential market value. According to Wren:Chandler traced the history of various companies and outlined four phases in the history of U.S. big 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 rationalizes the renewal of growth. For many companies, phases began and ended at different times, depending on the state of the technology and the company's ability to react and exploit market opportunities. Chandler also emphasized two aspects of industrial growth:1. Horizontal growth from 1879 to 1893, which occurred when producers in similar industries came together through mergers, pools, or trusts to achieve economies of scale, e2. Vertical growth from 1898 to 1904, which occurred as companies moved forward or backward in ter...... middle of paper ......vents/pande01.htmlEnglish Online. (And.). (n.d.). The industrial revolution. Retrieved April 23, 2012, from English-online.com: http://www.english-online.at/history/industrial-revolution/industrial-revolution-manufacturing.htmHistory.com. (And.). (n.d.). Andrew Carnegie. Retrieved April 23, 2012, from History.com website: http://www.history.com/topics/andrew-carnegieKernsanalysis.com. (And.). (n.d.). An overview of management. Retrieved April 24, 2012, from Fredrick Taylor Scientific Management website: http://www.kernsanalysis.com/sjsu/ise250/history.htmVectorstudy.com. (And.). (2008). Management guru Henri Fayol. Retrieved April 25, 2012, from the Vector Study.com website: http://www.vectorstudy.com/management_gurus/henri_fayol.htmWren. (2005). The history of management thought (5th ed.). Danvers, MA: Wiley & Sons. (Original published work 1976)