The Steel Titan: The Life of Charles M. Schwab

I first became aware of Charles Schwab when reading Andrew Carnegie's autobiography. Carnegie regarded Schwab as a prominent up and comer in industry for both his people skills as well as his work ethic; thus I knew he was someone I wanted to know more about. It is not often that a business book is difficult to put down, particularly one in the steel industry. Hessen delivers an emphatic success as Steel Titan kept me engrossed from start to finish. Schwab earned recognition by putting together the conglomerate that produced US Steel, the largest steel corporation in history. By convincing Andrew Carnegie to sell his business interests and joining the original JP Morgan to finance the giant new company, Schwab displayed a shrewdness that elevated him to elite status among the kings of deal making. Schwab became the first man on record to receive a million dollar annual salary in 1901 with US Steel, but left the company within two years due to the inefficiencies he saw being permitted. He purchased Bethlehem Steel, a near insignificant operation at the time, and built it into a giant of its own, second only to US Steel for many years. Ironically, outside of the business world, Schwab's outlook on life could not have been further from the view of his original mentor, Andrew Carnegie. Schwab was a player, a partier, a high roller, and believed wholeheartedly that it was more morally just to spend frivolously than to give to charity; a thought based on the fact that he was giving back to the economy no matter how he spent his money, something hard to argue. As a result, Schwab, who at one time was worth millions and millions of dollars, spent himself into a near penniless stage dying without any money to his name. Schwab lived a bold and adventurous life, compounded by all encompassing free spirit and cunning business acumen. If you enjoy the life of business tycoons and earnestly enjoy exploring the ups and downs of a hard lived life, Steel Titan will be of interest to you.

Excellent book to read if you are interested in one of the lesser-remembered "Robber Barons," protege of Andrew Carnegie, and really an extraordinary person. Many of Schwab's business principles would serve executives well today. I enjoyed reading it.