Charles Michael Schwab was a steel magnate and entrepreneur under whose leadership Bethlehem Steel became one of America’s giant steel producers. Over the course of his brilliant career in the steel industry, he served as president of both the Carnegie Steel Company and United States Steel Corporation at different points in time. The son of a woolen worker and blanket manufacturer, he had a modest upbringing. He studied at Saint Francis University and began his career working in a steelworks company owned by Andrew Carnegie. He was an ambitious and hardworking man who steadily rose in stature in the steel industry. He was phenomenally successful by his mid-30s and became president of the Carnegie Steel Company at the young age of 35. He eventually went on to join Bethlehem Steel Company and helped make the company the second-largest steel company in the world. His organization thrived during World War I, as he monopolized the contracts to supply certain kinds of munitions to the Allies. He was considered a cutthroat businessman and a controversial person. He led an opulent lifestyle squandering away his wealth. He suffered heavy losses in his last years and was heavily in debt at the time of his death.