Revised Bessemer Converter
            In 1860 Henry Bessemer finally patented the steel process, and formed the Bessemer Steel Company, not without measurable competitors. Located in North Carolina, William Kelly had designed a similar, un-efficient process.  He did hold a patent and was working on a better model but went bankrupt. Bessemer quickly bought his patent. This was a step for Bessemer in becoming a major monopoly in the steel industry.  At first Henry Bessemer sold his process for royalties. The process didn’t work well and people were skeptical, almost putting it down as a failure.  He then came out with a better version and sold multiple royalties making around 1.65 million dollars by 1870.

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“It is true I had been successful on a small scale in overcoming one of the main difficulties in the new process, but there was still much to invent, and much that at that period I necessarily knew nothing about.”
 Sir Henry Bessemer