<P> During the first years of World War I, Bethlehem Steel had a virtual monopoly in contracts to supply the Allies with certain kinds of munitions . Schwab made many visits to Europe in connection with the manufacture and supply of munitions to the Allied governments, during this period . He circumvented American neutrality laws by funneling goods through Canada . </P> <P> On April 16, 1918, Schwab became Director General of the Emergency Fleet Corporation, a board granted by Congress with master authority over all shipbuilding in the United States . He was appointed over Charles Piez, the former general manager of the corporation . President Wilson had specifically asked Schwab to assume this responsibility . Schwab's biggest change to the shipbuilding effort was to abandon the cost plus profit contracting system that had been in place up to that time and begin issuing fixed - price contracts . After America's entry into the war, he was accused of profiteering but was later acquitted . </P> <P> Schwab was considered to be a risk taker and was highly controversial (Thomas Edison once famously called him the "master hustler"). Schwab's lucrative contract providing steel to the Trans - Siberian Railroad came after he provided a $200,000 "gift" to the mistress of the Grand Duke Alexis Aleksandrovich . </P> <P> His innovative ways of dealing with his staff are given a mention in Dale Carnegie's most famous work, How to Win Friends and Influence People (1936). In 1928, Schwab was awarded the Bessemer Gold Medal for "outstanding services to the steel industry". In 1932 he was awarded the Melchett Medal by the British Institute of Fuel In 1982, Schwab was inducted into the Junior Achievement U.S. Business Hall of Fame . In 2011 Schwab was inducted into the inaugural class of the American Metal Market Steel Hall of Fame (http://www.amm.com/HOF-Profile/CharlesSchwab.html) for his lifelong work in the US steel industry . </P>

President of the largest steel company in 1923