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 Hall of Fame for his lifelong work in the U.S. steel industry.