Salzgitter AG

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Salzgitter AG
Type Aktiengesellschaft
Traded as FWBSZG
Industry Steel
Founded 1937
Headquarters Salzgitter, Lower Saxony, Germany
Key people Heinz Jörg Fuhrmann (CEO and Chairman of the executive board), Rainer Thieme (Chairman of the supervisory board)
Products Steel products including tubes, steel trading, packaging and filling systems
Revenue 8.305 billion (2010)[1]
Operating income €159.8 million (2010)[1]
Profit €29.8 million (2010)[1]
Total assets €8.689 billion (end 2010)[1]
Total equity €3.846 billion (end 2010)[1]
Employees 25,120 (average, 2010)[1]
Website www.salzgitter-ag.de

Salzgitter AG is a German company, one of the largest steel producers in Europe with an annual output of around 7 million tonnes.

The company was founded in 1937 as Reichswerke Hermann Göring,[2][3][4][5][6][7] which went on to become the largest German economic enterprise in the Third Reich[2][3][8] along with I.G. Farben and Vereinigte Stahlwerke AG. The Reichswerke were liquidated in 1953. Its legal successor became the state owned AG für Bergbau- und Hüttenbetrieb, renamed Salzgitter AG in 1961.[2] During the 1960s, the company was the largest state owned corporation in the world. It went public on the German Stock Exchange in 1998.

With over 100 subsidiaries and associated companies, the Group is structured in five divisions – Steel, Trading, Tubes, Services and Technology – under the umbrella of a management holding company.

The Group's principal activity is to manufacture steel and associated products. The products include heavy profile steel sheets, hot-rolled wide strips and steel strips, heavy and medium weight plates, sheet steel, and trapezoidal sheeting. The company also owns 20% of Norddeutsche Affinerie which is the largest copper producer in Europe and as well the largest copper recycler worldwide.

In December 2008 the company moved up from the MDAX index to the DAX Index of top 30 German companies. It was demoted back to the MDAX in June 2010.

In 1970, Salzgitter AG merged with the mining company Ilseder Hütte,[6][7] which was founded in 1858 in the Hanover area in Germany to manufacture pig iron from the ore discovered in the area between Hanover and Magdeburg. The initial shareholders of Ilseder Hütte were primarily local landowners and merchants. In the 1920s the company was involved in coal mining in Westphalia to safeguard the supplies of coal required for pig iron manufacturing. The company grew through a number or mergers and acquisitions, but was hit by the economic crisis of the 1970s and became state owned through the merger with Salzgitter AG.[9]

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References[edit]

  1. ^ a b c d e f "Annual Report 2010". Salzgitter AG. Retrieved 10 April 2011. 
  2. ^ a b c Neumann, Klaus. Shifting memories: the Nazi past in the new Germany, University of Michigan Press 2000, pp. 18–40. ISBN 0-472-11147-7
  3. ^ a b Wengenroth, Ulrich. The Rise and Fall of State-Owned Enterprise in Germany, in Toninelli, Pierangelo Maria: The Rise and Fall of State-Owned Enterprise in the Western World, Cambridge University Press 2000, pp. 103–127. ISBN 0-521-78081-0
  4. ^ "Germany: Goring's Legacy". Time magazine. 15 December 1965. Retrieved on 13 December 2009.
  5. ^ "Riskanter Kurs" (in German). Die Zeit. 3 February 1989, No. 6. Retrieved on 13 December 2009.
  6. ^ a b Salzgitter AG - eine Stadt für den Stahl (in German). NDR online. 17 March 2009. Retrieved on 13 December 2009.
  7. ^ a b "Company History: Salzgitter AG". Answers.com. Retrieved on 13 December 2009.
  8. ^ Overy, Richard J. War and economy in the Third Reich, Oxford University Press, Clarendon Press, 1995, pp. 144–174. ISBN 0-19-820599-6
  9. ^ de:Ilseder Hütte

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