THYSSEN AG

in full Thyssen Aktiengesellschaft (German: Thyssen Limited-liability Company), formerly (195377) August Thyssen-Htte Aktiengesellschaft, German corporation that is the largest steel producer in Europe. It operates ironworks, steelmaking plants, and rolling mills; makes building materials, automotive parts, and machinery; and engages in trading and financial services. The company's headquarters are in Duisburg, Ger. Thyssen AG originated in the iron and steel empire established by the Thyssen family in the 19th century. August Thyssen (18421926) founded his first rolling mill in 1867 in Duisburg and then in 1871 formed Thyssen & Co. KG in Mlheim. In the succeeding decades, more plants were established (notably the iron and steel works at Hamborn), and by 1914 the company had become Germany's largest iron and steel manufacturer and was also a major coal producer. In 1926 Thyssen & Co. and several other German coal and steel companies were merged into the giant Vereinigte Stahlwerke AG (United Steelworks Co.), which became the world's largest mining and steel cartel. August's son, Fritz Thyssen (18731951), became chairman of the cartel's board of directors. In the decartelization of German heavy industry imposed by the Allies following World War II, the Vereinigte Stahlwerke was liquidated, and the steelmaking firm August Thyssen-Htte AG was one of the 18 companies created from the remains. It became a publicly owned company in 1953. August Thyssen-Htte AG grew so rapidly in the postwar economic boom that it acquired several other major West German steelmakers in the 1960s, by which time it had become the nation's largest steel producer. The company began diversifying in the 1970s as competition from new low-cost steelmakers overseas made its own steelmaking operations less profitable. The renamed Thyssen AG purchased The Budd Company, an American maker of automotive components, in 1978, and eventually branched out into the manufacture of building and construction products, industrial production systems, elevators, and other goods. In the face of the continuing decline of the German steelmaking industry, Thyssen and rival steelmaker Krupp GmbH in 1997 merged their steel operations in a new joint venture named Thyssen Krupp Stahl AG. The new venture, which was under Thyssen AG's direction, was the third-largest steelmaker in the world.