Otto Wolff AG
Encyclopedia
Otto Wolff AG was a German steelmaker founded in Cologne
by the industrialists Otto Wolff and Ottmar E. Strauß in 1904. One of the largest business in pre-war Germany, it exists today as an independent subsidiary of the ThyssenKrupp
group.
in 1904 by Otto Wolff and Ottmar E. Strauß as a steel trading and steel wrecking company. The business expanded following World War I
, acquiring a share in Phoenix AG für Bergbau und Hüttenbetrieb (Mining and Iron Works) in 1917 and taking a 50% share in the Russo-German joint venture, Deutsch-Russische Handels-AG (Russgertorg) in October 1922 which was promoted by Lenin himself. By means of this largest Soviet joint venture
he could proove that the foreign trade monopoly was not that kind of handicap as his opponents claimed. The latter project ended after 15 month as trade with the Soviet Union came under stricter state control. In the 1920s, the firm was the nucleus of a group of metals, coal, and electrical companies employing around one million men. Its chief rival at that time was a similar trust controlled by industrialist Hugo Stinnes
. In the negociations with MICUM
Wolff did not support Stinnes' commission of six but decided to make some kind of “separate peace” with the French delegation.
Under the new National Socialist regime in 1933, Strauß was expropriated, being forced to sell his shares underpriced to Otto Wolff. Strauß died in the US in 1940. Following Wolff's death the same year, the company came under the control of his son, Otto Wolff von Amerongen
. During World War II, the company had success as producer of armaments for the Nazi-Wehrmacht
.
Control passed to trustees after the Allied invasion of Germany in 1945, but Otto Wolff von Amerongen would resume control in 1947 following an internment of one year. The legatees of Ottmar Strauß tried to get back the shares they once owned in the company, but were unsuccessful. Several years and lawsuits later, they received seven million Deutsche Marks, a fraction of the original value.
The partnership became a public limited company in 1966, with Otto Wolff von Amerongen continuing as chairman until 1986.
The company was acquired by Thyssen in 1990.
Cologne
Cologne is Germany's fourth-largest city , and is the largest city both in the Germany Federal State of North Rhine-Westphalia and within the Rhine-Ruhr Metropolitan Area, one of the major European metropolitan areas with more than ten million inhabitants.Cologne is located on both sides of the...
by the industrialists Otto Wolff and Ottmar E. Strauß in 1904. One of the largest business in pre-war Germany, it exists today as an independent subsidiary of the ThyssenKrupp
ThyssenKrupp
ThyssenKrupp AG is a German multinational conglomerate corporation headquartered in Duisburg Essen, Germany. The corporation consists of 670 companies worldwide. While ThyssenKrupp is one of the world's largest steel producers, the company also provides components and systems for the automotive...
group.
History
Otto Wolff Eisengroßhandel was founded in CologneCologne
Cologne is Germany's fourth-largest city , and is the largest city both in the Germany Federal State of North Rhine-Westphalia and within the Rhine-Ruhr Metropolitan Area, one of the major European metropolitan areas with more than ten million inhabitants.Cologne is located on both sides of the...
in 1904 by Otto Wolff and Ottmar E. Strauß as a steel trading and steel wrecking company. The business expanded following World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, acquiring a share in Phoenix AG für Bergbau und Hüttenbetrieb (Mining and Iron Works) in 1917 and taking a 50% share in the Russo-German joint venture, Deutsch-Russische Handels-AG (Russgertorg) in October 1922 which was promoted by Lenin himself. By means of this largest Soviet joint venture
Joint venture
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
he could proove that the foreign trade monopoly was not that kind of handicap as his opponents claimed. The latter project ended after 15 month as trade with the Soviet Union came under stricter state control. In the 1920s, the firm was the nucleus of a group of metals, coal, and electrical companies employing around one million men. Its chief rival at that time was a similar trust controlled by industrialist Hugo Stinnes
Hugo Stinnes
-Life and career:Stinnes was born in Mülheim, in the Ruhr Valley, North German Confederation. His father was also named Hugo, and his grandfather Matthias Stinnes had founded a modest enterprise in Mülheim....
. In the negociations with MICUM
Occupation of the Ruhr
The Occupation of the Ruhr between 1923 and 1925, by troops from France and Belgium, was a response to the failure of the German Weimar Republic under Chancellor Cuno to pay reparations in the aftermath of World War I.-Background:...
Wolff did not support Stinnes' commission of six but decided to make some kind of “separate peace” with the French delegation.
Under the new National Socialist regime in 1933, Strauß was expropriated, being forced to sell his shares underpriced to Otto Wolff. Strauß died in the US in 1940. Following Wolff's death the same year, the company came under the control of his son, Otto Wolff von Amerongen
Otto Wolff von Amerongen
Otto Wolff von Amerongen was an influential German businessman, who chaired Otto Wolff AG, one of the largest trading groups in West Germany....
. During World War II, the company had success as producer of armaments for the Nazi-Wehrmacht
Wehrmacht
The Wehrmacht – from , to defend and , the might/power) were the unified armed forces of Nazi Germany from 1935 to 1945. It consisted of the Heer , the Kriegsmarine and the Luftwaffe .-Origin and use of the term:...
.
Control passed to trustees after the Allied invasion of Germany in 1945, but Otto Wolff von Amerongen would resume control in 1947 following an internment of one year. The legatees of Ottmar Strauß tried to get back the shares they once owned in the company, but were unsuccessful. Several years and lawsuits later, they received seven million Deutsche Marks, a fraction of the original value.
The partnership became a public limited company in 1966, with Otto Wolff von Amerongen continuing as chairman until 1986.
The company was acquired by Thyssen in 1990.