Salzgitter AG
Encyclopedia
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
,
which went on to become the largest German economic enterprise in the Third Reich
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. 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 , 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.
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
company, one of the largest steel
Steel
Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...
producers in Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
with an annual output of around 7 million tonnes.
The company was founded in 1937 as Reichswerke Hermann Göring
Reichswerke Hermann Göring
Reichswerke Hermann Göring was an industrial conglomerate of Nazi Germany. It was established in July 1937 to extract and process domestic iron ores from Salzgitter that were deemed uneconomical by the privately held steel mills...
,
which went on to become the largest German economic enterprise in the Third Reich
along with I.G. Farben and Vereinigte Stahlwerke AG
Vereinigte Stahlwerke AG
The Vereinigte Stahlwerke AG was a German industrial conglomerate producing coal, iron, and steel in the interbellum and during World War II....
. The Reichswerke were liquidated in 1953. Its legal successor became the state owned AG für Bergbau- und Hüttenbetrieb, renamed Salzgitter AG in 1961. 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
MDAX
The MDAX is a stock index which lists German companies. The index is calculated by Deutsche Börse.It includes the 50 Prime Standard shares from sectors excluding technology that rank immediately below the companies included in the DAX index...
index to the DAX
DAX
The DAX is a blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. Prices are taken from the electronic Xetra trading system...
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 , which was founded in 1858 in the Hanover
Hanover
Hanover or Hannover, on the river Leine, is the capital of the federal state of Lower Saxony , Germany and was once by personal union the family seat of the Hanoverian Kings of Great Britain, under their title as the dukes of Brunswick-Lüneburg...
area in Germany to manufacture pig iron
Pig iron
Pig iron is the intermediate product of smelting iron ore with a high-carbon fuel such as coke, usually with limestone as a flux. Charcoal and anthracite have also been used as fuel...
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.