ThyssenKrupp

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ThyssenKrupp AG
Type Public
(ISIN: DE0007500001, FWB: TKA, LSE: THK)
Founded 1860
Headquarters Flag of Germany Essen, Germany & Duisburg, Germany
Key people Dr. Ekkehard D. Schulz, Chairman of the Executive Board
Dr. Gerhard Cromme, Chairman of the Supervisory Board
Industry Steel
Capital Goods
Engineering
Products Steel, stainless products (Nirosta), automotive technologies, elevator systems, marine systems, ship-building, services
Revenue €47 billion in 2006
Net income $1.227 billion USD (2005)
Employees 188,000 (est.) (2006)
Website www.thyssenkrupp.com

ThyssenKrupp AG (ISIN: DE0007500001) is a very large German industrial conglomerate, with about 188,000 employees. The corporation consists of 670 single companies worldwide. ThyssenKrupp is one of the world's largest steel producers. It operates worldwide in three business areas: steel, capital goods, and services. The steel unit concentrates on carbon steel and stainless steel, while the capital goods unit consists of three segments: elevators, automotive (parts, sub-assemblies, and modules), and technologies (machine tools, large-diameter bearings, and industrial doors). The services sector provides tailor-made materials, environmental services, mechanical engineering, and scaffolding services. The company is the result of the 1999 merger of Thyssen and Krupp. It is registered in Essen and Duisburg (both Germany). As of 2005 23,58% of the company shares are held by the Alfried Krupp von Bohlen und Halbach Foundation.

ThyssenKrupp generates 33% of its consolidated sales on its home market. The rest of the EU (European Union) (28%) and the NAFTA region (21%) are the key foreign regions for its business outside Germany. ThyssenKrupp companies hold leading positions with their products in numerous international markets.

In 2005 ThyssenKrupp acquired Howaldtswerke-Deutsche Werft (HDW) in Kiel from One Equity Partners. ThyssenKrupp Marine Systems (TKMS) is now the most important European group of shipbuilders. In addition to HDW, Blohm + Voss in Hamburg as well as Nordseewerke at Emden are also subsidiaries of TKMS. One Equity Partners holds 25% of the TKMS shares.

In December 2005 ThyssenKrupp acquired 60% of Atlas Elektronik from BAE Systems, with EADS acquiring the remaining 40%.

In November 2006 ThyssenKrupp was found guilty of price fixing. A few months later on February 21, 2007, the company was fined 479 million euros by the EU.

On May 11, 2007, ThyssenKrupp announced [1] an investment of $4.19 billion for a new steel processing facility in Alabama. The announcement came after several months of competition between a site on the Mississippi River in Convent, Louisiana, and a site on the Tombigbee River, near Mount Vernon, Alabama, about 30 miles north of Mobile. The hot strip mill will process steel slabs manufactured at ThyssenKrupp's steel mill in Brazil. The mill, which will be operational in 2010, is expected to employ 29,000 people during construction, and 2,700 people once operational.

On December 6, 2007, a fatal fire accident inside a plant in Turin, Italy caused the death of six steelworkers. The Italian magistrates are still examining the causes of the fire, with workers describing slack safety measures to investigators.

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