ThyssenKrupp Group is a multinational conglomerate with its headquarters in Duisburg and Essen, Germany. The company was formed in 1999 through the merger of Thyssen AG and Krupp, two of Germany’s largest industrial companies. Today, ThyssenKrupp employs around 100,000 people across 48 countries and generates sales of €38 billion in fiscal 2022/2023 [1].
ThyssenKrupp Group is organized into five segments: Automotive Technology, Decarbon Technologies, Materials Services, Steel Europe, and Steel Americas. The company’s automotive technology segment provides components and systems to the automotive industry, while its decarbon technologies segment focuses on developing technologies to reduce carbon emissions. The materials services segment offers a wide range of materials and supply chain solutions to customers in various industries. The steel Europe and steel Americas segments produce high-quality steel products for a wide range of applications [1].
ThyssenKrupp Group is one of the world’s largest steel producers, and it has a long history of innovation and technological leadership. The company has been at the forefront of many important developments in the steel industry, including the development of new production processes and the introduction of new materials and products. Today, ThyssenKrupp Group is committed to sustainability and is working to reduce its carbon footprint while continuing to provide high-quality products and services to its customers [1].
[1] Source: https://www.thyssenkrupp.com/en/company
History and Development
Founding and Growth
ThyssenKrupp Group is a multinational conglomerate that has its operational headquarters in Duisburg and Essen, Germany. The company was founded in 1999 through the merger of Thyssen AG and Krupp. The merger was a strategic move to consolidate the steel industry in Europe and the United States, which was experiencing a period of consolidation at the time.
Thyssen AG was founded in 1891 by August Thyssen, who started out as a steel trader before moving into the production of steel. Krupp, on the other hand, was founded in 1811 by Friedrich Krupp, who started out by producing cast steel in his workshop. Over the years, both companies grew to become major players in the steel industry.
Mergers and Acquisitions
In 1997, Thyssen and Krupp announced their intention to merge, a move that would create the world’s largest steel company. The merger was completed in 1999, and the new company was named ThyssenKrupp AG.
Since then, ThyssenKrupp has continued to grow through a series of mergers and acquisitions. In 2001, the company acquired the elevator division of American Standard Companies, which was later renamed ThyssenKrupp Elevator. In 2004, ThyssenKrupp acquired the Canadian steel producer Dofasco, which gave the company a foothold in North America.
In recent years, ThyssenKrupp has undergone significant restructuring, as the company has struggled with declining profits and mounting debt. In 2019, the company announced that it would be splitting into two separate entities: ThyssenKrupp Industrial Solutions and ThyssenKrupp Materials. The move was aimed at streamlining the company’s operations and improving its financial performance.
Business Segments and Products
ThyssenKrupp Group is an international industrial and technology company that operates in five segments: Automotive Technology, Decarbon Technologies, Elevator Technology, Industrial Solutions, Materials Services, and Steel Production. Each segment has its products and services that cater to different industries.
Elevator Technology
ThyssenKrupp Elevator Technology is one of the leading elevator companies worldwide, offering innovative solutions for passenger and freight transportation. The company’s product portfolio includes elevators, escalators, moving walks, and passenger boarding bridges. With over 50,000 employees and operations in more than 100 countries, ThyssenKrupp Elevator Technology is committed to providing sustainable and efficient mobility solutions.
Industrial Solutions
ThyssenKrupp Industrial Solutions provides engineering, procurement, and construction services for chemical, petrochemical, and other industrial plants. The company’s product portfolio includes process technologies, plant components, and complete systems for the chemical, cement, and mining industries. With over 20,000 employees and operations in more than 80 countries, ThyssenKrupp Industrial Solutions is committed to providing innovative and sustainable solutions to its customers.
Materials Services
ThyssenKrupp Materials Services is one of the leading materials distributors worldwide, offering a wide range of products and services to customers in various industries. The company’s product portfolio includes steel, stainless steel, nonferrous metals, and plastics, as well as supply chain management, logistics, and processing services. With over 20,000 employees and operations in more than 40 countries, ThyssenKrupp Materials Services is committed to providing reliable and efficient solutions to its customers.
Steel Production
ThyssenKrupp Steel Production is one of the world’s leading steel producers, offering high-quality flat steel products for various industries. The company’s product portfolio includes hot-rolled, cold-rolled, and coated steel products, as well as electrical steel and special grades for the automotive and construction industries. With over 27,000 employees and operations in more than 20 countries, ThyssenKrupp Steel Production is committed to providing sustainable and innovative solutions to its customers.
ThyssenKrupp Group’s business segments and products demonstrate the company’s commitment to innovation, sustainability, and customer satisfaction. Through its diverse product portfolio and global operations, ThyssenKrupp Group is well-positioned to meet the evolving needs of its customers and the industries it serves.