ThyssenKrupp Group is a European multinational conglomerate that is headquartered in Duisburg and Essen, Germany.
Current organization is the result of merger between Thyssen (estd 1867) and Krupp (estd 1811) in 1999. Both of these operated in the steel industry and after the merger the conglomerate became one of the world’s largest steel producers, and it is a diversified industrial group with 6 business areas – 3 related to capital goods and 3 related to materials, and has a strong global presence.
The Components Technology division produces automotive components such as powertrain and chassis, industrial components such as bearings & rings, undercarriages for crawler equipment.
Elevator Technology is involved in elevators, moving walks, and passenger boarding bridges. Its aim to improve the technology used in these products.
The Industrial Solutions division is supplies material for construction of chemical and petrochemical plants, cement plants, mining and material handling equipment, submarines and naval vessels.
The Materials services division is engaged in distribution of materials and technical services to the manufacturing sector.
The Steel Europe division mostly focuses on flat carbon steel activities such as auto manufacturing industry. It is facing increase competition from steel imports from China.
The Steel Americas business division is also facing slowdown due to a weak energy sector and destocking by companies.
This group is working towards diversifying itself to increase growth and stabilize cash flows by increasing geographical presence, broadening the customer base and implementing different business models. It expects future business opportunities to come from change in consumer demography, increasing urbanization, globalization and digitization. Simultaneously to satisfy this demand, it will require focus on climate change, efficient use of finite resources, more regulatory and political compliance and increased connectivity due to smart data, and other technologies.