Word: krupp
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Dates: during 1950-1959
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...have a moral obligation, and I will not look for escapes." Thus spoke West Germany's Alfried Krupp (TIME Cover, Aug. 19, 1957) of his pledge to the Allies to sell the coal and steel companies in his industrial empire. Last week, instead of selling, Alfried Krupp got permission from the High Authority of the European Coal and Steel Community to buy another steelmaker. The firm: Bochumer Verein, Germany's biggest producer of special steel. The purchase would give Krupp the biggest steelmaking capacity (4,000,000 tons) in Europe...
...Allied ruling on Krupp, later written into German law, was designed to break up the huge combine that supplied Hitler with much of his arms. Krupp won extensions from the original March 1958 deadline by pleading he could not find a buyer for the Rheinhausen works, center of his coal and steel holdings. Permission for Rheinhausen to buy the new company made it almost certain that Krupp will not have to keep his promise to dispose of his coal and steel holdings this year. Said a Krupp spokesman: "The promise was given under compulsion...
...Allies themselves are divided on Krupp. Both the U.S. and France have let the West German government know that they are not opposed to letting Krupp keep his property. Only the British have insisted on holding Krupp to his promise. Since there is little they can-or want to -do about it, the Allies may now decide to release Krupp formally from his pledge. Krupp is already believed to own 75% of Bochumer Verein's stock, obtained through the good offices of his friend, Swedish Industrialist Axel Wenner-Gren...
...Eight. The trend toward reconcentration of West German industry affects more than Krupp. Eight big firms-Krupp (with Bochumer Verein), Dortmund-Horder Hlittenunion, Phoenix-Rheinrohr, Mannesmann, Hoesch Werke, Klockner-Werke, August Thyssen-Hütte, Hüttenwerk Oberhausen-control 75% of West Germany's steel production, almost 40% of German coal...
...even tighter, August Thyssen-Hütte, one of the keystones of a huge Third Reich steel combine of 177 companies, has applied to the High Authority to merge with Phoenix-Rheinrohr, West Germany's third biggest steel producer. The move would create a giant even bigger than Krupp-Bochumer Verein, with a 6,000,000-ton capacity and nearly $1 billion in sales. Mannesmann, the No. 4 steel producer, recently eliminated several of its subsidiaries, absorbed them into the main firm. The trend to growth extends beyond iron and coal. Friedrich Flick, a prewar steel baron...