Word: preussag
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Dates: during 2000-2009
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...went belly up. Many of Europe's former communist bloc governments determinedly sold off their dilapidated, money-losing steel mills. Workers around the globe were bounced out of the devilishly cyclical industry in droves. Even bosses were shying away: in 1998, Michael Frenzel, then chairman of German industrial concern Preussag, became so fed up with the smokestack rollercoaster that he embarked on a program to transform Preussag - now TUI - into a travel firm, selling off the company's steel mills...