Word: verein
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...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...
...bold bid to become Europe's biggest steelmaker, although allies have ordered him to sell off all coal and steel properties by end of 1958. Krupp-owned Rheinhausen Steel Works (capacity: 2,300,000 tons a year) has petitioned European Coal & Steel Community for permission to buy Bochumer Verein works (capacity: 1,560,000 tons). Krupp would pay $30 million to $40 million for Bochumer, which is controlled by his good friend, Swedish Millionaire Axel Wenner-Gren...
Priority Target. Bochumer Verein has never claimed that it is the largest, or even among the largest of German steel companies. It ranks No. 9. What it does claim is "mass quality" and inventive ingenuity, for B.V. engineers have found ingenious ways to compound 350 kinds of steel alloys, mass-produce delicate spring steel for watches, wafer-thin sheet steel for razor blades, high-quality steel for turbines and locomotive wheels...
Because of its quality production, Bochumer Verein was a top priority target in World War II when thousands of bombs and incendiaries exploded on its roofs, cutting productive capacity by 60% and its payroll from 24,000 to 4,280 workers. At the end of the war, recovery was slow, did not really get started until 1951, when Allied dismantling was halted and an investment of $3.6 million in Marshall Plan money attracted $10 million of German capital...
Even though Bochumer Verein is caught up in the rush of German steel expansion, and plans to increase production 30% by 1957, Technical Director Tix refuses to go overboard for mass production. As he proudly displayed his massive casting last week, he maintained his position that "mass quality" is best for Bochumer Verein and Germany...