Forget Andrew Carnegie—see how ThyssenKrupp accomplished a 'legendary transformation' in the steel industry!

He consistently encouraged his subordinates to speak frankly. During a visit to a factory in Brazil, Hiesinger requested an immediate project update while touring the facilities. The plant manager grew somewhat nervous and replied: 'We’ve prepared a very formal project presentation for tomorrow—would you prefer to hear that, or what we’d actually like to tell you?' Hiesinger still considers that visit exceptionally valuable, because—after learning the true difficulties and realities on the ground—he immediately adjusted the project, ultimately saving the company €400 million. To truly hear employees’ voices, Hiesinger established a direct CEO email channel and launched a dedicated website called "Direct to Hiesinger," where staff could submit anonymous feedback. Under Hiesinger’s strong advocacy, ThyssenKrupp recently completed its largest and most comprehensive employee survey to date: over 150,000 employees across 71 countries each answered 75 questions covering 14 topics—including innovation, collaboration, and operational processes. To unify action, red posters from this employee survey were affixed to every wall throughout the company, with four bold Chinese characters standing out prominently: "Speak the Truth!" At office reception areas, the word "We" was displayed in the languages of all 71 countries where ThyssenKrupp operates—a visual reminder that all employees belong to one family. Criticism was inevitably part of the process, yet he remained remarkably tolerant. "We have 160,000 employees—if there were no criticism, that would be truly frightening," Hiesinger said. What delighted him most was that, when reforms were launched four years earlier, the overwhelming majority of employees had been skeptical; yet four years later, everyone recognized that ThyssenKrupp had genuinely changed. It is drawing closer to success, and the company’s profits have shown a rare and marked improvement. For the first time in three years, it achieved profitability—a milestone event in its strategic transformation. In fiscal year 2013/2014, the Group posted a net profit of €195 million; net profit attributable to shareholders reached €210 million; earnings per share amounted to €0.38. Three key drivers underpinning this performance improvement can be summarized as: enhanced operational performance; robust growth in industrial products-related businesses; elimination of losses; and gains from asset divestitures and restructuring. "We’ve left the intensive care unit and are waking up from anesthesia," Hiesinger remarked metaphorically during a speech. The Brazilian project had received unprecedented attention from Brazil itself. Then-President Lula mobilized 50,000 local workers to build what was Brazil’s largest foreign investment project in 15 years. Unfortunately, however, it plunged ThyssenKrupp into deep trouble. ThyssenKrupp’s new strategy has also won strong investor support: its stock price has doubled since the launch of its transformation initiative, making ThyssenKrupp one of the top three best-performing companies on Germany’s DAX index last year. Some critics who had previously lambasted ThyssenKrupp’s poor performance during the financial crisis now lavished effusive praise, calling Hiesinger’s efforts a "legendary transformation." Meanwhile, Ulrich Lehner, ThyssenKrupp’s newly appointed Supervisory Board Chairman, had hoped that the 55-year-old engineer would remain beyond the expiration of his contract in 2015 to complete ThyssenKrupp’s revival mission.

Tracing modern Chinese railway rails: rails manufactured by German Thyssen (THYSSEN) Company

Inferred initial railway line laid: Tongpu Railway Manufacturer: Thyssen Company (THYSSEN) Production month/year: February 1934 Inferred initial railway line laid: Tongpu Railway Manufacturer: Thyssen Company (THYSSEN) Production month/year: February 1935 Rail weight: 31.16 kg/m Customer: Zhejiang-Jiangxi Railway (CKR) Manufacturer: Thyssen Company (THYSSEN) Production month/year: March 1935 Rail weight: 31.16 kg/m Customer: Zhejiang-Jiangxi Railway (CKR) Manufacturer: Thyssen Company (THYSSEN) Production month/year: July 1936 Rail weight: 31.16 kg/m Customer: Zhejiang-Jiangxi Railway (CKR) Manufacturer: Thyssen Company (THYSSEN) Production month/year: August 1936 Rail weight: 16 kg/m (measured) Inferred initial railway line laid: Tongpu Railway Manufacturer: Thyssen Company (Th) Production month/year: May 1936 Rail weight: 16 kg/m (measured) Customer: Tongpu Railway (TUNG-PU) Manufacturer: Thyssen Company (THYSSEN) Production year: 1938 Manufacturer: Thyssen Company (THYSSEN) Production year: 1939 III. Company Profile In 1871, August Thyssen founded the Thyssen Group in Germany’s Ruhr region, focusing on steel and hoop iron production—marking the beginning of its steel business. In 1890, the company built its own integrated coal-mining–steelmaking–rolling mill complex in Duisburg, achieving a closed-loop value chain from raw materials to finished products and significantly boosting steel production capacity. Prior to World War I, it evolved into one of Europe’s leading mining and metallurgical conglomerates, with operations spanning coal mines, iron ore mines, steel plants, and transportation—establishing the so-called "Thyssen Steel King" industrial structure. During the Weimar Republic era following WWI, the company continued expanding production scale and capital accumulation, steadily broadening its steel business. In 1926, upon August Thyssen’s death, his son Fritz Thyssen inherited the enterprise, consolidating and merging firms to form Vereinigte Stahlwerke AG (United Steelworks), which dominated Germany’s metallurgical industry and earned him the title "King of the Ruhr." On the eve of WWII, Vereinigte Stahlwerke controlled 25% of Germany’s coal output, 38% of pig iron production, and 40% of steel output—highlighting its monopolistic dominance. After WWII, the company underwent restructuring, refocusing on core steel operations and gradually restoring production capacity. In 1953, based on Vereinigte Stahlwerke AG, Thyssen Metall AG was reorganized and incorporated, absorbing multiple steel enterprises and once again expanding its business scope.

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