1970 - A key year in the Group's history
Anyone who wants to know why the history of today's Salzgitter AG begins with the Ilseder Hütte and not with its namesake and largest location, Salzgitter, has to take a look at events in 1970. At that time, Ilseder Hütte AG with its traditional sites in Ilsede and Peine and the steelworks in Salzgitter as well as some associated companies merged to form one of Germany's largest steel manufacturers, Stahlwerke Peine-Salzgitter AG.
In reality, a far more complicated process than it seems: Salzgitter AG at that time was a Group owned by the Federal Republic of Germany with business areas ranging from mining to plant construction and shipyards and contributed the steelworks it owned and some other companies to Ilseder Hütte as part of a capital increase. At the same time, Ilseder Hütte changed its name to Stahlwerke Peine-Salzgitter AG.
As Salzgitter AG took over the majority of shares in the listed company, Stahlwerke Peine-Salzgitter AG became part of its Group.
The former Salzgitter AG no longer exists today. It was privatised in 1989 by sale to Preussag AG and merged into this Group in the following years.
Stahlwerke Peine-Salzgitter AG, on the other hand, continued to develop. Although, it had to close its founding site in Ilsede in 1995, it became independent shortly afterwards: in 1998 it went public as Salzgitter AG. Another key year and the starting point for a completely new chapter in the Group's history.