Lex Steel Association

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The Lex Steel Association was a 1936 law passed, the re privatization of the united steel plants enabled (Vestag).

In the Great Depression of 1932, parts of the United Steel Works were nationalized to save the group from ruin. The state bought shares worth 25 million Reichsmarks at a price of 99 million Reichsmarks, which led to great public outrage (see Gelsenberg affair ).

Stock corporation law only permitted the withdrawal of 10% of its own shares. Lex Stahlverein was enacted as a special law so that the shares could be bought . The draft law was properly ordered from the relevant ministries and the text of the law was written by Vestag. The state returned shares to the value of 115 million Reichsmarks, but received shares and bonds of the Essener Steinkohlenbergwerks-AG worth 82 million Reichsmarks as compensation . The steel association earned 33 million Reichsmarks at the expense of the state. The state remained in possession of shares valued at 10 million Reichsmarks.

See also

literature

  • Kurt Gossweiler : The United Steel Works and the Big Banks. A study of the relationship between bank and industrial capital in the Weimar Republic and under the fascist dictatorship (1926–1936) . In: Same: Essays on Fascism . Berlin 1988, p. 79 ff.

Individual evidence

  1. ↑ Kim Christian Priemel: Flick: A corporate history from the Empire to the Federal Republic . Wallstein Verlag, 2007, p. 315 f.