Founded in 1926, economic pressures (decreasing prices and excess capacities) led to the union of several companies, including Thyssen AG, Phoenix AG für Bergbau und Hüttenbetrieb [de], Rheinische Stahlwerke, Rhein-Elbe-Union GmbH, Deutsch-Luxemburgische Bergwerks- und Hütten-AG, Bochumer Verein [de; no], and Gelsenkirchener Bergwerks-AG [da; de].During the 1930s, VSt was one of the biggest German companies and, at times, also the largest steel producer in Europe.[1] In 1932, as a result of the effects of the Great Depression, part of the company was nationalized to prevent bankruptcy.[2] The Nazi government re-privatized the stocks four years later so that the Vst achieved a net win of 33 million RM.However, as the Vst was unable to fulfill the demands of the Nazi government, another steelworks, the Reichswerke Hermann Göring, was founded in Salzgitter.
Sinking fund debenture of the United Steel Works Corp. (Vereinigte Stahlwerke), issued 1. July 1927