Elevator business gives German steelmaker a lift

Dusseldorf

IT is a mark of the transformation going on at Thyssenkrupp AG that the most profitable operation at Germany's biggest steel company is producing lifts not metal.

The industrial giant, with roots dating to 1811, has poured research into its lift unit to turn what was a sideline into a primary business. The strategy is Thyssenkrupp's bid to survive in an international steel market flooded with cheap imports from Chinese rivals.

In the past six years, Thyssenkrupp has earned more from lifts than steel as the mar…