Hugo Stinnes
| Hugo Stinnes | |
|---|---|
 |
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| Born |
Hugo Dieter Stinnes 12 February 1870 Mülheim |
| Died | 10 April 1924 (aged 54) Berlin |
| Nationality | German Empire |
| Occupation | Industrialist |
Hugo Dieter Stinnes (12 February 1870 – 10 April 1924) was a German industrialist and politician.
Stinnes was born in Mülheim, in the Ruhr Valley, North German Confederation. His father was also named Hugo, and his grandfather, Matthias Stinnes, had founded a modest enterprise in Mülheim.
After passing his graduating examination from a Realschule, young Stinnes was placed in an office at Koblenz where he received business training. In order to get a practical knowledge of mining, he worked for a few months as a miner at the Wiethe colliery. Then, in 1889, he attended a course of instruction at the Academy of Mining in Berlin (in 1916 merged into the Berlin Institute of Technology). In 1890, he inherited his father's coal mining and other financial enterprises.
Gradually, from working in the coal industry, he purchased his own mines and extended his business to the manufacture of different kinds of fuel such as briquettes. He also began to purchase seagoing vessels as well as river steamers and barges. The latter, especially on the Rhine, on a constantly increasing scale. He next organized an extensive international business in coal, and had 13 steamers trading to and from North Sea, Baltic, Mediterranean and Black Sea ports. They carried coal, wood, grain and iron ore. By the age of 23, Stinnes was heavily invested in the steel industry. He also imported great quantities of English coal and had an agency at Newcastle as well as an interest in some English mines. This led to his establishing branches of his business at Hamburg and at Rotterdam.
Since its foundation in 1898, Stinnes had been on the Board of Directors of the Rheinisch-Westfälisches Elektrizitätswerk Aktiengesellschaft (RWE). He envisioned to use the steam of his mines to drive turbines for electricity production. As soon as Stinnes recognized RWE's potential he and steel magnate Fritz Thyssen bought shares to become the majority shareholder. Reason for RWE's rapid growth were the permits by the communities. However, since these concessions were time-limited, he chose to make the communities permanent shareholders, and gave each mayor a car.
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