Paul Eduard von Schoeller

Soon afterwards, he was commissioned by his uncle to take over and restructure the rolled barley factory he had founded in 1853 in Ebenfurth near Vienna, the Schoeller'sche Dampfmühle, which had run into financial problems as a result of Hungarian competition.

[1] In order to concentrate on just one steel company, Schoeller sold both his one-third share in the Berndorf Metal Goods Factory, and that of his deceased cousin, Gustav Adolph, in a swap deal to the third shareholder, Arthur Krupp, who thereby became sole owner.

[2] In return, he received Krupp's shares in the Ternitzer Steel and Iron Works from Schoeller & Co., making that the entire company family owned.

After Gustav Adolph had already begun modernisation measures at the Ternitzer plant in his final years and had also founded an independent shell factory to produce war material, Paul Eduard pushed ahead with expansion.

[1] Schoeller also represented the interests of the United Kingdom of Great Britain and Ireland as Consul General in Vienna from 1892 to 1912.