Strangeness in strongly interacting matter

This talk is devoted to review the field of strangeness production in (ultra-)relativistic heavy ion collisions within our present theoretical understanding. Historically there have been (at least) three major ideas for the interest in the production of strange hadronic particles: (1) mass modification of the kaons in a (baryon-)dense environment; (2) (early) K-production probes the nuclear equation of state (EoS); (3) enhanced strangeness production especially in the (multi-)strange (anti-)baryon channels as a signal of quark gluon plasma (QGP) formation. As a guideline for the discussion I employ the extensive experience with microscopic hadronic transport models. In addition, I elaborate on the recent idea of antihyperon production solely by means of multi-mesonic fusion-type reactions.