Thyssenkrupp Reviews Green Steel Plans

FRANKFURT (Reuters) – Thyssenkrupp (ETR:TKAG) announced it is reviewing its plans for green steel production, following a report about potentially halting a €3 billion ($3.3 billion) decarbonization project.

The struggling conglomerate is reassessing its business plan for its steel division, Thyssenkrupp Steel Europe (TKSE), focusing on its “green transformation,” aimed at achieving carbon-neutral steel production, one of the most polluting processes in the industry.

The company stated, “In doing so, we are continuously examining the best and most economically viable solutions under the given conditions in terms of technology and results to make Thyssenkrupp’s steel business climate-neutral in the long term.”

Reports by Handelsblatt mention that Thyssenkrupp is considering stopping its hydrogen-based direct reduction project, citing internal documents. Last month, TKSE indicated that the planned site in Duisburg might exceed initial cost expectations.

Thyssenkrupp confirmed that the project is under review due to new cost estimates but currently assumes the site will still be constructed.

Additionally, TKSE is in a dispute with its parent company over the financial needs of the steel business, leading to the resignation of the division’s leadership at the end of August.

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