German Government urges Thyssenkrupp to Manage their Steel crisis.

Germany – Thyssenkrupp is asked to fix the crisis surrounding its steel unit including providing clarity around a 3 billion euro ($3.3 billion) green steel project co-funded by the government, as per the comments of Economy Minister Robert Habeck on Wednesday.

Reports say that the project of the company’s proposed Direct Reduction Plant at its steel hub in Duesburg is put under review and stirring concerns as two-thirds of the project was to be funded with public money, showing the governmental support for the sustainable growth of the country. 

” Thyssenkrupp’s management had signalled, it wanted to produce more environmentally friendly steel and that the project was essential for the region’s future competitiveness. This must come to a good end quickly,” Habeck said.

Reuters’ report also added that Habeck commented, that the need for green steel produced using clean energy sources such as hydrogen, is necessary as it is to take over the industry by the 2040- 2050s. Staying ahead in the sustainable game is always beneficial for the steel industry, as it adds to the global climate commitments that would otherwise not be met. Hence, he believes that Thyssenkrupp would work harder on keeping their promise. 

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