November 22, 2024
German economy minister urges quick end to Thyssenkrupp steel crisis #NewsGerman

German economy minister urges quick end to Thyssenkrupp steel crisis #NewsGerman

CashNews.co

BERLIN (Reuters) – Thyssenkrupp must quickly fix the crisis surrounding at its steel unit, including creating clarity around a 3 billion euro ($3.3 billion) green steel project co-funded by the government, Economy Minister Robert Habeck said on Wednesday.

Thyssenkrupp has put a proposed direct reduction plant at its steel hub in Duesburg – two thirds of which will be funded with public money – under review, stoking fears over the conglomerate’s future direction.

“This must come to a good end quickly,” Habeck said, adding 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.

Habeck said green steel, produced via hydrogen from clean energy sources, would probably account for most of the world market in 2040, and all of it by 2050, adding global climate commitments would otherwise not be met.

This, he said, meant that Thyssenkrupp had an interest to make sure production of green steel would take place in Germany.

“That’s why I’m counting on the promises being kept,” he said.

($1 = 0.9133 euros)

(Reporting by Christian Kraemer; Writing by Christoph Steitz; Editing by Mark Potter)