• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Thyssenkrupp reviews plans for green steel production

by October 7, 2024
written by October 7, 2024

FRANKFURT (Reuters) – Thyssenkrupp (ETR:TKAG) is reviewing plans for production of green steel, the German conglomerate said late on Sunday, responding to a report that it was considering halting a 3-billion-euro ($3.3 billion) decarbonisation project.

The crisis-ridden company is currently reviewing the business plan for its steel division, TKSE, including plans for its “green transformation”, which refers to the carbon-neutral production of steel, one of the most polluting industrial processes.

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

Thyssenkrupp was considering scenarios including a stop of the hydrogen-based direct reduction project, newspaper Handelsblatt reported on Sunday, citing internal documents.

The company’s steel division, Thyssenkrupp Steel Europe (TKSE), in which Czech billionaire Daniel Kretinsky owns a 20% stake, last month warned that the planned direct reduction site in Duisburg could cost more than initially expected.

Thyssenkrupp confirmed earlier statements saying that project was being reviewed with regard to the new cost estimates, adding that it currently assumed the site would be built.

TKSE is currently at loggerheads with its parent Thyssenkrupp over how much money the steel business needs to survive on its own, a dispute that caused the division’s leadership to resign at the end of August.

($1 = 0.9120 euros)

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Exclusive-BP drops oil output target in strategy reset, sources say
next post
Japan leads Asia stock rally, dollar firms after blowout US payrolls

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Australia raised fair trade in Trump phone call, says PM Albanese
    • Australia stocks lower at close of trade; S&P/ASX 200 down 0.56%

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy