Thyssenkrupp calls for quick solution to steel crisis

German Economy Minister Robert Habeck stressed the need for Thyssenkrupp to resolve the ongoing crisis in its steel division. Habeck urged the company to act quickly on the government-backed EUR 3 billion green steel project. Two-thirds of the project will be funded by public money, raising concerns about Thyssenkrupp's future strategic direction.

The company's management emphasized their ongoing efforts to explore the best solutions for green steel production, highlighting the project's importance for regional competitiveness. Habeck noted that green steel, produced using hydrogen from renewable energy sources, is expected to dominate most of the global market by 2040 and become fully widespread by 2050. He also stressed the necessity of this transition to meet global climate goals.

This development positions Thyssenkrupp to play a crucial role in increasing green steel production within Germany.