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Released December 17, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Thyssenkrupp (Essen, Germany) is set to reduce carbon emissions at its Duisburg plant by installing a direct reduction plant, scheduled for commissioning in 2027. The plant will primarily use hydrogen and green electricity to lower its carbon footprint significantly.
During the ramp-up phase, natural gas will serve as the reducing agent, with a gradual transition to hydrogen. The German federal government and the state of North Rhine-Westphalia have pledged €2 billion in funding for the project, with €500 million of state subsidies already disbursed. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can learn more from a detailed project report and plant profile.
In October 2024, ThyssenKrupp Steel revisited its green steel initiative due to the rising costs associated with the project. Reports indicate that the cost increase could amount to an additional low-to-mid triple-digit million-euro sum, placing additional financial strain on the company.
Thyssenkrupp Steel also revealed it would scale back its steel production capacity from 11.5 million tons to just under 9 million tons by selling its stake in Hüttenwerke Krupp Mannesmann (HKM) in Duisburg, Germany. In addition, the company expedited the closure of a plant in Bochum, which is now scheduled to shut down by 2027, three years ahead of the original timeline. Furthermore, the Kreuztal-Eichen plant, specializing in steel processing, is set for complete closure. Subscribers can read profiles for the Bochum and Kreuztal-Eichen plants.
The steelmaking division has also faced significant challenges from intense competition, particularly from Asia, which has put further pressure on profitability. Additionally, high energy costs and reduced demand in Europe have severely impacted the company's outlook. The steel sector is further burdened by the need to comply with stringent climate regulations, which require substantial investments to meet evolving environmental standards.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
During the ramp-up phase, natural gas will serve as the reducing agent, with a gradual transition to hydrogen. The German federal government and the state of North Rhine-Westphalia have pledged €2 billion in funding for the project, with €500 million of state subsidies already disbursed. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can learn more from a detailed project report and plant profile.
In October 2024, ThyssenKrupp Steel revisited its green steel initiative due to the rising costs associated with the project. Reports indicate that the cost increase could amount to an additional low-to-mid triple-digit million-euro sum, placing additional financial strain on the company.
Thyssenkrupp Steel also revealed it would scale back its steel production capacity from 11.5 million tons to just under 9 million tons by selling its stake in Hüttenwerke Krupp Mannesmann (HKM) in Duisburg, Germany. In addition, the company expedited the closure of a plant in Bochum, which is now scheduled to shut down by 2027, three years ahead of the original timeline. Furthermore, the Kreuztal-Eichen plant, specializing in steel processing, is set for complete closure. Subscribers can read profiles for the Bochum and Kreuztal-Eichen plants.
The steelmaking division has also faced significant challenges from intense competition, particularly from Asia, which has put further pressure on profitability. Additionally, high energy costs and reduced demand in Europe have severely impacted the company's outlook. The steel sector is further burdened by the need to comply with stringent climate regulations, which require substantial investments to meet evolving environmental standards.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
