Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

German steelmaker Thyssenkrupp unveiled plans to build a carbon-neutral steel factory that will utilize hydrogen instead of coal in its blast furnaces. The plant will produce 400,000mt of the ‘green steel’ annually. The company unveiled the plant during economy minister Peter Altmaier’s visit to its Duisburg plant on Friday, said local media reports.


‘Green hydrogen’ will be obtained from water using renewable energy. The new plant will be complete by 2025. Annual production is estimated to increase to 3mn mt by 2030.


In June 2020, the company had unveiled a pilot project with RWE to develop green hydrogen production. 


The steel industry accounts for a substantial amount of CO2 emissions in Germany. Thyssenkrupp Chief Executive Martina Merz said that the industry needed support and incentive schemes to kick-start climate-friendly projects and the sector must invest about €30bn ($35.75bn) to be climate-neutral by 2050.


The company has pledged to cut emissions by 30pc by 2030 and become carbon-neutral by 2050.


($1 = €0.839154)


Leave a Reply

Your email address will not be published.