Thyssenkrupp Steel To Receive $2.2 Billion Funding For Decarbonisation Project

Thyssenkrupp’s steel division is to receive federal and state government funding totalling around 2 billion euros ($2.21 billion), the company said on Wednesday.

The grant, confirmed during a visit by Germany’s Finance Minister Robert Habeck to the company, will fund Thyssenkrupp Steel’s “tkH2Steel” decarbonisation project.

Formal notification of the funding is set to be sent out in the coming days, with the state government of North Rhine-Westphalia contributing up to 700 million euros.

“Our substantial funding now makes it possible for Thyssenkrupp to take a decisive step on the path of transformation to green steel,” Habeck said.

Last Thursday, the European Commission cleared 2.85 billion euros in aid to support the continent’s two biggest steelmakers, ArcelorMittal and Thyssenkrupp, in their efforts to reduce carbon emissions.

(Reporting by Emma-Victoria Farr; Editing by Jan Harvey)