Thyssenkrupp sells stake to Czech Billionaire Daniel Křetínský in green steel reprogramme

The steel producer, once the largest in Germany, has had a build-up of over the last couple of years, selling off several of its divisions, including mining and lifts, to private equity firms.

Its Q1 2024 report recorded an impairment loss of €200m (US$214m), resulting in a net loss of €305m, which it attributed to low sales in the steel division and competition from Asian producers.

Last year, Thyssenkrupp received state-aid funding approval from the EU Commission for its tkH2Steel decarbonisation project.

With the German government supplying €2bn for the programme, the company is hoping to take its steel division carbon neutral by producing premium steel via green electricity and hydrogen.

Thyssenkrupp began construction in March to replace all four of its blast furnaces in Duisberg, Germany with a direct reduction iron (DRI) plant.

The plant is scheduled to go into operation in 2027. The company expects the plant to supply 2.3m t/y of liquid hot metal, which will be processed into different grades on-site.

Thyssenkrupp said it does not have sufficient hydrogen supply to run the plant for 2027 and plans to incorporate natural gas into processing to facilitate early-stage operation. The company is currently looking for hydrogen suppliers to supply around 143,000 t/y.