Hydrogen
Germany Targets Billions for Steel Sector Decarbonization
If the German government gets its way, leading steelmakers could soon receive billions of euros to help them decarbonize production.
Jun 16, 2023
Salzgitter Flachstahl has already been granted more than EUR one billion, while permission from the European Union is being awaited for more than EUR two billion in assistance for Thyssenkrupp Steel Europe (tkse).
“The steel industry in Germany has set out to tackle the huge task of decarbonization, and as the national government we must and will support it,” said German Minister for Economic Affairs and Climate Action Robert Habeck at an industry event in Duisburg. “Green steel made in Germany and Europe is possible. We aim to show that and are working with all our might toward that end.”
Salzgitter Flachstahl, tkse, Arcelor Mittal and SHS are all part of the initiative H2steel, one of many hydrogen-related Important Projects of Common European Interest (IPCEIs).
“Steel is the backbone of many industries in Germany, so decarbonizing steel means also decarbonizing them,” says Germany Trade & Invest hydrogen expert Raphael Goldstein. “This represents a huge opportunity for investors."
