The Salzgitter Group, Germany's second-largest steel producer, is determined to push ahead with its transformation toward green steel production.
"Salzgitter AG is sticking to its transformation," the Lower Saxony-based company told Reuters on Friday in response to an inquiry. The first phase of the project is already well advanced. For companies like Salzgitter, which are already in the midst of transformation, the priority now is to further intensify efforts to build a hydrogen economy and to bring electricity prices down to a competitive level.
On Thursday, competitor ArcelorMittal announced it would abandon its multi-billion-euro plans to convert its Bremen and Eisenhüttenstadt plants to climate-friendly production. The company cited the tense market situation and the lack of profitability in CO2-reduced steel production as the reasons behind the decision.
(Reporting by Tom Käckenhoff. Edited by Olaf Brenner. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)
