German economy minister urges Thyssenkrupp to solve its steel crisis

German Economy Minister Robert Habeck said that Thyssenkrupp must quickly solve the ongoing crisis regarding its steel unit, including whether to move on a proximate EUR3 billion green steel project co-funded by the government. Two-thirds of the project's funding will come from public money, raising concerns about the future strategic direction of the conglomerate. Thyssenkrupp's management stated they are consistently exploring the most viable solutions for green steel production, recognizing the project's significance for the region's future competitiveness. Habeck noted that green steel, produced using hydrogen from clean energy sources, is expected to dominate most of the global market by 2040 and fully by 2050, as meeting global climate targets depends on this transition. According to him, this meant Thyssenkrupp had an interest in producing green steel in Germany.