Thyssenkrupp is set to secure EU approval for €2 billion of German state subsidies for its proposed green steel plant in Duisburg, stated a report from Reuters.
The European Commission's decision could come as next week, but may be delayed as the competition regulator is still finalising the document, the people said.
According to Reuters, in e-mailed comments, the Commission said it was in ‘close and constructive discussions with Berlin over the aid for Thyssenkrupp’, and that good progress had been made recently, without supplying further details.
A source within the Germany Economy Ministry said last month that the Commission was expected to approve the government grant, which emphasises Germany’s current strategy of prioritizing its local steel industry.
Thyssenkrupp requires financial support for a DRI plant, which the company has said is vital to cutting CO2 emissions during the production of steel, one of the most polluting industrial manufacturing processes.
The DRI site is due to start operation at the end of 2026 and forms the centre of Thyssenkrupp's effort to decarbonize production at its steel division.
Source: Reuters
