Germany steelmaker thyssenkrupp is in advanced discussions to adjust the funding framework for its new direct reduction plant in Duisburg to reflect changed economic conditions and allow the facility to initially operate without hydrogen, according to a report by Reuters.<\/p>\n
Around two-thirds of the \u20ac3 billion in funding for the project is being provided by the German federal government and the state of North Rhine-Westphalia. The funding was initially linked to the use of hydrogen in the direct reduction plant. However, thyssenkrupp now considers this requirement unrealistic for the plant\u2019s initial operations.<\/p>\n
Funding amendment discussions with Germany and EU<\/p>\n
As a result, the company has been holding discussions with the German government and the European Union to amend the funding conditions and ensure that financial support can still be provided even if hydrogen is not used initially.<\/p>\n
\u201cWe are very pleased that the European Commission has approved the planned amendment to the funding rules currently in force and has already confirmed that they are fully compliant with EU state aid law,\u201d thyssenkrupp chief financial officer Axel Hamann stated. According to Hamann, the approval allows the German federal government to implement the amendment and subsequently adjust the funding decisions. The revised funding rules will come into effect following these adjustments.<\/p>\n
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