Home / Business and Economy / Thyssenkrupp Backs New Hydrogen Steel Plant
Thyssenkrupp Backs New Hydrogen Steel Plant
12 Jan
Summary
- Thyssenkrupp Materials Processing Europe agreed to buy non-prime steel from Stegra.
- Stegra's new plant in Sweden will supply steel starting in 2027.
- The German firm will support Stegra's output ramp-up and customer supply.
Swedish steel innovator Stegra announced a pivotal deal with Thyssenkrupp Materials Processing Europe. The German industrial giant has agreed to procure significant quantities of non-prime steel from Stegra's new facility in northern Sweden, with deliveries commencing in 2027. This agreement marks a key step in establishing a long-term partnership between the two companies.
Thyssenkrupp's commitment extends beyond procurement; they will actively support the ramp-up of Stegra's steel mill operations. This collaboration aims to ensure a steady supply of non-prime steel, a durable material suitable for diverse industrial applications across the European market.
While this strategic alliance bolsters Stegra's commercial prospects, the company is still navigating its financial landscape. As of October, Stegra was seeking an additional $1.1 billion to fully fund its pioneering hydrogen-based steel plant, with no new funding agreements yet announced.
