Thyssenkrupp Investing in Future Viability of Steel Business

Following approval of the investment funds, the first contracts are about to be awarded. The plan is to convert the casting rolling line in Duisburg into a new
Thyssenkrupp Investing in Future Viability of Steel Business
ThyssenkruppThyssenKrupp

Following approval of the investment funds, the first contracts are about to be awarded. The plan is to convert the casting rolling line in Duisburg into a new continuous casting line with a downstream hot strip mill the main components of which are new. Moreover, the existing continuous casting line 3, also in Duisburg, will be rebuilt to optimize the slab production. Investments are also planned at the Bochum site: The plan is to build a new double reversing mill and an annealing and isolating line. Both will strengthen the Bochum site’s position as a competence center for steels for e-mobility. The projects involve an overall investment volume in the high three digit million range. Completion of all projects is scheduled for the end of 2024.

With this investment package for the steel business, the biggest since the construction of the Schwelgern coking plant in 2003, thyssenkrupp is sharpening its focus on technology and intends to further strengthen its strong position in European competition. To reach these goals and to realize the full earnings effects of the investments, further significant cost cuts will be necessary. Thyssenkrupp Steel sees no alternative here, as the financial consequences of the corona crisis are expected to have an impact for many years to come.

ThyssenKrupp’s goal behind the Steel Strategy 20-30 is to produce an even higher value product portfolio, while optimizing the cost structure. The growing requirements of automotive customers and individual industrial sectors play a particularly important role in this context. These include crash-relevant sheet steel for safety architecture of vehicles, improved surfaces, or thinner and higher-performance steels for e-mobility.

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