Thyssenkrupp is reviewing plans for production of green steel, the German conglomerate said late on Sunday, responding to a report that it was considering halting a 3-billion-euro ($3.3 billion) decarbonisation project.

Thyssenkrupp is carrying out a review of its plans for a green steel project that may lead to its eventual cancellation, Handelsblatt reported, citing internal documents.

Investors were spooked when the German industrial giant announced it was reviewing its plans for the production of green steel.That statement came after a report Sunday it was considering halting a major decarbonisation project.

Germany's Thyssenkrupp said on Monday it is reviewing its plans for the production of green steel, casting doubt over its ambitions to use hydrogen in its push to decarbonise what is one of the most polluting industrial processes.

The company said its steel decarbonization effort was under review after the its steel business warned last month that its plan for its site in Duisburg, Germany, could cost more than envisioned.

Thyssenkrupp is revisiting its ambitious plan to produce green steel at its Duisburg site due to escalating costs. The German government has spent billions of Euros subsidising the project. View on eu

Germany's Thyssenkrupp said it is reviewing its plans for the production of green steel following a report on Sunday that it was considering halting a major decarbonisation project. The crisis-ridden conglomerate said it is reviewing the plan for its steel division,