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.

If the project is cancelled, the company would have to pay back these funds. Related Why are senior leaders at Germany’s Thyssenkrupp resigning? Contacted by Euronews Business, Thyssenkrupp did not confirm that they are considering scrapping the whole ...

The company has been trying to turn the fortunes of its steel business around while making operations more sustainable, an effort complicated by rising costs and market conditions.

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.

German industrial group Thyssenkrupp reaffirmed its intention to establish its steel division as an independent entity on Friday, following a court ruling. It issued the statement after the European Court of Justice (ECJ) published a ruling upholding a 2019 European Commission ban on a merger between Thyssenkrupp's steel division and the European steel business of the Indian company Tata Steel.

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.

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,

Spread the loveShares of Thyssenkrupp plummeted on Tuesday after the German conglomerate confirmed that its ambitious green steel project in the Netherlands is under review. The company’s stock fell by over 5% following the announcement,