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,

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.

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.

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 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 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

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.