Europe’s largest steel plant is in crisis. ThyssenKrupp plans to cut or outsource over 10,000 jobs. The causes: high energy costs in Germany and a fierce price war with China, which is dumping excess steel on global markets.
The steel industry is crucial to global infrastructure, with annual production exceeding 1.8 billion tons. However, this comes with significant environmental and economic challenges. The sector is undergoing a technological transformation, particularly in Europe, where the push for green steel is juxtaposed with the influx of cheap Chinese steel, threatening local jobs and industries.
ThyssenKrupp'sblast furnaces, despite upgrades, still emit substantialCO2, highlighting the need for a shift to greener technologies. The EU is investing heavily in green steel, with initiatives like direct reduction plants that use hydrogen instead of coal, significantly reducing emissions. However, the transition poses economic risks and uncertainties, particularly regarding hydrogen supply and pricing. The success of Europe'sgreen steel policy will depend on overcoming these challenges and creating a sustainable market for eco-friendly steel.
This video summary was created by AI from the original DW script. It was edited by a journalist before publication.
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