Germany-based steel giant ThyssenKrupp announced on May 23 that it will invest €300 million ($421 million) in its hot strip mills in Bochum and Duisburg.
ThyssenKrupp Steel Europe has four hot strip mills with a total annual capacity of around 15 million mt. The firm plans to produce lightweight steels for the automotive industry at its hot strip mills.
ThyssenKrupp Steel Europe has invested €180 million ($252.8 million) in expanding hot strip mills 2 and 3 since 2006, creating additional capacities to handle two million metric tons of slabs per year from ThyssenKrupp's new steel mill in Brazil.