Thyssenkrupp to upgrade Duisburg and Bochum plants to boost competitiveness

Monday, 15 February 2021 12:46:44 (GMT+3)   |   Istanbul
       

German steelmaker Thyssenkrupp has announced that it is about to sign the first contracts for the construction of new core units at its Duisburg and Bochum plants, following the approval of the investment funds, as part of the implementation of its Steel Strategy 20-30. The company aims to expand its premium steel range and strengthen its competitiveness. The company stated that the projects involve an overall investment volume in the high three-digit million range. According to the company, the investment package for the steel business is the biggest since the construction of the Schwelgern coking plant in 2003.

According to the company’s plan, the casting rolling line at Duisburg plant will be converted into a new continuous casting line with a downstream hot strip mill. The existing continuous casting line 3 at the same plant will be rebuilt to optimize the slab production. The company also plans to build a new double reversing mill and an annealing and isolating line at its Bochum plant. Completion of all projects is scheduled for the end of 2024.

The company stated that its steel business is sharpening its focus on technology and quality leadership and intends to further strengthen an already strong position in European competition. To reach these goals and to realize the full earnings effects of the investments, further significant cost cuts will be necessary. Thyssenkrupp Steel sees no alternative and believes that the financial consequences of the coronavirus pandemic are expected to have an impact for many years to come.

According to the company’s statement, the basis for the investments is the Zukunftspaket Stahl concluded with the works council in the spring of 2020. Meanwhile, the company’s goal behind the Steel Strategy 20-30 is to produce an even higher-value product portfolio, while optimizing the cost structure.

“This is a strong signal for our customers, whom we will incidentally continue to supply with the usual products during the conversion and new construction work. The next step is to implement the projects. One goal unites us: We want to be a strong, competitive and viable steel company in the Rhine and Ruhr region,” Bernhard Osburg, chairman of the executive board of Thyssenkrupp Steel Europe, said.


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