German steel plant Krupp Mannesmann “In danger of bankruptcy due to lack of capital”, Green energy costs – Rising accordingly?
Via P Gosselin
Major German steel mill threatened to close due to green energy transition…
German page pleiteticker.de report here about one of the latest victims of a green energy debacle in Germany as the fourth-largest steel producer is now under severe threat of closure.
Much of Germany’s industrial base has been hit hard by skyrocketing energy prices as the country transitions to green energy, such as solar and wind, and away from nuclear power and fossil fuels. jelly.
“3100 jobs are now in serious jeopardy, opleiteticker.de reported. According to IG Metall, plans to transition to climate-neutral steel production at the Hüttenwerke Krupp Mannesmann (HKM) in Duisburg are at risk of failure due to a lack of capital. metal IG is Germany’s powerful industrial and technical trade union, representing more than 2 million workers nationwide.
“That would be the end of Germany’s second largest steel mill,” IG Metall reported on Thursday in Frankfurt am Main.
Pleiteticker calls the recent development “a brewing tragedy”.
HKM aims to replace its two blast furnaces in the years 2025 to 2045 so that it gradually uses more climate-neutral hydrogen. However, cost effectiveness is proving to be problematic.
“But this project is now bringing the historic plant to the brink of extinction,” writes pileticker.de. “The site is short on two billion euros,” and it “will no longer be competitive after 2030, according to IG Metall and the Buildings Council.”
If the plant is closed, production will likely be moved overseas to a place with cheaper energy and looser environmental regulations. It also means another blow to Germany as a place for industry. Thanks to the madness of the climate.
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