[Thyssenkrupp Steel Prepares New Green Hydrogen Tender After Germany Eases Subsidy Conditions]

Nippon Steel is expanding through acquisitions. Its purchase of U.S. Steel comes under terms that give the U.S. government veto power over key operational changes, including relocating the Pittsburgh headquarters, shifting production overseas or closing facilities. Nippon Steel also acquired a restructured Thai steel business whose EBITDA has risen from negative to about $170 million a year. Synergy Capital said its sale to Nippon Steel generated a profit. [SMM Iron Ore]

Thyssenkrupp has set its steel division on the path toward a possible spinoff, although the step remains preparatory rather than a completed separation. Chief executive Miguel López said on 28 October that a sale of the steel business is off the table for now, following failed attempts to find partners. As a reference point, Thyssenkrupp retained a 51% majority stake in the carve-out of tk accelis, which was completed just over a week ago. On hydrogen, the amended funding decision for the tkH2Steel decarbonisation project has become legally binding. Thyssenkrupp Steel is preparing a new hydrogen tender and intends to align its hydrogen ramp-up explicitly with hydrogen availability and economic viability. Preparing a tender is not equivalent to a signed supply contract, and a binding funding decision does not replace one. The company said it will publish its annual report for fiscal 2025/2026 on 8 December 2026, alongside its annual press conference and an analyst and investor conference. [SMM Iron Ore]

German steelmaker thyssenkrupp Steel has announced that it has received the revised funding decision for its tkH2Steel decarbonization project in Duisburg, Germany, allowing the company to adjust the hydrogen ramp-up schedule for its planned direct reduction plant in line with current market conditions. According to the company, the European Commission had previously confirmed that the proposed revisions comply with EU state aid regulations, and the revised funding requirements have now become definitive, providing greater flexibility in the transition from natural gas to hydrogen-based steel production. Thyssenkrupp Steel said the revisions were necessary due to significant changes in economic conditions since the original funding decision, particularly the slower-than-expected development of the hydrogen market: hydrogen production capacity, transportation infrastructure and import routes remain insufficient, while green hydrogen prices are considerably higher than initially anticipated. Under the revised requirements, thyssenkrupp Steel will be able to gradually increase the proportion of hydrogen used in its direct reduction plant, depending on availability, economic feasibility and customer demand. The plant is designed to operate using natural gas, hydrogen or a mixture of both. According to the company, operating the facility exclusively on natural gas could reduce carbon emissions by more than 50 percent compared with the existing coal-based blast furnace production route, and its long-term objective of transitioning to fully hydrogen-based operation remains unchanged. Following the revision of the funding requirements, thyssenkrupp Steel is preparing a new tender for the long-term hydrogen supply of its direct reduction plant, with the process expected to begin shortly. The company expects the plant to become one of Europe's largest industrial hydrogen consumers once operational, creating long-term demand for hydrogen. Construction of the tkH2Steel project is continuing at thyssenkrupp Steel's Duisburg site, where work on the direct reduction plant and two associated melters is progressing. The planned facility will have an annual production capacity of 2.5 million mt of directly reduced iron (DRI) and will be capable of operating entirely on hydrogen. According to thyssenkrupp Steel, the project could reduce carbon emissions by up to 3.5 million mt annually. [SMM Iron Ore]