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German state plans millions in support for Thyssenkrupp low-carbon steel plant - WAZ

·1-min read
FILE PHOTO: A logo of Thyssenkrupp AG is pictured at the company's headquarters in Essen

BERLIN (Reuters) - The German state of North Rhine Westphalia will provide steelmaker Thyssenkrupp with hundreds of millions of euros for the steelmaker's transition towards lower carbon output, the WAZ newspaper reported on Wednesday.

The support will amount to at least a mid-range three-digit million-euro sum, which will go towards co-financing a planned direct reduction plant in Duisburg, the report said, citing state economy minister Mona Neubaur.

On Thursday, Thyssenkrupp said it had green-lit investments for a direct reduction plant that would cost more than 2 billion euros ($2.00 billion) to build and help the group produce low-carbon steel.

($1 = 1.0024 euros)

(Writing by Rachel More, Editing by Miranda Murray)