By Pierre Bertrand

Thyssenkrupp said that it will invest just short of 1 billion euros ($1.11 billion) at its Duisburg location in Germany as the country's Vice-Chancellor, Robert Habeck, confirmed Wednesday around EUR2 billion in government aid.

The funds will go toward building new facilities that will enable it to replace natural gas from its operations with hydrogen and reduce carbon emissions, the German steelmaker said in a statement.

The commissioning of the new facilities is expected to start toward the end of 2026, with operations scheduled as early as 2029, the company said.

The European Commission, the executive arm of the European Union, green lit the German government's plan last week to dedicate funds to the Thyssenkrupp project.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

July 26, 2023 13:17 ET (17:17 GMT)

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