Thyssenkrupp modernizes sites in Duisburg and Bochum

As part of the 20-30 Steel Strategy implementation process, German steelmaker thyssenkrupp, after receiving investment approval, is about to enter into contracts for the construction of new main units at its sites in Duisburg and Bochum. The company strives to expand its range of premium steels and thereby improve its overall competitiveness.

The steel company plans to convert the rolling line in Duisburg into a new continuous casting line, followed by a hot rolling mill, the main components of which are new. The existing continuous casting line 3, also located in Duisburg, will be revamped to optimize slab production. Investments are also planned at the company's production site in Bochum, where it is planned to build a new double reversing mill and an annealing and insulation line. It is argued that both will strengthen the position of the Bochum plant as a competence center for the production of steel for electric vehicles.

According to the company, the total investment in these projects is about three million people, and the completion of all projects is scheduled for the end of 2024.

According to thyssenkrupp, the investment package for the steel business is the largest since the construction of the Schwelgern coke plant in 2003.

The company says its steel business is focusing on technology and quality leadership and intends to further strengthen its already strong position in Europe. To achieve these goals and realize the full impact of the investment, further “significant cost reductions” are required, as thyssenkrupp Steel sees no alternative and believes the financial impact of COVID-19 will affect business for years to come. ... "

The company also states that investment and cost reduction are two sides of the same coin, and that the investment is based on the Zukunftspaket Stahl collective agreement with the works council in spring 2020. Among other things, the agreement provided for the implementation of investments under Strategy 20-30 with the loss of 3,000 jobs.

“Thyssenkrupp AG has approved the allocation of funds for an important investment in our production network,” explained Bernhard Osburg, Chairman of the Management Board of thyssenkrupp Steel Europe. “This is a strong signal for the steel business and a strong sign of confidence in difficult times. Planned investments allow us to strengthen our position in important markets of the future, making our business fit for the future. The 20-30 strategy is the right approach for this. But investment alone is not enough: the pandemic has once again sharply worsened our financial situation. We must join forces with our employees and work council to ensure