German steelmaker SHS – Stahl-Holding-Saar Group has secured €1.7 billion to fund its Power4Steel project, a major step toward producing climate-neutral steel. The initiative will significantly reduce carbon emissions by cutting CO₂ output by 55% by 2030 and aims for full carbon neutrality by 2045. As part of the project, SHS will build a direct reduction plant and two electric arc furnaces at its Dillingen and Völklingen facilities, replacing traditional coal-based blast furnaces with cleaner hydrogen-based and electric steel production technologies. The financing is backed by international banks, export credit agencies from Austria and Italy, and strong support from the German federal government and the Saarland state, ensuring the project is fully funded through completion.
Reference: Read more