Energy
Germany Raises Green Steel Aid for Salzgitter to €1.3 Billion
Wind turbines operated by Salzgitter AG, part of the Salzgitter Low CO2 Steelmaking (SALCOS) green steel project, and vapor rising from the coke quenching tower at the company's mill in Salzgitter, Germany, in 2022.
Photographer: Krisztian Bocsi/BloombergGermany will increase its funding for Salzgitter AG’s low-carbon steel project to €1.3 billion.
The steelmaker’s Salcos project that aims to use hydrogen to power a blast furnace will receive an additional €322 million to plug a funding gap, after other financial commitments fell through, the Lower Saxony government said in a statement. The proceeds will come from the nation’s climate and transformation fund.