Thyssenkrupp Steel Lays Foundation Stone for 800-Million-Euro Investment

SEATTLE (Scrap Monster): Germany's largest steel manufacturer Thyssenkrupp Steel is starting an 800 million euro modernization of several production facilities in Duisburg on Monday. North Rhine-Westphalia's Economics Minister Mona Neubaur (Greens), Thyssenkrupp Steel CEO Bernhard Osburg and SPD Chairman Lars Klingbeil will be among those attending the laying of the foundation stone for the major Bruckhausen project.

The plan is to build several plants for the further processing of crude steel. For example, a casting-rolling plant that is over 20 years old is to be replaced by a continuous casting plant and a downstream hot strip mill. Among other things, the new facilities will enable the production of thinner and stronger steels for the automotive industry, for example.

The company announced in advance that this was the most extensive investment at the site in decades. The aim is to strengthen the company's position in European competition and to secure its technological and quality leadership.

Courtesy: www.marketscreener.com