Historic Moment: €2.6 Billion Investment for Saarland Steel Industry’s Green Steel Project "Power4Steel"

Eurice welcomes the €2.6 billion investment for the Saarland Steel Industry's green steel project "Power4Steel".

Jörg Scherer, CEO of Eurice, says: "We are proud to be part of this long journey and success story from initial strategic consultancy services in early 2020 to this historic moment and beyond." German Minister for Economic Affairs and Climate Action, Robert Habeck, made the announcement on 11 December, to the applause of over 3,000 steel workers.

The Saarland steel industry is set to play a pivotal role in the strategic development of a new, regional cross-border green value chain with hydrogen, securing 20,000 jobs in the Saarland region in the process. The use of hydrogen is essential to reduce emissions from processes in the steel industry. This transformation bolsters the pioneering role of Saarland's steel industry in switching production to "green" steel and represents a significant step towards achieving the objectives set out in the Paris Climate Agreement.

"Power4Steel" is considered the most transformative project in the history of Saarland's steel industry, with its sights set on drastically cutting greenhouse gas emissions by 2045 and achieving a carbon-neutral operation.

Overall, the conversion to green steel in Saarland is a strategic move towards sustainable industrial practices, aligning with global climate commitments, and fostering regional economic development. Eurice will continue to accompany the project throughout its implementation phase.

Picture Caption: Milestone on the path to green transformation – Robert Habeck announces EUR 2.6 billion in prospective funding for the Saarland steel industry.
Source: SHS – Stahl-Holding-Saar