PwC and its subsidiary Strategy& have joined forces with ThyssenKrupp Steel in a significant initiative aimed at decarbonizing Europe's steel industry. Named the 'tkH2Steel' project, it endeavors to transition ThyssenKrupp's steel plants in North Rhine-Westphalia to utilize 100% hydrogen energy by 2029. Reports indicate that PwC and Strategy& have been integral from the project's inception, aiding in investigating business cases and facilitating procurement processes for hydrogen supply. Moreover, Strategy& has been providing strategic counsel to Thyssenkrupp's board, steering the company towards a future where green steel becomes the norm.
The tkH2Steel initiative has garnered substantial support from the German federal and North Rhine-Westphalia state governments. Notably, the project's impact extends beyond environmental benefits, as emphasized by Bernhard Osburg, ThyssenKrupp Steel's executive board chairman, highlighting its role in securing sustainable industrial jobs. With the potential to cut back millions of metric tons of carbon dioxide annually, the hydrogen-powered plant signifies a milestone in the global steel industry's efforts toward decarbonization. As steel demand continues to rise globally, initiatives like tkH2Steel underscore the urgency and viability of transitioning towards sustainable steel production methods.
