thyssenkrupp Steel, Germany's largest steel manufacturer, will lay the foundation for a gigantic modernization in Duisburg on Monday. With a budget of over 800 million euros, several production facilities will be brought up to the latest state of the art. The ceremony will be attended by high-profile guests, including the Minister for Economic Affairs of North Rhine-Westphalia, Mona Neubaur (Green Party), thyssenkrupp Steel CEO Bernhard Osburg, and the chairman of the Social Democratic Party (SPD), Lars Klingbeil.

The focus of the large-scale project is the construction of several facilities specializing in the further processing of raw steel. A casting rolling mill that is over 20 years old is set to be replaced by a modern continuous casting facility and an associated hot strip mill. These measures are intended to enable the production of thin and at the same time resilient steels, particularly for the automotive industry.

The company emphasized in advance that these are the most extensive investments at the location in decades. The goal is to strengthen European competitiveness and ensure technology and quality leadership.

Trading with thyssenkrupp shares shows a positive reaction to the announced modernization. In XETRA trading, the stock temporarily increased by 0.54 percent to 6.75 euros. Investors are thereby recognizing the company's foresight in investing in a sustainable production during times of increasingly tough competition.

Investment in the Modernization of Production Facilities as Part of the Company Strategy, Aiming to Sustainable Strengthening of the Competitive Position. thyssenkrupp Steel Wants to Further Expand Its Leading Role in the European Steel Market while Taking a Pioneering Role in terms of Technology and Quality. With a View to Future Challenges, the Company Actively Invests in Innovative and Efficient Production Methods.

In addition to economic aspects, the ecological aspect is also considered in the modernization measures. By using state-of-the-art technologies, the CO2 emissions are further reduced, making an important contribution to climate protection.

The future prospects for thyssenkrupp Steel are promising. The investments in modernizing the production facilities will pay off in the long run and make the company even more competitive. With progress in the production of thinner and stronger steels, thyssenkrupp Steel will maintain its position as a market leader and be able to continue delivering high-quality products to its customers in the future.