Salzgitter

The agreement is designed for seven years and will come into effect in 2027

In March, it was reported about negotiations regarding the purchase by steel producers of Vallourec's stake in HKM

Product sales during this period decreased by 10.2% y/y

The recovery of the German economy is still slow, the company noted

At the first stage, the company will be able to use up to 150,000 tons of hydrogen per year

The companies signed a memorandum of understanding for the supply of high-quality direct reduction iron ore pellets

The company notes that signs of recovery in the steel market are weaker than expected

The agreement covers technical and commercial framework conditions

Germany, in particular, does not yet have a regulatory framework for the development of hydrogen infrastructure

Salzgitter owns 30% of the company's shares

The new equipment will have a higher processing capacity and will be technically advanced

As part of the contract, IG Merbitz will supply Salzgitter with around 71 MWh of green electricity per year at a fixed price