Czech-based Třinecké Železárny postpones steelmaking decarbonization plans
The Czech Republic’s largest steelmaker Třinecké Železárny has announced that it is postponing the completion date of the largest decarbonization investment in its history with completion now expected no earlier than 2030 instead of the previously announced 2028.
This investment would lead to a gradual reduction in carbon dioxide emissions by 55 percent compared to 1990.
The postponement includes key changes in steelmaking, including the construction of an electric arc furnace and infrastructure. Until the completion, it will actively negotiate with the government of the Czech Republic and the European Union to secure adequate support for the successful implementation of the project.
The main reasons for the delay in the implementation of the electric arc furnace are the lack of public support, uncertainty about the future direction of Europe in the rules related to the Green Deal, the current negative situation in the steel market, and unclear rules for protecting the market from imports from countries with lower steel production costs.
Liberty Liège declared bankrupt by court
Belgium-based steelmaker Liberty Liège, a subsidiary of Romania-based Liberty Galati, has officially been declared bankrupt by the Liège Business Court due to the inability to raise the necessary funds to maintain its assets during the silent bankruptcy proceedings, according to local media reports.
In the coming days, 520-550 employees, who had not been paid for several months, will be laid off and access unemployment benefits.
The new administrators appointed a few days ago will try to find a potential buyer for the company, which had been shut down for two years.
