In a statement, the company said its executive board has approved the release of capital for the project, and its supervisory board has signed off. 

“The release of this enormous investment comes in the midst of the company's transformation, in what is also for all concerned an extremely challenging environment. We are thus underlining our claim to make a significant and, above all, rapid contribution to the green transformation – also where steel is concerned. This is a further step for our team at Steel Europe, for our partners and for the Ruhr region,” said thyssenkrupp chief executive Martina Merz. 

If all goes according to plan, the company will award contracts for the plant this fall, and production will begin in 2026. The plant is estimated to cost more than EUR2 billion.