The brief

Analyst view

• Established German steelmaker producing 7M tonnes/year; public on Frankfurt Stock Exchange.
• SALCOS Stage 1 targets late summer 2027 with 100 MW electrolyzer, 2+ Mt DRI, EAF; €2.3B total investment.
• €1B co-funding from German federal and Lower Saxony. Stages 2&3 deferred to 2028+.

Technical approach

As reported

Electrolysis

100 MW alkaline electrolyzer for green hydrogen

Andritz high-pressure alkaline electrolyzer using 18 HydrogenPro 5.5 MW cell stacks. Produces ~9,000 tonnes hydrogen/year from renewable electricity.

Direct reduction

DRI plant using hydrogen as reducing agent

Hydrogen reduces iron ore to solid DRI without melting. Capacity target 2+ million tonnes/year.

Electric arc melting

EAF converts DRI to molten steel

EAF powered by renewable electricity melts DRI. Near-zero CO2 using green hydrogen and renewable power.