Latest news with #ThyssenKrupp
Reuters
05-08-2025
- Business
- Reuters
Australia awards navy frigate contract to Japan's Mitsubishi Heavy
SYDNEY, Aug 5 (Reuters) - Japan's Mitsubishi Heavy Industries (7011.T), opens new tab will deliver Australia's new A$10 billion ($6.5 billion) navy frigate programme, Australian Deputy Prime Minister Richard Marles said on Tuesday. The deal underscored Canberra's "focus on investing in the capabilities we need now and into the future, to meet Australia's strategic circumstances", he said. The frigate contract is the biggest Australian defence purchase since the government agreed to build nuclear-powered submarines with the United States and Britain in 2023. MHI's Mogami frigate was selected over German company ThyssenKrupp Marine Systems' MEKO A-200 in a meeting of the government's national security committee on Monday. Marles told reporters that while the MEKO-class frigate was "very impressive", the Mogami-class frigate was "the best frigate for Australia". The upgraded Mogami-class frigate has a range of up to 10,000 nautical miles, compared to Australia's current Anzac Class frigates, which have a range of around 6,000 nautical miles, Marles said. The government said in 2024 it would spend up to A$10 billion for the general-purpose frigates to replace the Anzac Class. They will be equipped for undersea warfare and air defence to secure maritime trade routes and Australia's northern approaches. It says the first three general-purpose frigates will be built offshore, with the remainder built in Western Australia. ($1 = 1.5456 Australian dollars)
Yahoo
12-07-2025
- Business
- Yahoo
ThyssenKrupp Modernizes Hot Rolled Strip Mill
Via Metal Miner German flats producer ThyssenKrupp Steel recently commissioned a modernized strip mill at its main site in Duisburg as well as new upstream equipment. On July 4, the steel industry titan released a statement detailing that the modernized hot rolled strip mill will be able to roll 3.1 million metric tons of hot rolled coil in widths of 900-1,600mm and in 1.2-9mm gauges. 'The new units are located at the interface between upstream operations and hot strip production, making them a core feature of the integrated production network in the northern part of Duisburg,' the company noted. 'The reconfiguration that has now been completed will not only raise quality by increasing casting and rolling capacities, but will also improve capacity utilization of the upstream basic oxygen steelmaking plant 1.' Further upstream, TKS has commissioned a new continuous caster to produce slab in a 257mm gauge and in 900-1,800mm widths, as well as in lengths exceeding 35 meters. The German company stated that the walking beam furnace will be able to handle 380 metric tons per hour for cold application and 560 metric tons per hour for direct application. ThyssenKrupp officials noted that investment in the modernization of the hot strip mill and the acquisition of new equipment totaled €800 million ($942 million). According to the release, 'All new systems are characterized by a high degree of automation and state-of-the-art control systems, for example, enabling real-time monitoring of the production press through the use of digital twins.' Back in November, ThyssenKrupp announced plans to cut its workforce and production capacities, citing structural changes in the European market as well as a need to improve productivity and operating efficiency. As a steel industry leader, the firm also referenced its desire to achieve a more competitive cost level. According to information from the company, the personal cuts entail reducing positions by about 40%, bringing the total of 27,000 positions down to 11,000. The group also plans to reduce its annual production capacity by 23% from the current 11.5 million metric tons per year to a future target dispatch level of 8.7-9 million metric tons. It is likewise important to note that a Czech holding company, EP Corporate Group, acquired a 20% stake in TKS in 2024. By Christopher Rivituso More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Local Norway
01-07-2025
- Business
- Local Norway
Norway's biggest pension fund bars US and German arms makers over Gaza war
KLP -- which is separate from Norway's sovereign wealth fund, the world's largest -- said Oshkosh Corporation was supplying trucks to the Israeli military, which adapts them into armoured troop transport vehicles. The fund also accused ThyssenKrupp of agreeing to supply Israel's navy, before the outbreak of the war in Gaza, with corvettes and submarines. "Companies have an independent duty to exercise due diligence in order to avoid complicity in violations of fundamental human rights and humanitarian law," Kiran Aziz, head of responsible investments at KLP Asset Management, said in a statement. KLP, which managed assets worth $114 billion in the first quarter, sold its holdings in Oshkosh Corporation valued at 19 million kroner ($1.9 million). It also sold its investment in ThyssenKrupp worth 10 million kroner. The two companies were excluded on the basis of KLP's criterion relating to the "sale of weapons to states in armed conflicts that use the weapons in ways that represent serious and systematic breaches of international law governing the conflicts", KLP said. Advertisement The fund emphasised that the two companies had long-established cooperations with the Israeli army, and their deliveries continued after the start of the Gaza war on October 7, 2023. "The transfer of weapons and ammunition to Israel may constitute serious violations of human rights and international humanitarian laws and risk state complicity in international crimes, possibly including genocide," UN experts warned in June 2024. Meanwhile, Norway's sovereign wealth fund, whose assets are valued at around $1.9 trillion, is also under pressure to divest further from groups accused of helping Israel wage war on Gaza and continue its settlement policy in the occupied West Bank.
Time of India
01-07-2025
- Business
- Time of India
Fund blacklists def suppliers to Israeli army
Norway's largest private pension fund KLP Pension, which oversees about $114 billion, said Monday that it won't invest in defence firms Oshkosh or ThyssenKrupp as they sell weapons to the Israeli military, which UN found to be ending up in Gaza.
Leaders
30-06-2025
- Business
- Leaders
Norwegian Fund Blacklists US, German Companies Selling Weapons to Israel
KLP, Norway's biggest pension fund, has announced that it will no longer do business with two companies selling weapons to Israel as the equipment is possibly being used in the war in Gaza, according to AFP. The Norwegian fund has dropped US group Oshkosh Corporation and Germany's ThyssenKrupp from its investment portfolio as they supply Isreal with military trucks and equipment. 'Companies have an independent duty to exercise due diligence in order to avoid complicity in violations of fundamental human rights and humanitarian law,' Kiran Aziz, head of responsible investments at KLP Asset Management, said in a statement. KLP also accused ThyssenKrupp of providing Israel's military with corvettes and submarines before the outbreak of Gaza War. Crucially, the fund sold its holdings in Oshkosh Corporation worth 19 million kroner ($1.9 million). Meanwhile, it also sold its investment in ThyssenKrupp valued at 10 million kroner. KLP also confirmed that both companies have strong cooperation with the Israeli armed forces and these relations continued even after the start of the war on Gaza. 'The transfer of weapons and ammunition to Israel may constitute serious violations of human rights and international humanitarian laws and risk state complicity in international crimes, possibly including genocide,' UN experts warned in June 2024. The exclusion of the two companies is based on KLP's criterion relating to the 'sale of weapons to states in armed conflicts that use the weapons in ways that represent serious and systematic breaches of international law governing the conflicts', KLP said. Related Topics: Hamas Reports Intensified Gaza Ceasefire Talks France Offers Help for Safer Gaza Aid Distribution as Trump Urges for Ceasefire Israel Kills 51 Palestinians Near Aid Site in Gaza Short link : Post Views: 40
