Latest news with #ThyssenKrupp
Free Malaysia Today
23-05-2025
- Business
- Free Malaysia Today
Japan shows off futuristic ‘railgun' at defence expo
Other countries are also developing railgun technology, but Japan's navy claimed a world first by test-firing a railgun on a ship. (Digital Journal pic) MAKUHARI : As Japan's biggest defence exhibition kicked off this week, visitors got a close-up look at a model of its futuristic 'railgun' that its makers hope will be able to shoot down hypersonic missiles. Instead of gunpowder, railgun technology uses electromagnetic energy to fire a projectile along a set of rails at ultra-high velocity. The round will then in theory destroy the target, which could be an enemy ship, drone or incoming ballistic missile, solely with its vast kinetic energy. Other countries, including the US, China, France and Germany, are also developing the technology, but Japan's navy last year claimed a world first by test-firing a railgun on a ship. 'A railgun is a gun of the future that fires bullets with electrical energy, unlike conventional artillery,' an official from the Acquisition, Technology and Logistics Agency (ATLA) within Japan's defence ministry told AFP. 'It is expected that threats that can only be dealt with by railguns will emerge in the future,' said the official, who did not want to be named. The three-day DSEI Japan Conference defence fair, which began yesterday, comes as Japan adopts a more assertive defence policy and looks to sell more military equipment to other countries. In particular, Japan's Mitsubishi Heavy Industries (MHI) and Germany's Thyssen Krupp Marine Systems (TKMS) are competing for a major contract to supply the Australian navy with new warships. Winning the multi-billion-dollar Project Sea 3000 contract to supply Australia with Mogami-class frigates would be Japan's largest postwar military export order, according to Japanese media.
Reuters
07-05-2025
- Business
- Reuters
Thyssenkrupp steel unit, union reach general agreement on restructuring
The logo of ThyssenKrupp is seen at an escalator in Doha, Qatar December 7, 2022. REUTERS/Wolfgang Rattay/File photo Purchase Licensing Rights , opens new tab Item 1 of 2 The logo of ThyssenKrupp is seen at an escalator in Doha, Qatar December 7, 2022. REUTERS/Wolfgang Rattay/File photo FRANKFURT, May 7 (Reuters) - Thyssenkrupp's ( , opens new tab steel unit said on Wednesday that it has reached an agreement in principle with the IG Metall union around the planned restructuring of Germany's largest steel maker, adding its aim was to avoid forced layoffs. The agreement, which follows Thyssenkrupp's announcement that up to 11,000 jobs at the steel unit had to be cut or outsourced, paves the way for deeper talks that are expected to result in a new collective wage agreement by summer, the company said. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. Advertisement · Scroll to continue Reaching a wage deal has been seen as a hurdle to be cleared before Thyssenkrupp can sell an additional 30% stake in the steel business to Czech billionaire Daniel Kretinsky, as planned. The investor already owns a 20% stake via a holding company. Reporting by Christoph Steitz Editing by Ludwig Burger Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
Euronews
09-04-2025
- Business
- Euronews
Green steel as a lifeline? EU Commission protects European metal industry from unfair competitors
ADVERTISEMENT Germany's steel giant ThyssenKrupp wants to cut 11,000 jobs. Europe's metal industry is in crisis. US tariffs, exorbitant energy prices, global overcapacity, competition from cheap steel from China... The European Commission is trying to save what can be saved - with a 'Steel Action Plan'. The European Commission calls its strategy for industrial competitiveness and decarbonisation the 'Clean Industrial Deal'. Far too much steel is produced worldwide. And now the new US government is also threatening tariffs: 25 percent on all steel and aluminium imports. As a result, there is a risk of international trade flows being diverted away from the USA and towards the European internal market. Foreign suppliers are trying to conquer the EU market with dumping prices. To prevent unfairly produced cheap steel from breaking the necks of European steel manufacturers, a new protection instrument will be introduced in 2026: CBAM, the EU's Carbon Border Adjustment Mechanism. Non-European manufacturers of cement, aluminium, iron and steel must pay a CO2 tax on non-sustainably produced goods at the EU border. In order to make Europe's industry fit for a sustainable future, the EU wants to mobilise investments of 100 billion euros. There is a lot at stake, not least Europe's industrial foundations. Germany wants to be climate-neutral by 2045. This is only possible if steel is no longer produced with coal, but with electricity or hydrogen. The EU Commission is helping with the changeover. Germany's steel giant ThyssenKrupp is also firmly committed to the goal of 'green steel'. Foreman Sati takes me to the blast furnace: Temperature of the red-hot steel soup: almost 1500 degrees Celsius! - US President Trump is raising hell with manufacturers. With 25 per cent tariffs, steelmakers around the world are sweating. ThyssenKrupp sells little steel in the USA. But if third countries from Asia, Africa and the Middle East can no longer sell their steel in the USA, Europe faces the threat of a steel glut. ThyssenKrupp spokesman Mark Stagge: "First and foremost, we must protect ourselves from unfair import practices. We have 550 million tonnes of overcapacity in the world every year. We need an effective CO2 border adjustment. And we need competitive energy costs at national and European level." IGM trade unionists have set up a vigil in front of Gate 1 of the Duisburg steelworks. Erol Kücükarslan, the shop steward: "Our Executive Board must get the idea of cutting 11,000 jobs out of its head. - And what I would like to pass on to Europe: 'Green steel', which is produced using renewable energy, should be promoted more quickly." Erol warns of deindustrialisation: "If we were to lose industry now, after mining, that would be a disaster for Germany and Europe." The EU Commission's Steel Action Plan is therefore tough: Protective tariffs and quantity restrictions for dumping steel! At the German Economic Institute, I meet Galina Kolev-Schaefer, Professor at the Cologne University of Applied Sciences and an expert on international trade policy: "The global markets are flooded with steel from the coal-based route - and thus harmful to the climate," recalls Kolev-Schaefer. "The European Commission is therefore introducing a border adjustment mechanism, which means that from next year there will be payments for CO2 emissions from steel imports." It takes a lot of energy to produce 'green steel'. Where should it come from? Kolev-Schaefer: "To achieve this, we need an accelerated expansion of renewable energies and an expansion of the electricity grid towards southern Europe!" And the problem of US tariffs? "This is hitting the European steel industry hard," says Kolev-Schaefer. "Not only because the USA accounts for around 20 per cent of the European steel industry's exports, but also because the European market is increasingly flooded with steel from third countries due to the US tariffs."
South China Morning Post
08-04-2025
- Business
- South China Morning Post
If the EU adopts a ‘US plus one' strategy, Hong Kong has a role to play
The past years of Sino-European relations have been dominated by turmoil and calls to de-risk and even decouple . But the times are a-changing. Since US President Donald Trump began instigating a global trade war, now in full effect after his 'Liberation Day' sweeping tariffs , the level of engagement between Europe and China has only increased. Advertisement Evidence of that lies in a softening tone towards China from notorious China hawks like European Commission President Ursula von der Leyen and a stream of European diplomats and officials visiting Beijing as well as recent meetings between President Xi Jinping and the CEOs of top European companies like ThyssenKrupp, BMW and Ikea. In people-to-people relations, we have also experienced a shifting mindset, with interest in China skyrocketing. A diverse range of people in diplomacy, business, academia, art and other professions are reaching out to us to understand life in Hong Kong, as a gateway between the world and mainland China. Can increased European engagement with China offer a contingency plan for an increasingly adversarial transatlantic relationship Taking a step back, most economists – perhaps apart from those working in the Trump administration – will tell you that tariffs are basically a sales tax on local consumers . They will also tell you that tariffs can spark further inflation. Yet, it is clear that the Trump administration has decided to launch tariffs the likes of which the world has not seen for a very long time. While some argue that these tariffs are nothing more than a strategic ploy, aimed at pushing countries to the negotiating table to get the best deal and potentially create a ' Mar-a-Lago Accord ' to devalue the US dollar, the short-, medium- and long-term effects of such trade policy by the US will certainly be felt across the world. Advertisement The reciprocal tariffs also go against the idea of comparative advantage in trade between countries – known to economists since David Ricardo helped popularise the term in 1817. It seems we live in an era where political strategy eats economics for breakfast.
Iraqi News
18-03-2025
- Business
- Iraqi News
Germany wants to order six frigates and 20 Eurofighter fighters
The German government intends to strengthen its armed forces with six F127-class frigates from ThyssenKrupp, as well as twenty Eurofighter Typhoon fighters from BAE Systems Corporation., — Bloomberg reported, citing sources. According to him, the mentioned weapons are a priority in the list of purchases for the German government. The cost of six frigates from ThyssenKrupp exceeds € 15 billion, the fighters will cost the German authorities € 3 billion. The agency writes that such plans show the departure of the German authorities from the purchase of American weapons against the background of Trump's statements that Europe needs to bear the burden of its own security. source: pravda
