Salzgitter delays later Salcos green steel phases by three years, citing weak economics, slow hydrogen build out, policy uncertainty. Phase one still targets a 30% CO₂ reduction for 2 million metric tons steel from 2027 using hydrogen direct reduction & electric arc technology. Deferral preserves about €1B capital & spotlights Europe’s regulatory lag. Investors now watch for carbon price clarity, hydrogen contracts, border adjustment maturation to unlock subsequent stages.