Swedish specialty steel producer SSAB has secured an additional €430 million in green financing, completing the full funding package for its €4.5 billion transformation project in Luleå, Sweden. The project will result in the creation of a state-of-the-art mini-mill that will lower production costs, shorten delivery times, and significantly reduce carbon emissions - by as much as seven percent of Sweden’s total CO₂ output.
“A key milestone” in SSAB’s green steel transition
“This final piece of financing marks a key milestone in our transformation journey,” said Leena Craelius, CFO of SSAB, adding, “It enables us to virtually eliminate CO₂ emissions from Luleå production, reduce costs, and improve our product mix.”
The new mini-mill will feature a 2.5 million mt annual capacity with two electric arc furnaces, advanced metallurgy, and an integrated rolling mill. The facility will also include cold rolling, galvanizing, and continuous annealing capabilities.
The project will reposition SSAB Europe as a premium steel producer while offering lower costs and shorter lead times. The mill will be able to use a flexible mix of fossil-free sponge iron, pig iron, and recycled scrap.