Swedish specialty steelmaker SSAB has announced that it has secured €20 million in funding from Finnish public innovation funding organization Business Finland for its five-year research and development program, Sustainable World through Steels, aimed at accelerating the transition to fossil-free steel production. The initiative forms part of Business Finland’s “leading companies” challenge launched in 2025.
The total value of the program is expected to reach approximately €50 million, including contributions from partners and additional project packages.
At its core, the initiative aims to establish a broad industrial ecosystem involving more than 200 stakeholders, including research institutions, universities, technology providers, steel producers, and customer companies.
Focus on advanced steel solutions
SSAB plans to modernize the Nordic steel production model by developing advanced high-strength, low-emission steel grades in collaboration with its customers. The program is also designed to support new industrial applications, enhance export potential, and strengthen Finland’s global competitiveness.
The initiative will focus on several strategic areas, including fossil-free electric steelmaking technologies, digitalized and sustainable supply chain optimization, large-scale low-emission steel applications, and the circular use of steel industry by-products.
Growing market for green steel
According to market estimates, the global market for decarbonized steel is expected to exceed €110 billion by 2032, highlighting the strategic importance of such investments.
SSAB Europe’s Head Tony Harris stated that the funding marks a key step toward building a fully fossil-free value chain and enhancing collaboration across the steel ecosystem.