Swedish specialty steel producer SSAB has announced that it has decided to invest SEK 6.2 billion ($571.79 million) in a new electric arc furnace and in raw material handling at its Oxelösund plant in line with its aim to start production of steel without carbon emissions based on recycled steel and sponge iron during the fourth quarter of 2026.
With this investment, the company will be able to reduce Sweden’s total carbon emissions by three percent, increase capacity for premium products and improve fossil-free production. The new decision is the first big step in SSAB’s plan to convert its entire Nordic production system by around 2030.