Swedish specialty steel producer SSAB has announced that it will invest more than SEK 500 million ($55.63 million) in its Nordic operations to support its automotive growth strategy, increased production stability and reduced energy consumption. The investments will be made in operations at the Hämeenlinna and Lulea sites.
Accordingly, SSAB will invest SEK 370 million ($41.16 million) to modernize the first section of the pickling line at the Hämmeenlinna Works in Finland. The investment is being made to support SSAB’s automotive growth strategy and secure the stable and long-term production of coated strip products. Meanwhile, in Lulea, Sweden, an investment of SEK 156 million ($17.35 million) will be made in a new blower for hot metal production. The installation of a new blower will reduce energy consumption and increase production stability.
The company stated that the investments are a part of its already communicated capital expenditure program. The projects are planned to start towards the end of this year.