Swedish specialty steel producer SSAB has backed out from the talks with the US government over financing for the construction of a green steel plant in the US, according to Bloomberg
As SteelOrbis reported previously, in March 2024, the company had announced that the US Department of Energy (DOE) would provide up to $500 million in total funding for the construction of a steel manufacturing facility with HYBRIT technology in the US.
The reason behind the decision was said to be incoming US President Donald Trump’s intention to slash policies aimed at accelerating decarbonization projects.
A spokesperson from SSAB stated that they are still working on decarbonization projects in the US, though they are no longer in talks with the DOE for the conclusion of a collaborative agreement.