Swedish specialty steel producer SSAB has announced that it has received SEK 1.45 billion ($133.57 million) in financing from an EU fund to support its decarbonization efforts. The financing is also backed by the Swedish Agency for Economic and Regional Growth.
Accordingly, the financing will allow SSAB to accelerate its transition to fossil-free steelmaking at its Luleå mini mill, replacing the current blast furnace-based production technologies with electric arc furnaces (EAF). Additionally, the new electric furnace at the company’s Oxelösund plant is expected to be put into operation towards the end of 2026. As a result, SSAB will cut Sweden’s emissions by 10 percent.
The Luleå mini mill is scheduled for start-up at the end of 2028 and is expected to reach full capacity in 2029.