SSAB has raised 430 million euros to finance the Luleå Green Transformation project
Swedish specialty steel manufacturer SSAB has raised an additional 430 million euros in green financing, completing a full financing package for its 4.5 billion euro transformation project in Lulea, Sweden.
The result of the project will be the creation of a modern, state-of-the-art mini-plant that will reduce production costs, shorten delivery times, and significantly reduce carbon dioxide emissions - by as much as seven percent of total CO₂ production in Sweden.
A "key milestone" in SSAB's transition to environmentally friendly steel
"This final allocation of financial assistance has become a key milestone on the path of our transformation," said Lina Kraelius, Chief Financial Officer of SSAB, adding: "This allows us to virtually eliminate co₂ emissions from Luleå production, reduce costs and improve the product range."
The new mini-plant will be equipped with a 2.5-liter capacity of one million tons per year, two electric arc furnaces, modern metallurgy and an integrated rolling mill. The company will also be equipped with cold rolling, galvanizing and continuous annealing capabilities.
The project will allow SSAB Europe to position itself as a premium steel producer, while offering lower costs and shorter lead times. The plant will be able to use a flexible mixture of sponge iron that does not contain fossil fuels, cast iron and recycled scrap.
steelorbis.com