By Dominic Chopping
STOCKHOLM--Swedish steelmaker SSAB was awarded 1.45 billion kronor ($132.7 million) in funding from the EU and Swedish government to help finance the company's transition to fossil-fuel-free steel production.
SSAB plans to decommission its current coal and blast furnace-based production system in northern Sweden in favor of a new fossil-fuel-free mini-mill with electric arc furnaces.
Startup of the new mill in Lulea is planned for the end of 2028, with full capacity in 2029. Meanwhile, the startup of a new electric arc furnace in Oxelosund, south of Stockholm, is expected toward the end of 2026.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
December 05, 2024 04:31 ET (09:31 GMT)
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