SSAB has completed the financing for its €4.5 billion green transformation project in Luleå, Sweden, by securing an additional €430 million in green funding. This final tranche, backed by Germany’s Euler Hermes export credit agency, complements earlier support from Sweden’s National Debt Office, Italy’s SACE, and the Nordic Investment Bank.
The investment will fund a state-of-the-art mini-mill featuring two electric arc furnaces, advanced metallurgy, and integrated rolling, cold rolling, galvanizing, and annealing capabilities. The facility will use a flexible mix of fossil-free sponge iron, pig iron, and recycled scrap.
Once operational, the new mill will replace SSAB’s existing blast furnace-based production in Luleå, cutting Sweden’s total CO₂ emissions by up to 7%. The project also aims to reduce production costs, shorten lead times, and reposition SSAB Europe as a premium steel producer.
