Economy
H2 Green Steel, Cargill Metals Ink Steel Deal
June 19, 2023
H2 Green Steel has entered into a multi-year deal with Cargill Metals to supply the company with low-carbon emission steel.
The Swedish sustainable steelmaker said in a press release Monday that the deal “aims to accelerate global ferrous supply chain decarbonization.”
The release noted that Singapore-based Cargill Metals, part of global conglomerate Cargill, “connects different parts of the ferrous supply chain, from iron ore mining to steel mills around the world.”
“It is the commitment to a responsible and sustainable connected ferrous metals supply chain that drew us to this partnership with Cargill,” Mark Bula, commercial head of Boden Steel at H2 Green Steel, said in the press release. H2 Green Steel has a production plant in Boden, in northern Sweden.
Bula said Cargill’s global reach will help H2 Green Steel’s products be available to other markets as demand grows beyond the EU.
H2 Green Steel recently signed a memorandum of understanding with Mercedes-Benz for the potential supply of green steel made in North America, while also inking an agreement with Germany-based Mercedes-Benz to deliver ~50,000 metric tons of green steel annually for use in the automaker’s European plants.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Economy
Construction adds 13,000 jobs in March
The construction sector added 13,000 jobs, seasonally adjusted, in March, but tariffs could undermine the industry.
Supply chains, end-users brace for impact from tariffs
Supply chains are working through what the tariffs mean for them
ISM: Manufacturing expansion loses steam after two months of growth
US manufacturing activity slowed in March after two straight months of expansion, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Chicago Business Barometer rose to 16-month high in March
The Chicago Business Barometer increased for the third-consecutive month in March. Despite this, it still reflects contracting business conditions, as it has since December 2023.
Durable goods orders rise again in February
Transportation equipment led the increase, rising 1.5% to $98.3 billion.