Steel Products

H2 Green Steel Raises ~$1.6B to Fund Plant in Sweden
Written by Ethan Bernard
September 7, 2023
H2 Green Steel said it has raised ~€1.5 billion (USD$1.6 billion) in equity to finance the company’s large-scale “green” steel plant in Boden, Sweden, and Europe’s first “giga-scale electrolyzer.”
The Swedish steelmaking startup said Thursday that work has been ongoing on the site in Boden since summer 2022. It said this transaction would help start operations at the end of 2025.
“Some of the most professional institutions, investors, and industrial companies globally are part of this round, and we are proud that they all share our commitment to sustainability as their true north,” Henrik Henriksson, CEO of H2 Green Steel, said in a statement.
“€1.5 billion is the largest private placement in Europe this year, and the appetite to invest in us proves both our solid business case and the market demand for green steel,” he added.
The company said the plant will deliver steel with up to 95% less CO2 emissions vs. steel made with traditional blast furnace technology.
“This is made possible by replacing coal in the production process with hydrogen, produced on-site with Europe’s largest electrolyzer, using electricity from renewable sources,” H2 Green Steel said.
The company said the private placement is co-led by new investor Hy24, along with existing investors Altor, GIC, and Just Climate. Also, the transaction includes new investors Andra AP - fonden, and Temasek, as well as a group of existing investors, including AMF, Cristina Stenbeck, Hitachi Energy, IMAS Foundation, Kinnevik, Schaeffler, Vargas, and Wallenberg Investments holding company FAM.
H2 Green Steel said that since its launch in 2021, it has raised more than €1.8 billion of equity in three financing rounds.

Ethan Bernard
Read more from Ethan BernardLatest in Steel Products

AISI: Raw steel production levels off near six-month high
The volume of raw steel produced by US mills remained relatively flat last week, maintaining the rebound seen one week prior, according to the American Iron and Steel Institute (AISI). Previously at the second-highest rate of the year, production continues to hold at one the strongest levels recorded over the last six months.

Nucor keeps HRC price unchanged
Nucor has kept its weekly hot-rolled (HR) coil price flat this week, after a marginal cut the previous week.

SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]

CRU tariff webinar replay now available
CRU’s latest webinar replay on how Trump’s tariffs affect the global steel market is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. You’ll find not only this special CRU webinar but also all past Community […]

US, offshore CRC prices diverge
US cold-rolled (CR) coil prices declined this week, slipping for the first time since early February. Most offshore markets deviated, moving higher this week.