SSAB has secured an additional EUR 430 mln (USD 504 mln) in green financing to advance its transformation project in Lulea, Sweden. This follows a successful debt raising in April 2025 and supports the construction of a next-generation mini-mill aimed at lowering costs and CO2 emissions while positioning SSAB Europe as a premium steel producer.
The financing is backed by Germany’s export credit agency Euler Hermes and complements earlier support from Sweden’s National Debt Office (Riksgalden), Italy’s SACE, and the Nordic Investment Bank. The transaction was structured by Credit Agricole CIB.
Announced in 2024, SSAB’s EUR 4.5 bln (USD 5.2 bln) investment includes four green loan facilities totaling EUR 2.7 bln (USD 3.16 bln), designed with long-term maturities to cover the full project lifecycle.
The new mini-mill will have an annual capacity of 2.5 mln tons, featuring two electric arc furnaces, a rolling mill, and advanced metallurgy. It will also include cold rolling, galvanizing, and continuous annealing facilities. The plant will operate using a flexible mix of fossil-free sponge iron, pig iron, and recycled scrap.
Once operational, the mini-mill will replace SSAB’s current blast furnace system in Lulea, eliminating a major source of emissions, equivalent to 7pct of Sweden’s total CO2 output, while also reducing costs, lead times, and demand volatility risks.
1 USD / 0.85 EUR
