Swedish steelmaker SSAB has decided to invest SEK 3.3 bln (USD 349 mln) in a new quenching and tempering (Q&T) line at its Oxelosund plant in Sweden.
The investment, which will be implemented over a four-year period, aims to expand the production capacity of SSAB Special Steels’ high-margin products, particularly advanced wear and protection steels such as Hardox 500Tuf and Armox. Production at the new line is scheduled to commence in 2030.
According to the company, the new Q&T line will initially add around 100,000 tons of annual capacity and support growing global demand for advanced steels, especially from the defense sector.
SSAB stated that the investment forms part of its strategy to strengthen its premium steel leadership.
The company noted that demand for protection steel continues to grow globally, while advanced wear steels are also seeing strong market growth.
Hardox wear plate is designed to enable lightweight and durable applications that improve payload and reduce fuel consumption, while Armox protection steel is widely used in both civilian and defense applications.
SSAB is a producer of advanced high-strength steel (AHSS) and quenched and tempered (Q&T) steel products, with an annual crude steel production capacity of approximately 8.8 mln tons across operations in Sweden, Finland, and the United States.
1 USD / 9.4 SEK