Steel Products
H2 Green Steel Seeks to Raise More Than $1.65B in Equity Funding
April 24, 2023
Startup Swedish steelmaker H2 Green Steel aims to raise more than €1.5 billion ($1.65 billion) in equity funding, a company spokesperson confirmed to SMU on Monday.
H2 Green Steel aims to reduce CO2 emissions up to 95% compared to traditional steelmaking at its planned plant in Boden, in northern Sweden, according to its website. The plant is expected to sport hydrogen-based steelmaking, which would allow for the significant reduction in CO2 emissions.
The company said that by 2030 it will produce 5 million tons of green steel annually at Boden. The Financial Times said H2 Green Steel would use the money raised to help build the plant there.
In October, H2 Green Steel said it had received support from leading European financial institutions for its €3.5-billion debt financing. The company said at that time it would finance the construction of its hydrogen-powered green steel plant in northern Sweden through a combination of equity and debt financing.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Products
FGM-Pacesetter expands into Houston with NSPS Metals deal
Flack Global Metals (FGM) announced Thursday that it would expand into Texas by assuming the Houston operations of NSPS Metals.
Ryerson reports net loss in Q3 as weak demand offsets tariff price support
President and CEO Eddie Lehner said Ryerson has faced market headwinds in the third quarter.
HARDI: Galv demand improves in October, higher prices expected in new year
Participants on this month’s Heating Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council call expect galvanized steel base prices to firm up in the first quarter of 2026.
Global steel production falls to near two-year low in September
World crude steel output declined for the fourth-consecutive month in September, slipping 3% from August to an estimated 141.8 million metric tons (mt), according to the latest figures from the World Steel Association (worldsteel).
Market sources say regional activity is dictating plate demand
Demand for plate on the spot market remains soft by comparison to years past. However, this week regional demand variations grew more pronounced.