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

September energy market update
In this Premium analysis we examine North American oil and natural gas prices, drill rig activity, and crude oil stock levels through September. Trends in energy prices and rig counts serve as leading indicators for oil country tubular goods (OCTG) and line pipe demand.

Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.

U.S. Steel to halt slab conversion at Granite City Works
U.S. Steel said it plans to reduce slab consumption at its Granite City Works near St. Louis, a company spokesperson said on Monday. The Pittsburgh-based steelmaker will shift the production and processing of steel slabs to its Mon Valley Works near Pittsburgh and its Gary Works near Chicago. Citing a United Steelworkers (USW) union memo, […]

SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.

HR Futures: Market finds footing on supply-side mechanics
As Labor Day marks the transition into fall, the steel market enters September with a similar sense of change. Supply-side fundamentals are beginning to show signs of restraint: imports are limited, outages loom, and production is capped, setting the stage for a market that feels steady on the surface but still unsettled underneath.