SSAB AB (publ) (SSAB-A.ST)

Sweden's SSAB to invest $4.8 billion in fossil-free steel mill

STOCKHOLM (Reuters) -Swedish steelmaker SSAB will invest 4.5 billion euros ($4.83 billion) in building a fossil-free mini-mill in Lulea, Sweden, the company said on Tuesday, more than previously expected as inflation and higher contingencies added to costs. SSAB, the biggest carbon emitter in both Sweden and Finland, says the project will ultimately have a positive impact on emissions and earnings. "The new mini-mill will have a better cost position with lower fixed costs, higher efficiency, shorter lead times and eliminated CO2 costs," SSAB said in a statement.