Finland loses major investment to Sweden

The Swedish steel company SSAB has decided to build a new €4.5 billion fossil-free steel minimill plant in Luleå, Sweden instead of Raahe, Finland.

 Once operational in 2028-2029, the new Luleå plant will have an annual capacity of 2.5 million tonnes of steel and replace SSAB’s current blast furnace-based production system in Luleå, reducing Sweden’s carbon dioxide emissions by 7%.

Raahe had previously been considered the frontrunner for this major investment. The missed opportunity is a blow for Finland, as Raahe’s steel plant accounts for 7% of the country’s total CO2 emissions.