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Climate Adaptation

Swedish Green Steel Firm Racks Up Sales Before Plant Is Built

Stacks of steel.

Stacks of steel.

Photographer: James MacDonald/Bloomberg

Sweden’s H2 Green Steel has pre-sold more than half of its planned initial capacity and aims to close financing for a plant in the north by the end of the year, Chief Executive Officer Henrik Henriksson said in an interview. 

The firm, whose backers include Mercedes-Benz AG and Spotify Technology SA co-founder Daniel Ek, has signed contracts for 1.5 million tons of the alloy, he said. That compares with an initial capacity of about 2.5 million tons for the Boden facility. The fossil-free product will command a price premium of about 25% over traditional steel, according to the company.