In separate announcements, the company said it has signed a framework agreement with Nordic energy supplier Fortum and a memorandum of understanding with Anglo American to work together on low-carbon steelmaking value chains.

The Fortum agreement enables H2 Green Steel to purchase Fortum’s carbon-free electricity on both short- and long-term bases, and the Anglo American agreement allows the two to study and trial the use of premium-quality iron ore products from Anglo American’s Kumba mines in South Africa and Minas-Rio in Brazil. 

H2 Green Steel’s planned facility in Boden is being designed with the intention to initially produce 2.5 million metric tons of green steel annually. In a second phase of development, the company will ramp up production to about 5 million metric tons.  

It is expected to start operation in 2025.