"Stegra is a Swedish word which means to 'to elevate.' It captures the team's spirit to rise in the face of challenges and always continue to move onwards and upwards. It's a constant reminder of the company's purpose and honors our Swedish roots and where it all began in Boden," said H2 Green Steel chief executive officer Henrik Henriksson.

"The team continues to prove that it is possible to do more and to change things fast, also in an industry that has for a long time been considered difficult to decarbonize. As we continue this journey, we leave our more descriptive project name behind, and take on the name Stegra, which reflects our long-term ambitions," he added.  

Stegra is building its first plant in Boden, Sweden. The plant will pair renewable energy, hydrogen-fueled direct reduction and electric arc furnaces to ultimately produce 5 million metric tons of flat-rolled products. 

Stegra has a solid funnel of potential projects outside of Sweden that are being explored as part of a longer-term outlook. They are characterized by locations where the company's customers need help with value-chain decarbonization and which offer abundant access to renewable electricity and strong grid connections. Locations under consideration include Portugal, Canada and Brazil.

"Presently, a project in Portugal, where the site selection has been made and land reserved near Sines, is the most advanced. Notification on substantial allocation of the power needed has been made to Stegra and our local value chain partnerships continue to evolve," said Henriksson.