A Swedish steelmaker receives 250 million USD to supply low-carbon steel

Officials at green steel specialized startup H2 Green Steel recently announced that the company will be supplying 250 million dollars-worth-of low-carbon steel to BILSTEIN GROUP, a German company that produces steel for various industries, including the automotive one.

ESG Today writes that the steelmaking industry is one of the more polluting around the world and it is not easy to reduce its emissions output, since it is responsible for around 7-9% of the world's fossil fuels-related emissions every year.

Earlier this year, representatives from the European Commission recently approved a state aid worth more than 520 million euros to help steel and mining company ArcelorMittal decarbonize its steelmaking operations in Spain and Germany.

Sweden-based H2 Green Steel was founded back in 2020 and it aims to build the first large-scale fossil-free steelmaking facility in the world in its home country. The company uses hydrogen-derived power to process the iron, a method which allows it to avoid 95% of the emissions related to using fossil power.

By using H2 Green Steel's clean steel, BILSTEIN GROUP will be able to reduce a significant amount of its emissions, as hot-rolled steel accounts for around 90% of the company's CO2 emissions.

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