As per ESG Today, the total investment for the new steel mill is estimated at 4.5 billion euros, with the project being capable of reducing Sweden's carbon footprint by as much as 7%. Global steelmaking is currently responsible for 7-9% of the planet's total share of greenhouse gas emissions.

SSAB President and CEO Martin Lindqvist said that "we will remove 7% of Sweden’s carbon dioxide emissions, strengthen our competitive position and safeguard jobs with the most cost-effective and sustainable strip production in Europe."

SSAB officials said that the upcoming steel mill will run on electricity produced exclusively from renewable sources and the production will make use of two electric arc furnaces. In addition, the company will make use of recycled steel for the production, which is said to increase by 500.000 tons per year.

The fossil free steel mill in Luleå is expected to become operational in 2028, reaching full capacity one year later.