H2 Green Steel in €1.79 billion green steel deal with Marcegaglia.
H2 Green Steel has signed a 7-year agreement with Italian steel group Marcegaglia. The agreement will cover delivery of green steel from H2 Green Steel’s plant in Boden, Sweden, to Marcegaglia’s operations in Southern Europe, UK and Poland.
Marcegaglia is a family-owned company and a leading player in the European steel industry. They have 37 steel plants across three continents with core business activities that cover flat and welded pipes insulation, construction, and guardrail divisions, stainless steel long products, flat products, tubes and cold drawn bars and heavy plates.
Antonio Marcegaglia, Chairman and CEO at Marcegaglia Steel, said:
H2 Green Steel came in as a challenger in a traditional market a couple of years ago, and have proven with speed, perseverance, and a great team that they are a force to be reckoned with.
“We believe in the partnership approach in business, and we took this approach from day one with H2 Green Steel as they are a key player for us on our decarbonization journey which is essentially all about future-proofing our business”.
Marcegaglia is both an investor in H2 Green Steel and an early off-take customer. The partnership has now developed further, as they the off-take agreement is converted into a seven-year supply agreement valued at about €1.79 billion.
Henrik Henriksson, CEO at H2 Green Steel, said:
This is a very milestone agreement for us at H2 Green Steel and a real celebration on our journey.
“Not only for the value of about €1.79 billion, but also because of the quality player that Marcegaglia is in the steel industry. Marcegaglia have been true partners to H2 Green Steel. They challenge us every step of the way, but are incredible supporters of our team and our project”.
About H2 Green Steel
H2 Green Steel (H2GS AB) was founded in 2020 with the ambition to accelerate the decarbonization of the steel industry, using green hydrogen. Steel, which is one of the world’s largest carbon dioxide emitters, is the company’s first business vertical.
The founder and largest shareholder of H2 Green Steel is Vargas, which is also co-founder and one of the larger shareholders in Swedish battery maker Northvolt. H2 Green Steel is headquartered in Stockholm, Sweden, with its first green steel plant under development in Boden, northern Sweden. www.h2greensteel.com
H2 Green Steel in €1.79 billion green steel deal with Marcegaglia, May 2, 2023
