The European Commission has approved funding for Swedish steel companies to build green steel projects

The European Commission has approved a €265 million ($287 million) grant from the Swedish government to support Swedish Metal Hydrogen (H2GS) in its green steel project.

It is reported that the Swedish government funding approved by the European Commission will help Swedish Metal Hydrogen company build a large green steel plant in Boden, Sweden. The project includes the construction of a 690 MW electrolytic hydrogen production tank, a hydrogen direct reduction iron plant, two electric arc furnaces, as well as cold rolling and other wood forming equipment.

The Commission's review of the Swedish government grant aims to determine whether the grant complies with state aid rules. The Commission considers the grant "necessary and appropriate" to boost the production of "green steel" in the region.

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