Swedish company SSAB accelerates transition to premium steel

Swedish specialty steel manufacturer SSAB has unveiled its strategic plan to accelerate the growth of its premium steel offering with a focus on the most attractive customer segments, revealing ambitious goals to move the company further along the value chain and increase profitability by leading the premium steel segment.

Strategic goals and milestones

The plan stipulates that premium steel will account for approximately 65 percent of total shipments. SSAB also set a goal to achieve a cycle EBITDA of about SEK 23 billion after 2030, compared with about SEK 14 billion in the previous cycle.

SSAB's new strategy revolves around three growth levers: updating the product range towards more expensive modern steels, and strengthening value-added services. solutions through their Ruukki and Tibnor networks, as well as expanding the supply of decarbonized steel. Within five years, the company expects SSAB Europe to supply about one million tons of non-fossil fuel steel to customers in key sectors.

This strategy is based on large investments. A 4.5 billion euro mini-plant in Lulea, Sweden, will replace existing blast furnaces, significantly reducing emissions and production costs. SSAB will also convert its plant in Raahe, Finland, to electric arc furnace technology, aligning its operations with the company's climate objectives and increasing flexibility in the selection of raw materials.

The transformation will also provide increased structural efficiency, lower production costs, and a more balanced product portfolio in the automotive, construction, and heavy machinery sectors.