Tank production falters – For this surprising reason | Tekniikka&Talous
It’s not directly mentioned in the article, but I believe it refers to SSAB. Time to ramp up production…
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Yes, it’s true, it’s reported behind the paywall that SSAB’s Oxelösund plant is the only one that supplies that armor-grade steel.
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This is where it begins.
Construction of SSAB’s new steel mill in Luleå began - Inderes
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A couple of announcements came this morning regarding low-emission or nearly emission-free steel, with great examples of practical utilization in the USA by GE Vernova in their wind turbines and in Finland by Vesivek, which intends to use only steel made from recycled steel with fossil-free energy in its roof sheets:
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SSAB published its interim report today for 1.1.-30.9.2025 | Kauppalehti
Revenue was 22,960 (24,373) million SEK
Operating profit was 1,869 (1
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Copied from the report:
Americas and Special Steels have been doing well, while Europe is struggling. Improvements to European protection mechanisms should come to Europe’s aid next summer.
And somewhat the same for 4Q2025.
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“Honestly, at the moment, there is no business case for green steel,” says Axel Eggert, Director General of Eurofer, the European steel producers’ association, on the phone.
Having followed the development of SSAB Zero and the Hybrit project for several years from the sidelines, there is a market for Zero, and some customers are willing to pay its extra price (~€300/tonne). Hybrit, on the other hand, is still almost a complete question mark, even though a demo plant exists and products made with it are even sold. If steel can be produced with hydrogen reduction at almost the same price as with a blast furnace, then it too will fit into the market, and even a bit more profit margin can be gained from it, but where will the electricity for hydrogen production come from, and where will the storage facilities for hydrogen be?
I wouldn’t start building an entirely new green steel-based steel plant with borrowed money in this market either. The equipment in Luleå is ancient, so I understand that investment as a replacement investment.
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AI stated that SSAB sold 50,000 tons of green steel last year, which is less than 1% of its total sales. So, there is indeed a market for green steel, but it has practically no significance for the company.
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To my understanding, pilot batches have only just been made. Tuesday is SSAB’s Capital Markets Day, when we will learn more about, for example, the schedules. However, there’s a little preview in today’s Yle article: SSAB kertoo ensi viikolla suunnitelmistaan Raahen terästehtaalle – toimitusjohtaja vaitonainen uudesta tehtaasta | Pohjois-Pohjanmaa | Yle
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Correct me if I remember wrong, but as far as I recall, the company has already spent hundreds of millions over the years on its faulty steel, using shareholders’ money (according to some estimates, already over a billion), and now more in Luleå. From that, one can start calculating the payback period of the investment. 
I know that these investment decisions are based on political decisions, and that’s what scares me about them, that the basis for investments can still be pulled out with a single decision, which is why I haven’t dared to own the company anymore.
It’s good that it thoroughly tests and refines its processes. Many deals on emission-free steel have already been made; I myself have posted a couple of times about these here. At the EU level, there are plans that emission-generating steel will not be taken/allowed onto the market in the future.
I believe that it is precisely the case that if the future looks bleak, one doesn’t really dare to invest in anything. A brighter/more profitable future goes hand in hand with such sustainable technologies.
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SSAB’s Capital Markets Day would also be available. I tip my hat to the CEO’s courage to state the outcome of strategy implementation / EBITDA reflecting such clear development.
“Over the next five years, we will focus on executing investments according to schedule and budget. At the same time, we will continue to strengthen our premium offering from existing production facilities. We estimate that our strategic investments and other projects will raise the through-cycle EBITDA to approximately SEK 23 billion after 2030, compared to SEK 14 billion in the previous cycle. The improvement is based on increasing premium offerings, enhanced efficiency, and a more competitive cost structure,” says Johnny Sjöström.
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Yes, the broadcast is apparently starting in ten minutes from the CMD. The presentations are already available on SSAB’s investor page (CMD presentation slides - SSAB), I glanced through them, and it’s a comprehensive information package. Carbon-free steels increase profit margins. E.g.
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A new fossil-free steel plant worth billions will not be built in Raahe, as previously planned.
Instead, the old steel plant will be modernized by replacing blast furnaces and the coking plant with electric arc furnaces.
SSAB announced this today.
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SSAB’s toughest competitor(?) in green steel has run into financial difficulties.
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Here is Juha Varis’s latest tweet about SSAB’s low-interest loan. 
https://x.com/JuhaVaris/status/1986826431574467011
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Often only Raahe is talked about.
What about the future of other smaller factories in Finland. Pipe production is in Oulainen, Pulkkila, Toijala, and Hämeenlinna. Is it worthwhile to be in so many places in the future? And what about the future of the paint coating line in Kankaanpää..
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The share price has risen nicely over the last month (approx. 10%) and since the beginning of the year (approx. 50%).
I glanced through the CMD (Capital Markets Day) material. If the world remains somewhat as it is now, then SSAB’s plans are quite clear and convincing, and additionally, the core business is rolling along in the background. History is no guarantee of the future, but the company has progressed in its operations like a train.
Furthermore, a clearer communication line has been adopted regarding the purpose of investments; their “greenness” is no longer emphasized. Certainly, partly it’s dictated by necessity, but in my opinion, the market (or at least the micro-market on discussion forums) has underestimated other aspects of the investments, namely the improvement in efficiency, capacity, and product mix. The previous CEO did emphasize these other (more important) perspectives in webcasts already back then.
EBITDA is guided to grow by 65% as an absolute sum starting from 2030, over the business cycle. That would be almost 2.5 times the 2025 amount.
Of course, there are also downside risks, but I would say there are still more upside triggers, such as the reconstruction of Ukraine, EU import regulation, Germany’s infrastructure package, etc.
No significant dividend increase should occur according to all logic; the dividend is likely around 20 cents.
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