Swedish steelmaker SSAB is investing 3.3 billion SEK (approximately 285 million euros) in its plant in Oxelösund. The investment is being made against the backdrop of the ongoing transformation of the European steel industry towards CO₂-reduced production processes. SSAB had already announced plans to replace its blast furnaces with electric arc furnaces and to rely on hydrogen-based direct reduction processes. The investment in Oxelösund is likely part of this conversion and has direct relevance for the availability of structural steel with a reduced CO₂ footprint for the European market.