H2 Green Steel in €1.79 billion green steel deal with Marcegaglia

3 May 2023

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.

 "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," says Antonio Marcegaglia, Chairman and CEO at Marcegaglia Steel.

Marcegaglia is both an investor in H2 Green Steel and an early off-take customer. The partnership has now developed further, as the off-take agreement is converted into a seven-year supply agreement valued at about €1.79 billion.

"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," says Henrik Henriksson, CEO at H2 Green Steel.