Sweden: A likely trailblazer for green steel

Sweden has excellent renewable energy resources, vast iron ore reserves, and industrial heritage for innovation. These enabling factors form an enviable ecosystem, positioning the country as a frontrunner in the global race to decarbonise the steel industry. This insight leverages Wood Mackenzie's industry-leading cross-sectoral expertise in renewables, hydrogen, and metals and mining to analyse a case study of Swedish green steel ventures. It delves into the cost dynamics of the green steel value chain, comprising onshore and offshore wind power, green hydrogen, and crude steel. We underline the risks facing Swedish entrepreneurs which they must overcome to realise their ambitions.