Linklaters advises SSAB on the financing of their EUR 4.6 billion green transformation project in northern Sweden

Our Stockholm, London, and Milan teams joined forces to act for SSAB on the financing of their EUR 4.5 billion green transformation project in northern Sweden. This includes EUR 2.3 billion in debt facilities guaranteed by SACE, the Italian export credit agency, and the Swedish National Debt Office. We advised on three parallel facilities, as well as environmental and EU Taxonomy alignment issues, with the facilities structured under the Green Loan Principles and aligned with SSAB’s Green and Sustainability-linked Finance Framework.

This transformative project will enable SSAB to establish a state-of-the-art fossil-free mill, dramatically reduce operational CO2 emissions, and produce premium products at reduced costs – contributing to a 7% reduction in Sweden's CO2 emissions. The transaction highlights our expertise in combining market-leading environmental, finance, and cross-border capabilities to deliver seamless solutions across jurisdictions.

The team was led by partner Magnus Wennerhorn, senior associate Victor B., associate Ninab Yousif and included partner Tessa Lee (Milan), counsel Aileen Buchanan (London) and senior associate Jessica Hargreaves (London), and several other colleagues across multiple offices and areas of expertise.