SSAB

In 1978, the Swedish steel industry was facing a crisis. To salvage the struggling sector, the Swedish government orchestrated a landmark merger of three major steel producers: Domnarvets Järnverk, Norrbottens Järnverk (NJA), and Oxelösunds Järnverk. This consolidation created Svenskt Stål AB, or SSAB, with the government as the majority owner and Björn Wahlström, who led the merger negotiations, as its first CEO. SSAB began a new chapter in 1989 when it was partially privatized and listed on the Stockholm Stock Exchange, a process completed in 1994 when the government sold its remaining shares. This marked a strategic pivot from a general steel producer to a specialist in high-strength steels. The company expanded significantly into North America in 2007 with the acquisition of IPSCO's plate operations for approximately $7.7 billion. Another transformative step came in 2014 with the acquisition of the Finnish steelmaker Rautaruukki for about $1.6 billion, creating a Nordic steel giant. More recently, SSAB has positioned itself at the forefront of sustainable innovation. In 2016, it launched the HYBRIT initiative with partners LKAB and Vattenfall to develop the world's first fossil-free steelmaking process using hydrogen. This venture saw a major breakthrough in 2021 with the first delivery of fossil-free steel to a customer. Underlining this commitment, SSAB announced a €4.5 billion investment in 2024 to build a new fossil-free steel mill in Luleå, Sweden, aiming to significantly cut the nation's carbon emissions.