European Commission Supports SSAB’s Green Transition with €128M Aid

The European Commission has approved €128 million in state aid from Sweden to help SSAB, a steelmaker, decarbonise production. This aligns with the European Green Deal, aims to reduce reliance on Russian fossil fuels, and ensures the EU remains competitive in green technology.

The European Commission announced its approval of €128 million in Swedish state aid to assist steelmaker SSAB in decarbonising its production processes. This decision underscores the EU's commitment to reducing carbon emissions in line with the European Green Deal and shifting away from Russian fossil fuel dependency, accelerating overall green transition efforts.

According to the Commission, the financial measure aligns with the goals of the Green Deal Industrial Plan, designed to safeguard the European Union's standing in the global green tech race. This initiative seeks to keep pace with significant subsidies previously established by the United States and China.

In a statement on Monday, the Commission emphasized that the measure not only contributes to environmental targets but also fortifies the EU's strategic economic goals. This move represents a proactive approach to ensure continued investment in green technologies across Europe.

(With inputs from agencies.)