BE Group signs letter of intent with H2 Green Steel regarding fossil-free steel

BE Group AB (”BE Group”) and H2 Green Steel (”H2GS”) have signed a letter of intent (so called “term sheet”) regarding cooperation and distribution of fossil-free steel at the Nordic market. The agreement means that BE Group will have the capacity to deliver the steel to its customers starting from 2025. The new cooperation is also an important step in BE Group’s ambition to, in the long run, offer a more complete assortment of sustainable steel. As an independent steel distributor, BE Group is having discussions with several European steel producers.

H2GS has the ambition to start the steel production in 2024 and by 2030 at the latest, they plan to have a production capacity of five million tons of high-quality steel. In the production process of the fossil-free steel, the carbon dioxide emissions are reduced by up to 95 percent and the aim for H2GS is to reduce emissions further.

“We are glad that we will have the opportunity to offer fossil-free steel from H2GS to our customers. A part of our sustainability work is to help small and mid-sized companies, who often don’t buy steel in large quantities, to buy sustainable steel at competitive prices”, says Peter Andersson, CEO at BE Group.

For further information, please contact:
Peter Andersson, President and CEO
Tel: +46 706 53 76 55, email: peter.andersson@begroup.com

About BE Group
BE Group, which is listed on the Nasdaq Stockholm exchange, is a trading and service company in steel, stainless steel and aluminium. BE Group offers efficient distribution and value-adding production services to customers primarily in the construction and manufacturing industries. In 2020, the Group reported sales of SEK 3.7 billion and delivered 307,000 tons of steel. BE Group has approximately 630 employees, with Sweden and Finland as its largest markets. The head office is located in Malmö, Sweden. Read more about BE Group at www.begroup.com

About H2 Green Steel
H2 Green Steel (H2GS AB) was founded in 2020, aiming to build a large-scale fossil-free steel production in northern Sweden. H2 Green Steel will produce 5 million tons of fossil-free steel by 2030. By doing this, the company will contribute to the decarbonizing of the European steel industry, one of the largest carbon dioxide emitters. H2 Green Steel will establish operations in Boden and Luleå. The founder and largest shareholder is Vargas, which is also co-founder and one of the largest shareholders in Northvolt. www.h2greensteel.com.

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