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BUSINESS

Greens and Left best for business: survey

Sweden’s Green Party has the best ideas to help the country’s small business owners, a new survey reveals, with the Left Party ranking a close second.

According to a survey carried out by the Swedish Federation of Business Owners (Företagarna), a proposal by the Green Party to lower payroll taxes is the most beneficial for small businesses.

The proposal, which calls for a 10 percent reduction in payroll taxes on wage payments up to 2.5 million kronor ($360,000), was viewed favourably by 60 percent of the survey’s respondents.

And a proposal by the Left Party which would absolve companies with fewer than 10 employees from the need to cover sick pay expenditures was seen as extremely beneficial to Sweden’s small business climate by 50 percent of business owners, according to the survey.

The third best proposal came from the Centre Party, which called for the scrapping of rules requiring that the last employee hired is the first one fired at companies with fewer than 50 employees.

Currently, only companies with fewer than 10 employees are allowed to partly sidestep the rule.

In order to protect the survey results from being skewed by party loyalties, respondents were not allowed to see which political parties put forward each proposal.

While the results of the survey were somewhat surprising, Företagarna CEO Anna-Stina Nordmark Nilsson remained circumspect about their significance.

“It’s one thing to propose business-friendly reforms, and another thing to implement them. Therefore, we plan to follow up with the parties to see if they actually push for their proposals. And with a year left until the election, it’s high time to start doing so,” she said in a statement.

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ENVIRONMENT

Sweden’s SSAB to build €4.5bn green steel plant in Luleå 

The Swedish steel giant SSAB has announced plans to build a new steel plant in Luleå for 52 billion kronor (€4.5 billion), with the new plant expected to produce 2.5 million tons of steel a year from 2028.

Sweden's SSAB to build €4.5bn green steel plant in Luleå 

“The transformation of Luleå is a major step on our journey to fossil-free steel production,” the company’s chief executive, Martin Lindqvist, said in a press release. “We will remove seven percent of Sweden’s carbon dioxide emissions, strengthen our competitiveness and secure jobs with the most cost-effective and sustainable sheet metal production in Europe.”

The new mini-mill, which is expected to start production at the end of 2028 and to hit full capacity in 2029, will include two electric arc furnaces, advanced secondary metallurgy, a direct strip rolling mill to produce SSABs specialty products, and a cold rolling complex to develop premium products for the transport industry.

It will be fed partly from hydrogen reduced iron ore produced at the HYBRIT joint venture in Gälliväre and partly with scrap steel. The company hopes to receive its environemntal permits by the end of 2024.

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The announcement comes just one week after SSAB revealed that it was seeking $500m in funding from the US government to develop a second HYBRIT manufacturing facility, using green hydrogen instead of fossil fuels to produce direct reduced iron and steel.

The company said it also hoped to expand capacity at SSAB’s steel mill in Montpelier, Iowa. 

The two new investment announcements strengthen the company’s claim to be the global pioneer in fossil-free steel.

It produced the world’s first sponge iron made with hydrogen instead of coke at its Hybrit pilot plant in Luleå in 2021. Gälliväre was chosen that same year as the site for the world’s first industrial scale plant using the technology. 

In 2023, SSAB announced it would transform its steel mill in Oxelösund to fossil-free production.

The company’s Raahe mill in Finland, which currently has new most advanced equipment, will be the last of the company’s big plants to shift away from blast furnaces. 

The steel industry currently produces 7 percent of the world’s carbon dioxide emissions, and shifting to hydrogen reduced steel and closing blast furnaces will reduce Sweden’s carbon emissions by 10 per cent and Finland’s by 7 per cent.

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