{"id":19545,"date":"2024-03-30T21:11:15","date_gmt":"2024-03-30T21:11:15","guid":{"rendered":"https:\/\/www.theoaktree.us\/?p=19545"},"modified":"2024-03-31T02:03:36","modified_gmt":"2024-03-31T02:03:36","slug":"us-places-bets-on-european-companies-in-6bn-effort-to-clean-up-its-heavy-industry","status":"publish","type":"post","link":"https:\/\/www.theoaktree.us\/?p=19545","title":{"rendered":"US places bets on European companies in $6bn effort to clean up its heavy industry"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"19545\" class=\"elementor elementor-19545\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7564965 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7564965\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7a6cf9e\" data-id=\"7a6cf9e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-211de31 elementor-widget elementor-widget-heading\" data-id=\"211de31\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Biden administration push to decarbonise draws in companies from Sweden, Denmark and Germany\n<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-62c6df0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"62c6df0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d727a83\" data-id=\"d727a83\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c74b670 elementor-widget elementor-widget-text-editor\" data-id=\"c74b670\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>In today&#8217;s <a href=\"https:\/\/www.ft.com\/content\/6bdea9a3-2acc-437d-b718-ed99544acff6\">Financial Times<\/a>, one could read that the Swedish steel manufacturer SSAB had received $500M to set up a green steel factory in Mississippi. This is all exciting, especially as a Swede. The only concern is that SSAB previously had problems sourcing the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Green_hydrogen\">hydrogen<\/a>, hopefully, the IRA funding will solve the supply chain problems and generate much-needed jobs in MS.<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e5d6746 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e5d6746\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-86e2b74\" data-id=\"86e2b74\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-80778e1 elementor-widget elementor-widget-image\" data-id=\"80778e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.theoaktree.us\/wp-content\/uploads\/elementor\/thumbs\/pexels-pixabay-73833-qlzo5yig8nl6549ehynb7caqqf7upnaxujnmqtffcg.jpg\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f11d01b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f11d01b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-17b0376\" data-id=\"17b0376\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5dcb8ed elementor-widget elementor-widget-text-editor\" data-id=\"5dcb8ed\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"background-color: var(--wp--preset--color--background); color: var(--wp--preset--color--body-text); font-size: var(--wp--preset--font-size--normal);\">Swedish steelmaker SSAB is among the European winners of a series of US government investments in a $6bn effort to decarbonize manufacturing, across high-polluting sectors such as steel, cement, chemicals, and fuel refining. The $500mn in funding earmarked for an SSAB commercial-scale steel plant using hydrogen in Mississippi is one of 33 deals by a new agency set up under the Department of Energy, as part of the Biden administration\u2019s efforts to steer industrial strategy and stimulate the manufacturing sector. Of the five largest awards in the portfolio, each worth up to $500mn, three will go to operations with parent companies headquartered in Europe. The companies will match the US government investment, in a cost share. Since the 2022 passage of the Biden landmark climate legislation known as the Inflation Reduction Act (IRA), European lawmakers have voiced concerns about the incentives-driven pull of green investment to the US. The SSAB investment in the US comes as European steelmakers struggle to source the hydrogen needed for less carbon-intensive production. Final investment decisions for projects planned in Sweden and Germany have been delayed. In November, SSAB shelved plans for a hydrogen facility at Finland\u2019s Raahe steelworks.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-361de06 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"361de06\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4c72576\" data-id=\"4c72576\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-742f865 elementor-share-buttons--view-icon-text elementor-share-buttons--skin-gradient 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administration&#8217;s push to decarbonize draws in companies from Sweden, Denmark, and Germany. Swedish Green Steel receives $500 M.<\/p>\n","protected":false},"author":1,"featured_media":19555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","content-type":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[143,1],"tags":[171,74,180,167,179,169,53],"class_list":["post-19545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-electricity","category-uncategorized","tag-biden-harris","tag-energy","tag-financial-times","tag-green-steel","tag-ira","tag-ssab","tag-utility"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>US places bets on European companies in $6bn effort to clean up its heavy industry - The Oaktree<\/title>\n<meta name=\"description\" content=\"Biden administration&#039;s push to decarbonize draws in companies from Sweden, Denmark, and Germany. 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