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(Bloomberg) -- Sweden’s top steelmaker SSAB AB has pulled out of funding talks with Washington to build a green steel plant in the US, as President-elect Donald Trump looks to dismantle policies meant to hasten decarbonization.
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In March, the Biden administration awarded the company as much as $500 million for a facility to make the alloy using 100% hydrogen in Perry County, Mississippi. The project would have been based on the so-called Hybrit technology that SSAB is currently using in Sweden.
“While SSAB continues the technical development of decarbonization projects in the U.S., including Hybrit, we are no longer negotiating with the Department of Energy’s Office of Clean Energy Demonstrations for the completion of a co-operative agreement,” a spokesperson said by email Thursday. They declined to elaborate on the decision.
The Biden administration awarded about $6 billion overall in grants to help cut emissions from metals, chemicals and other hard-to-decarbonize industries as part of the so-called Inflation Reduction Act. But Trump — who takes office on Monday — has signaled he wants to repeal the 2022 climate law, while other Republicans have indicated they’ll take a more targeted approach to rolling back some of the credits.
“SSAB remains focused on technical exchanges with the DOE and collaboration with other potential partners related to the hydrogen, clean energy, and equipment supply chains,” the SSAB spokesperson said.
Canary Media in the US was first to report on the change in the funding talks.
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