By Dominic Chopping

STOCKHOLM--H2 Green Steel said Wednesday that it has signed multi-year supply agreements with Rio Tinto and Vale for iron-ore pellets from Canada and Brazil for use in its green-steel production in Sweden.

H2 Green Steel is building a new plant in northern Sweden and plans to produce steel by replacing coal with green hydrogen that is produced using fossil-free energy.

Iron ore in pelletized form, along with green hydrogen from H2 Green Steel's own electrolyzer facility, are critical input materials for green iron production, which will then be used to make near-zero emissions steel at its new steel plant.

The company said it has also signed an additional agreement that will see Rio Tinto purchase and on-sell some of the surplus low-carbon iron produced by H2 Green Steel during the ramp-up of its steelmaking capacity.

Financial details weren't disclosed.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 09, 2023 06:44 ET (10:44 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Rio Tinto (ASX:RIO)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Rio Tinto Charts.
Rio Tinto (ASX:RIO)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Rio Tinto Charts.