LKAB is facing the largest transformation in its 130-year history, which could end up being the largest industry investment ever made in Sweden. This creates unique opportunities to reduce the world’s carbon dioxide emissions and for Swedish industry to take the lead in a necessary global transformation.
From the iron ore fields in northern Sweden to the world – the journey towards a sustainable future starts in the mine. Today, the iron and steel industry accounts for 7 percent of the world´s carbon dioxide emissions. What we produce is crucial for the entire society, but if we are to be able to meet the climate threat, a gigantic change in the industry’s value chains is required. We are a big part of the problem, now we want to be an important part of the solution.
LKAB’s strategy paves the way for zero carbon dioxide emissions from our own processes and products by the year 2045 and secures the company’s operations beyond the year 2060. This will mean a historic transformation through comprehensive changes of the company’s operations and a new position on the market.
The strategy sets out three main tracks for the transformation: Setting a new world standard for sustainable mining, Producing carbon-free sponge iron with hydrogen technology and Extracting critical minerals from mine waste. A conversion that will help our customers in the global steel industry with their transformation and cut carbon dioxide emissions corresponding to two thirds of Sweden’s total emissions.
In August 2021 our customer SSAB successfully delivered the world´s first fossil-free steel produced with LKAB iron using HYBRIT technology. The trial delivery is an important step on the way to a completely fossil-free value chain for iron and steelmaking and a milestone in the groundbreaking HYBRIT partnership between SSAB, LKAB and Vattenfall.