UK-based steel service center SPM (Steel Processing Midlands) has signed a supply agreement with H2 Green Steel. The green steel will be delivered from H2 Green Steel's main plant in northern Sweden and will account for 25% of SPM's annual volume.
Steel Processing (Midlands) Ltd. is a privately owned steel and processing business with customers mainly in the UK-based automotive and construction sectors. The contract between SPM and H2 Green Steel will be a five-year deal worth approximately €125 million ($137 million).
"Green steel is the biggest change this industry has seen in a century and the pace of change is faster than many expected," said Nick Liggins, commercial director of SPM. "We believe companies that embrace this change early will have an advantage in their industry, especially as demand for these products could outstrip supply over the next five years."
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