Published 27 October 2024 at 11.52
Domestic. The mining giant LKAB is now finally giving up on its Hybrit project – at least for the foreseeable future – and announces that it will invest in mining production instead.
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The decision means that significantly less electricity will be needed in northern Sweden than previously estimated.
LKAB is pausing the Hybrit project and investments in so-called green steel in Kiruna, writes Dagens Industri.
The company assesses that the need for investment means that the production of sponge iron in Kiruna cannot begin in the 2030s, but in the following decade at the earliest.
The green transition was announced in 2020 and would have created a need for 50 terawatt hours (TWh) electricity by the year 2040 and 70 TWh by the year 2050 – about half of Sweden's electricity production today.
But the plans for Hybrit, popularly called Hybris, now stop at today's energy-guzzling prototype factory, which alone draws about 5 TWh.
It is not only LKAB that is reducing the need for electricity, but also other large electricity guzzlers have scaled back their plans or gone bankrupt recently.
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