[SMM Iron & Steel] EU Fixes Rebar Safeguard Loophole with New Sub-Codes

Stegra (formerly H2 Green Steel) announced on April 14, 2026, that it has reached a principal agreement for a €1.4 billion ($1.65 billion) financing round led by a Wallenberg Investments consortium. The funding ensures the continuation of construction for the world’s first large-scale green steel plant in Boden, Sweden, which utilizes green hydrogen instead of coking coal. While the original late-2025 deadline has passed, the new capital allows for a ramp-up of construction activities, with the project aiming to reduce CO₂ emissions by up to 95% compared to traditional blast furnace production.

The UK government has released its draft framework for the Carbon Border Adjustment Mechanism (CBAM), detailing how emissions for imported steel must be verified. The rules require importers to provide site-specific data starting in 2027, increasing the administrative burden on non-EU/UK exporters of hot-rolled and cold-rolled products.

Egypt's Ezz Steel is currently negotiating with Algerian investment agencies as of April 14, 2026, to establish a new Direct Reduced Iron (DRI) facility. The project aims to leverage Algeria's natural gas resources and proximity to high-grade iron ore supplies to produce low-carbon feedstock for the Mediterranean steel market. This move reflects a broader trend among Middle Eastern and North African (MENA) producers to secure upstream metallics as the European market shifts toward EAF-based steelmaking.