The Swedish financial group Folksam increases its stake in the SSAB steelworks to 2.1%

The Swedish financial group Folksam increases its stake in the SSAB steelworks to 2.1%

“The purpose of the larger holding is to, as a long-term owner, be involved and support SSAB’s conversion to fossil-free steel production, while the investment in the long run is expected to have good potential to provide an attractive return to Folksam’s customers,” Folksam said. STOCKHOLM–Swedish insurance, pensions and savings firm Folksam Group said Monday it has increased its investment in Swedish steelmaker SSAB AB to 2.1% of the capital and 5.2% of the votes.

Folksam previously held 1.42% of the shares and 1.66% of the votes in SSAB.

Folksam manages more than 500 billion Swedish kronor ($58 billion). It said it is working toward net-zero emissions of greenhouse gases by 2050 in its investment portfolios by trying to influence existing portfolio companies to reorient their operations in line with the goals in the Paris Agreement.

Financial details weren’t disclosed.

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

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