Steel now represents 31% of planned clean hydrogen demand from electrolysis projects under construction in Europe. Hydrogen Europe's new Clean Hydrogen Monitor counts 3.7 gigawatts of capacity being built, led by refineries at 54%. One Swedish project, Stegra's Boden plant, accounts for almost all of the steel demand. The company finished installing its 740-megawatt electrolyser in April. It aims to make 5 million metric tons of green steel a year by 2030. Rising costs mean it now needs more money to finish.