GRANGEX, a Swedish mineral development company, completed the acquisition of Sydvaranger, an iron ore mining company, from Orion, an alternative investment management firm, for €13.4m. “Today we announce the transformation of GRANGEX into Europe’s leading developer of ultra-high-grade direct reduction magnetite concentrate projects. The European and global steel industries are undergoing a fundamental shift away from blast furnace steel making driven by a requirement to reduce CO2 emissions and to reach broader sustainability targets. Ultra-high-grade direct reduction magnetite is at the core of this ‘green steel revolution’ and GRANGEX’s shareholders have the ability to participate in this revolution through the re-development of the Sydvaranger Mine and of the Dannemora Mine," Christer Lindqvist, GRANGEX CEO.