COPENHAGEN, April 2 (Reuters) - Swedish steelmaker SSAB will invest 4.5 billion euros ($4.83 billion) in building a fossil-free mini-mill in Lulea, Sweden, the company said on Tuesday.

When the new mill is completed, SSAB will close the current blast furnace-based production system which would enable a 7% reduction of Sweden's total CO2 emissions, the company said in a statement.

Start-up is expected by the end of 2028 with full capacity one year later, it added.

SSAB last year said it aims to


its annual profit by at least 10 billion Swedish crowns ($926 million) from 2030 onwards as it shifts to carbon-free metals production. ($1 = 0.9320 euros) ($1 = 10.7977 Swedish crowns) (Reporting by Stine Jacobsen, editng by Terje Solsvik)