If you are attracted by the low valuations in the steel sector but worried about SSAB's expensive plans for green steel, there is a Finnish alternative on the stock exchange, Outokumpu. The company produces stainless steel and also gets some green premium in its prices thanks to low emissions. However, it does not escape the cyclical risk, writes Affärsvärlden in an analysis on Monday.

In its main scenario, the newspaper sees a potential of 35 percent in the share in a couple of years' time.

"Given the high risks, we are not attracted to Outokumpu despite the attractive valuation. But in the Nordic battle between the two major producers, we would prefer the blue and white steel to the Swedish one," Affärsvärlden writes in its conclusion and gives a neutral recommendation for Outokumpu.