Blastr Green Steel to build €4b low-carbon steel plant

Blastr has entered into a letter of intent with Nordic energy company Fortum that provides Blastr exclusive rights to use an existing industrial site located in Inkoo. The €4bn investment is expected to create up to 1,200 direct jobs in the operations phase, with production planned to start by end of 2026.

Hans Fredrik Wittusen, CEO of Blastr Green Steel, said, “Finland is an ideal location for our project. It has an ambitious low-carbon target, supportive and predictable operating conditions for the green industry, fossil-free energy, and a highly qualified workforce. Inkoo was selected as our location due to its high-quality infrastructure and access to clean power. In addition, the ice-free deep-sea harbor enables efficient, low-carbon logistics all year round and close access to the European market.”

Blastr plans to replace coke and coal with hydrogen in the chemical reduction phase, as well as reduce the CO₂ footprint along the entire value chain, with the aim of achieving 95% lower CO₂ emissions, compared to the conventional manufacturing process.

''Blastr's project will be one of the biggest industrial projects and potential employers in Finland. It is significant also for the entire European industry as an enabler of the green transition. Blastr's arrival in Finland is a result of Nordic co-operation, strengthening it even further,'' commented Markku Kivistö, head of Industry Cleantech, Business Finland.

According to the company, its plant will produce 2.5Mt of hot and cold-rolled green steel annually.