Blastr Green Steel has announced plans to invest in an iron ore pellet plant in Gildeskål, Northern Norway. The plant will supply the company’s recently announced green steel plant in Inkoo, Finland, with a total investment of over €1 billion.
''The decarbonizing of steel production is a key enabler for the green transition.''
Hans Fredrik Wittusen, CEO of Blastr Green Steel
“The world needs massive amounts of steel. However, the traditional coal-based processes make steel production one of the main sources of greenhouse gas emissions. The steel industry accounts for about 8% of global CO2 emissions, as one ton of steel produced creates around 2 tons of CO2. The decarbonizing of steel production is a key enabler for the green transition, said Hans Fredrik Wittusen,” CEO of Blastr Green Steel.
The planned facility in Gildeskål will convert iron ore pellet feed into direct reduction pellets, which are used as raw material for green steel production. The power needed for the process will be based on hydropower, and Blastr is now in discussions about long-term power contracts.
“Our planned pellet plant in Gildeskål will supply Blastr’s production of low-carbon steel in Finland as well as a significant and growing world market for direct reduction pellets.''
Hans Fredrik Wittusen, CEO of Blastr Green Steel
“Our planned pellet plant in Gildeskål will supply Blastr’s production of low-carbon steel in Finland as well as a significant and growing world market for direct reduction pellets. Therefore, this project will be an important contributor to decarbonizing global steel production,” Wittusen added.
A final investment decision is expected in 2025, with construction being planned to commence in 2028.