Blastr Green Steel to invest €4 billion for New Green Steel Plant in Inkoo, Finland

Specifications:

Name:

Blastr Green Steel to invest €4 billion for New Green Steel Plant in Inkoo, Finland

Location:

Inkoo, Finland

Company:

Blastr Green Steel

Estimated Cost:

€4 billion

Source:

https://www.blastr.no/

Introduction:

Norwegian company Blastr Green Steel (Blastr) is planning to establish a green steel plant with an integrated hydrogen production facility in Inkoo, Finland.

Features:

Blastr has entered into a Letter of Intent with Nordic energy company Fortum that provides Blastr exclusive rights to utilize an existing industrial site located in Inkoo. The four-billion-euro investment is expected to create up to 1,200 direct jobs in the operations phase. The production is planned to start by end of 2026.

The steel industry produces about eight percent of the world's CO₂ emissions due to the high amount of fossil fuels used to manufacture steel through conventional methods. Currently, one ton of steel produced creates about 1.9 tonnes of CO₂. Blastr will 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 percent lower CO₂ emissions, compared to the conventional manufacturing process.

The steel plant is planned to produce two and a half million tons of high-quality hot and cold-rolled green steel annually.