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.

The green steel plant together with the integrated hydrogen facility will be among the largest industrial investments planned in Finland to date.

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.”

Green steel is a key enabler for the green transition, as it will be a critical raw material for developing renewable energy infrastructure, such as wind turbines, as well as in segments such as construction, the automotive industry, and consumer goods.

In Europe alone, the demand for decarbonised steel is expected to reach 50m tonnes by 2030, nearly one-third of the current European steel demand.

The steel industry produces about eight percent of the world’s carbon dioxide (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 plant aims to produce 2.5m tonnes of hot and cold-rolled green steel annually.