Norway's Blastr to pour EUR 4bn to make green steel in Finland

Norway-based Blastr Green Steel on Tuesday unveiled a plan to invest EUR 4 billion (USD 4.2bn) in the production of green steel at a new renewable hydrogen-powered factory in Finland.

The manufacturing facility, to be installed in Ingkoo, southern Finland, will be equipped with a green hydrogen production unit mostly supplied with wind electricity. The power will be sourced from wind farms directly or indirectly owned by the steel producer.

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Blastr has secured the right to utilise the selected land area through a letter of intent (LoI) with Finnish state-owned energy company Fortum Oyj. The site is located within the latter’s existing industrial complex in Inkoo.

Production at the new facility is due to be launched by the end of 2026, with an annual output of 2.5 million tonnes of hot and cold-rolled green steel.

Blastr’s factory will be built to meet the growing demand for decarbonised steel, which is seen to hit 50 million tonnes in Europe by 2030. The Norwegian firm pointed out that green steel is a critical raw material for renewable energy infrastructure projects, such as wind turbines, and is seen as a “key enabler” for the green energy transition.

(EUR 1.0 = USD 1.056)