The Norwegian company Blastr Green Steel planned to invest 4 billion euros to build a green steel plant with an integrated hydrogen production plant in Inkoo, Finland. Blastr has signed a letter of intent with northern energy company Fortum for the rights to use an existing industrial site located in Inkoo.
Starting in 2026, the Blastr plant will produce 2.5 million tons of hot-rolled and cold-rolled steel per year. According to chief executive officer Hans Fredrik Wittusen, the company chose Finland for its plant in part because of the abundance of wind power. Although Blastr has not yet received funding for the project, it plans to raise debt and funds from the capital markets, the CEO told Helsingin Sanomat newspaper. According to the publication, the final investment decision should be made in early 2025.
Green steel plays an important role in the transition to a green industry. In Europe, the demand for decarburized steel will reach 50 million tons by 2030, which is almost equal to one third of the current European demand for steel.
