• Business areas

    Business areas

Revolutionizing the steel industry
with ultra-low CO₂ steel

Blastr Green Steel’s main business areas will comprise pellet plant for producing direct reduction pellets, and a steel plant with integrated production of hydrogen and ultra-low CO₂ steel. Blastr’s pellet plant will secure the supply of direct reduction pellets, a critical feedstock for the steel plant.

Business area

Pellet plant

Blastr Green Steel plans to invest in an iron ore pellet plant producing high-quality direct reduction pellets to supply its steel plant in Inkoo, Finland, as well as a significant and growing world market for direct reduction pellets.

Blastr is in the process of exploring alternative locations for the pellet plant in Norway and the United Kingdom.

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The planned facility will convert iron ore pellet feed into high-quality direct reduction (DR) pellets, which are used as raw material for low CO₂ steel production. Part of the volume will be sold on the growing world market for DR pellets.

The plant will produce 6 million tonnes of DR pellets and provide approximately 120 jobs when operational, in addition to significant indirect employment opportunities and economic effects for the municipality and the region.

A final investment decision is expected in 2025, subject to relevant permits and agreements. The pellet plant is planned to start production in 2027-2028.

Business area

Steel plant

Blastr Green Steel is planning to establish a state-of-the-art low CO₂ steel plant in Inkoo, Finland. The plant will include an integrated hydrogen production facility to produce hydrogen with fossil-free energy for the steel production process. Blastr will produce 2.5 million tonnes of high-quality flat steel annually when in full production, with ~90 percent lower CO₂ scope 1-3 emissions than conventional steel production.

The company has entered an exclusive partnership with Nordic energy company Fortum to utilize an existing industrial site located in Joddböle, Inkoo. 

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Why Inkoo?

The Inkoo site offers an ideal location on the southwestern coastline of Finland, with a strong grid connection meeting Blastr’s energy needs. The site has a deep, ice-free harbor, enabling efficient, low-carbon logistics for inbound volumes of direct reduction pellets and other raw materials, such as recycled scrap, all year round. Furthermore, the location provides short access to the attractive and growing European market for Blastr’s finished ultra-low CO₂ steel products. And, Inkoo’s proximity to the Helsinki region, strong transport connections, and the area’s industrial history make it ideal for attracting skilled employees. When in operation, the steel plant and the integrated hydrogen production facility will provide approximately 1,200 direct and 2,000-3,000 indirect jobs with opportunities for business development.

Zoning of the Inkoo site, the Environmental Impact Assessment, and a pre-feasibility study are currently ongoing. The project will move into the feasibility study and permitting phase in 2024, and the final permits and investment decision are planned for 2025. The production is planned to start commissioning in 2027, with ramp-up of the integrated value chain to full capacity during 2028-2030.

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