Norwegian company Blastr Green Steel (Blastr) is planning to establish a green steel plant with an integrated hydrogen production facility in Inkoo, Finland. 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 approximately $4.2 billion investment is expected to create up to 1,200 direct jobs in the operations phase. Production is scheduled to start by end of 2026. The facility will produce 2.5 million tons of high-quality hot- and cold-rolled green steel annually.
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% lower CO₂ emissions compared to the conventional manufacturing process. According to Blastr, the demand for decarbonized steel is expected to reach 50 million tons by 2030 in Europe.