A four billion euro investment in the green steel factory Inko
Green steel is a key factor For the green transition, as it is a critical raw material in the development of renewable energy infrastructure such as wind turbines, as well as in segments such as construction, automotive and consumer goods. In Europe alone, the demand for carbon-free steel is expected to rise to 50 million tons by 2030, which is almost a third of Europe’s current steel demand.
– Finland is an ideal place for our project. It has an ambitious low-carbon goal, green industry-supportive and predictable operating conditions, fossil-free energy and a highly skilled workforce. Inkoo was chosen as our location because of the high-quality infrastructure and the availability of clean electricity. In addition, the ice-free deep harbor enables efficient, low-carbon logistics all year round and close access to the European market. Hans Fredrik WittusenCEO of Blastr Green Steel.
Blastr’s project will be one of Finland’s largest industrial investments
– I am very happy that the location of the construction site is now confirmed, because we have been working on this project for a long time. Blastr’s decision to locate in Inko is proof of the competitiveness of Finnish industry and infrastructure. Finland is an excellent place for carbon-neutral industry and carbon-free steel production: We have a strong and reliable electricity grid, good conditions for producing emission-free energy and efficient logistics. The project significantly improves our competitiveness, deepens our expertise and creates plenty of jobs and well-being. The project also contributes greatly to both Finland’s and the EU’s climate and carbon neutrality goals,” said the Minister of Economic Affairs. Mika Lintilä.
The green steel plant together with the integrated hydrogen plant is one of the largest industrial investments planned in Finland so far.
– The Blastr project will be one of Finland’s largest industrial projects and potential employers. It is also significant for the entire European industry as an enabler of the green transition. Blastr’s arrival in Finland is the result of Nordic cooperation, which strengthens it even more. At the same time, the project accelerates the development of innovations related to the green transition together with other investments, he said Markku KivistöDirector of Industry Cleantech business, Invest in Finland, Business Finland.
Blastr’s goal is to cut the CO₂ emissions of its final products by 95 percent
The steel industry produces about eight percent of the world’s CO₂ emissions, because a lot of fossil fuels are used to manufacture steel using traditional methods. Currently, one ton of steel produces approximately 1.9 tons of CO₂. Blastr replaces coke and coal with hydrogen in the chemical reduction stage and reduces the CO₂ footprint in the entire value chain with the goal of achieving 95 percent lower CO₂ emissions compared to the traditional manufacturing process.
The steel mill plans to produce two and a half million tons of high-quality hot- and cold-rolled green steel annually.
– We are committed to reducing carbon dioxide emissions from the steel industry, as it is one of the world’s largest emitters of CO₂ emissions. With the green steel produced in Inkoo, we aim to reduce carbon dioxide emissions by 4.6 million tons of CO₂ per year compared to traditional methods, which is equivalent to the annual emissions of all passenger cars in Finland. We systematically handle all parts of the value chain to reduce the overall carbon footprint, reduce waste and develop circular solutions. In addition, our goal is to secure a significant part of our electricity needs from directly or indirectly owned wind farms and promote the production of clean energy in Finland through our own investments and partnerships. We believe that our project will bring positive benefits to the region and we conduct an active dialogue and cooperation with the local community and other stakeholders,” Wittusen stated.
HT
Source: Business Finland