The port is located in the Teesside industrial area in the north-eastern part of the United Kingdom. It was originally planned to build the Blastr direct reduction plant in the commune of Yildeskol on the Norwegian coast, but the local authorities rejected the project.
Blastr expects to invest around 1.3 billion dollars in the plant. According to the plan, the final investment decision will be made in 2025 and construction of the plant will start in 2027. Once operational, the plant will have a capacity of 6 million tonnes of iron ore per year.
Blastr plans to supply half of this amount to its plant in the southern Finnish municipality of Inkoo, which will be operational in 2026. Blastr's Finnish plant is expected to produce 2.5 million tonnes of hot-rolled and cold-rolled "decarbonised" steel per year. The other half of the iron ore from Teesside will be delivered to the American Cargill Metals for resale on the market.
Startup Blastr was founded in 2021. Its founders hope to reduce carbon emissions in steel production by 4.6 million tonnes a year compared to businesses using traditional technologies.
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