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Norway's Blastr will found new €4 billion steel plant in Finland

Norway's Blastr will found new €4 billion steel plant in Finland, the company chose Finland for its facility, partly because of the abundance of wind energy.

Norway's Blastr will found new €4 billion steel plant in Finland

Norway's Blastr Green Steel plans to invest €4 billion ($4.3 billion) to build a low-carbon steel plant in Finland, which could be one of the largest industrial projects in Nordic country. 

According to statement from Business Finland on Tuesday, Blastr signed a letter of intent with Fortum Oyj regarding the planned location of industrial zone in Inkoo on the county's south coast. It was decided that plan would include integrated hydrogen production and employ up to 1.200 employees.

The Blastr plant will produce 2.5 million tons of hot-rolled and cold-rolled steel per year, beginning from 2026. According to chief executive Hans Fredrik Wittusen, the company chose Finland for its facility, partly because of the abundance of wind energy.

The CEO told Helsingin Sanomat newspaper that although Blastr has not yet received funding for the project, he plans to borrow and fund from the capital markets. According to the publication, the final investment decision should be made in early 2025.
 

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