Finnish stainless steel producer Outokumpu announced that it has signed a Memorandum of Understanding (MoU) with Scandinavian clean energy company Fortum to explore the decarbonization of Outokumpu's steelmaking operations using the emerging nuclear technology Small Modular Reactor. The two companies will identify potential business models and technical solutions for potential investment decisions.
The collaboration is aimed at developing and expanding the use of decarbonization technologies in stainless steel production.
Outokumpu is a leading company in stainless steel production worldwide and Fortum is a leading company in clean energy. Through this collaboration, Outokumpu aims to reduce environmental damage by using decarbonization technologies in steel production. In addition, Fortum's investments in renewable energy sources helped Outokumpu achieve its decarbonization goals.
Outokumpu said that research into emerging technologies in energy supply is a natural step in the company's goal to reduce carbon emissions.