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.
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