The port is located in the Teesside industrial area in the northeast of England. Originally, the Blastr direct reduction plant was intended to be constructed on the Norwegian coast in the municipality of Yıldeskol. However, due to challenges in reaching an agreement with local authorities, the project could not proceed at that location.
Blastr anticipates making a substantial investment of around $1.3 billion in the business. As per the current plan, the final investment decision is scheduled to be made in 2025, and construction of the facility is expected to commence in 2027. Once operational, the plant is projected to have an annual capacity of 6 million tons of iron ore.
Blastr has outlined its plans to allocate half of the iron ore volumes, produced by the plant, to its facility in the municipality of Inkoo in southern Finland. The Finnish plant is projected to become operational in 2026 and is expected to manufacture approximately 2.5 million tons of "decarbonized" steel annually, encompassing both hot-rolled and cold-rolled steel products. The remaining half of the iron ore volumes will be transferred to American Cargill Metals for resale on the market.
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