Blastr Green Steel plans to invest in an iron ore pellet plant in Gildeskål municipality in Northern Norway which will supply the company’s recently announced green steel plant in Inkoo, Finland.
The planned facility in Gildeskål will convert iron ore pellet feed into so-called high-quality direct reduction pellets, which are used as raw material for green steel production. The investment is estimated to exceed €1bn.
The power needed for the process will be based on hydropower, and Blastr is now in discussions about long-term power contracts. The location is considered beneficial as it provides an ice-free harbour with easy access to seaborne iron ore from the Norwegian Sea.
Hans Fredrik Wittusen, CEO of Blastr Green Steel, said the world needs massive amounts of steel but traditional coal-based processes make steel production one of the main sources of greenhouse gas emissions.
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