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Fortum and Blastr have signed a letter of intent to use the Joddböle site in Inkoo for green steel production

03 January 2023, 15:41 EET


Fortum and Norwegian company Blastr Green Steel have signed a letter of intent for the exclusive use of Fortum’s industrial site in Joddböle, Inkoo in western Finland to produce green steel. Next, Blastr will carry out the necessary preliminary studies, plans and environmental impact assessments to take the project forward. The investment in the project would be worth around EUR 4 billion and would employ up to 1 200 people in the operational phase. Production is planned to start at the end of 2026.

Fortum has developed the Joddböle area since the dismantling of the Inkoo power plant in 2017-2020. The area has excellent conditions for industrial activities: a deep-water harbour and an excellent electricity transmission network.

"At Fortum, we are delighted to see new activity at our Joddböle industrial site in Inkoo. Infrastructure inherited from our dismantled coal-fired power plant is available, and our plans are moving forward to develop activities in the area that will contribute to the decarbonisation of society," says Vesa Maso, Head of Industrial Customer Electrification from Fortum.

Green steel is a critical raw material for future renewable energy infrastructure and technology solutions such as wind turbines, construction, automotive and consumer products. Its demand is expected to grow to 50 million tonnes by 2030 in Europe alone, equivalent to one third of current steel demand. On completion, Blastr's Inkoo plant would produce two and a half million tonnes of high quality hot and cold rolled green steel per year.

Fortum Corporation


Further information:
Fortum Newsdesk, newsdesk [at] fortum [dot] com, +358 40 198 2843


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Blastr Green Steel news published on 3, January 2022