Fortum, Blastr Sign Letter of Intent for Green Steel Production Site

Fortum and Norwegian firm Blastr Green Steel have formalized their intention to develop a green steel production facility on Fortum's industrial site in Joddböle, Inkoo, western Finland. The agreement grants Blastr exclusive rights to proceed with preliminary studies and planning.

The planned project represents a significant investment, estimated at approximately EUR 4 billion, with the potential to create up to 1,200 operational jobs. Production is tentatively scheduled to commence by the end of 2026. Blastr will undertake the necessary environmental impact assessments and planning processes.

Fortum has been developing the Joddböle area since the dismantling of the Inkoo power plant between 2017 and 2020. The site offers established industrial infrastructure, including a deep-water harbor and robust electricity transmission networks, making it suitable for large-scale operations.

This development addresses the growing European demand for green steel, a crucial material for renewable energy infrastructure, automotive, and construction sectors. Upon completion, the proposed Inkoo plant would aim to produce 2.5 million tonnes of hot and cold rolled green steel annually.