Energy Efficiency, GHG Emissions, Industrial  -  December 2, 2024

Blastr Green Steel Signs for Low-Carbon Products

Blastr Green Steel (Blastr) signed a memorandum of understanding for the annual supply of 150,000 tons of ultra-low CO2 steel products. 

The agreement was signed with INTERFER Edelstahl Group, a European steel trading company.

This is the second offtake agreement announced in just over a month and results in covering a combined 10% of the planned capacity at Blastr's green steel plant under development at Inkoo, Finland. 

Blastr is creating a low-carbon steel value chain with lower C02 emissions compared to conventional steelmaking by using hydrogen instead of coal in the production process and feedstock made with clean energy. This includes the Inkoo steel plant, set to produce 2.5 million tons of ultra-low CO2 steel annually, and the development of a green DR pellet plant in the U.K. to meet growing European demand for sustainable and environmentally friendly industrial solutions. 

The agreement with INTERFER covers the supply of ultra-low CO2 steel products from the Inkoo plant over a long-term period. Blastr expects to supply HRC grade steel with total embodied emissions of less than 500 kg CO2 equivalent per ton, including Scopes 1, 2 and 3. This compares to emissions of ~2,200 kg CO2 equivalent per ton in conventional steelmaking. Deliveries are projected to start by the end of 2029, and both parties intend to start discussions on a binding agreement in early 2025.

"INTERFER is one of Blastr's shareholders and we are very pleased to expand our partnership to also include delivery of low-carbon steel products. The agreement demonstrates continued customer demand for decarbonised steel products at a market premium reflecting the need for new investments in Europe's steel industry. It also underpins our joint commitment to enabling material climate change impact by bringing green steel to the market at scale," said Mark Bula, CEO of Blastr, in a statement.