#Finland #low-carbon steel #Inkoo #Blastr Green Steel #INTERFER Edelstahl

Blastr Green Steel Expands Its Horizon with INTERFER Collaboration

Blastr Green Steel has announced a significant milestone through a recent Memorandum of Understanding with INTERFER Edelstahl Group, a prominent player in the European steel trading industry. This partnership will facilitate the annual supply of 150,000 tonnes of ultra-low CO₂ steel products, reinforcing Blastr's commitment to pioneering sustainable steel production.

This agreement marks the second offtake arrangement established by Blastr in just over a month and highlights the growing demand for environmentally friendly materials in Europe. With the newly signed contract, Blastr anticipates covering about 10% of its capacity at the forthcoming green steel production facility located in Inkoo, Finland.

Mark Bula, the CEO of Blastr Green Steel, expressed enthusiasm regarding the partnership, stating, “This collaboration not only strengthens our existing relationship with INTERFER, who is also one of our shareholders, but also signifies the increasing need for decarbonized steel products in the current market.” He elaborated that this new agreement is not just about steel production but is pivotal for engendering a material impact on climate change through sustainable industrial practices.

The Vision for Sustainable Steel Production

Blastr is on a mission to develop a low-carbon steel value chain, significantly reducing CO₂ emissions compared to traditional steel manufacturing methods. This innovative approach involves a production process that utilizes hydrogen rather than coal, along with clean energy to create feedstock. The Inkoo steel plant, which is currently under development, aims to produce 2.5 million tonnes of ultra-low CO₂ steel annually. Additionally, Blastr is working on establishing a green Direct Reduced Iron (DR) pellet plant in the UK, aimed at addressing the rising European demand for truly sustainable solutions.

Under the recently signed agreement, Blastr will supply ultra-low CO₂ steel products from the Inkoo facility over a long-term period. The targeted HRC grade steel will have total embodied CO₂ emissions of less than 500 kg CO₂ equivalent per tonne, a drastic reduction compared to the ~2,200 kg CO₂ equivalent per tonne typical of conventional steelmaking processes. The first deliveries are projected to commence by the end of 2029, and both parties are planning to engage in discussions for a binding agreement in early 2025.

Gerold Lorenz, the CEO at INTERFER Edelstahl Group, expressed his optimism regarding the partnership, remarking that securing this MOU to procure ultra-low CO₂ HRC grade steel aligns with INTERFER's investment strategies focused on supporting the green transition. He emphasized, “Blastr's ultra-low CO₂ HRC grade steel will not only enhance our product offerings but is a vital step toward advocating and investing in sustainable steel solutions.”

As the world accelerates its shift towards more eco-friendly practices, collaborations such as that between Blastr Green Steel and INTERFER signify a critical advancement in the steel industry's evolution. By combining efforts, these companies are poised to not only meet the immediate needs of customers seeking high-quality, sustainably produced steel but also contribute to a broader push towards reducing global carbon emissions.

This partnership is a testament to the industry’s collective drive towards fostering a sustainable future, addressing the urgent need for innovation and responsible practices within the steel sector. As this journey unfolds, both companies remain dedicated to setting a benchmark for sustainability in steel production, promoting a greener economy and a healthier planet for generations to come.