Data on Steel and Sustainability
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EUR 4 billion seed for sustainable steel planted in Finland
On November 10, 2023, significant developments in the Finnish steel industry were reported, focusing mainly on sustainability and innovation. The Norwegian company Blastr Green Steel announced plans to establish a €4 billion green steel plant with an integrated hydrogen production facility in Inkoo, Finland (source). This project, one of the largest industrial investments in Finland, is expected to create up to 1,200 jobs once operational (source). The plant aims to produce two and a half million tons of hot and cold-rolled green steel annually, a form of steel manufactured without fossil fuels (source).
Reliability 10 ⓘ
Peab joins SSAB to launch first building with fossil-free steel
Peab, a Nordic community builder, has collaborated with SSAB, Ruukki Construction, and Wihlborgs to launch the world's first building with fossil-free steel in Lund, Sweden, near Finland. Parts of this building were manufactured using fossil-free steel produced by Ruukki Construction in Finland, marking a significant step towards sustainable construction practices (source).
Reliability 7 ⓘ
Outokumpu Financial Performance
The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 83% to 51 million euros in the July-September period, which was below the forecast. However, CEO Heikki Malinen indicated that the negative trend seemed to have bottomed out, with some positive signals, although a market recovery would take time (source).
Reliability 9 ⓘ
Steel Sustainability Developments
Hydrogen-Based Reduction Processes
Adoption of hydrogen gas for reducing iron ore into iron, significantly lowering carbon emissions and producing water vapor instead of carbon dioxide (source).
Electric Arc Furnaces Powered by Renewable Energy
Transition to electric arc furnaces using renewable energy sources for melting recycled steel scrap, substantially reducing the carbon footprint (source).
Circular Economy Integration in Steel Production
Adopting a closed-loop system for continuous material cycling, emphasizing recycling and designing easily recyclable products, to minimize waste and maximize resource efficiency (source).