According to a company press release, Outokumpu has begun an Environmental Impact Assessment (EIA) of the site and will begin outlining the technical and financial needs of the potential project.

The proposed slag furnace facility would generate ferrochrome-nickel alloy from primary production slag and side streams. The new furnace would improve resource efficiency and generate ferrochrome-nickel using 30% less energy than traditional methods.

The company said the earliest it expects to make a decision is in 2020. 

"In addition to the results of the EIA and environmental permit processes, the final investment decision will be subject to the development of the global economy and the stainless steel markets and their outlook, as well as the availability of financing and potential investment subsidies," it said.