Fortum announced the signing on Tuesday, saying that it has been developing the site, formerly home to its Inkoo coal-fired power plant, since dismantling the facility in 2020. The site features access to a deep-water harbor and an electricity transmission network. 

"At Fortum, we are delighted to see new activity at our Joddböle industrial site in Inkoo. Infrastructure inherited from our dismantled coal-fired power plant is available, and our plans are moving forward to develop activities in the area that will contribute to the recarbonization of society," said Vesa Maso, Fortum’s head of industrial customer electrification.

Established in 2021, Blastr Green Steel is proposing to build a pellet plant along the Norwegian Atlantic coast and a 2.5-million-metric-ton flat rolled plant in Finland. The investment, if it goes forward, equates to US$4.3 billion.