Blastr Green Steel Expands INTERFER Collaboration, Signing Low-carbon Steel Offtake Agreement

HELSINKI, Nov. 28, 2024 /PRNewswire/ -- Blastr Green Steel (Blastr) has signed a Memorandum of Understanding with INTERFER Edelstahl Group, a leading European steel trading company, for the annual supply of 150,000 tonnes of ultra-low CO₂ steel products. This is the second offtake agreement announced in just over a month, covering a combined 10% of the planned capacity at Blastr's green steel plant under development at Inkoo, Finland.

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"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," says Mark Bula, CEO of Blastr.

Blastr is creating a low-carbon steel value chain with lower CO₂ 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 tonnes of ultra-low CO₂ steel annually and the development of a green DR pellet plant in the UK 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 CO₂ total embodied emissions of less than 500 kg CO₂ equivalent per tonne, including Scope 1, 2 and 3. This compares to emissions of ~2,200 kg CO₂ equivalent per tonne in conventional steelmaking. Deliveries are planned to start by the end of 2029. Both parties intend to start discussions on a binding agreement in the beginning of 2025.

Gerold Lorenz, CEO of INTERFER Edelstahl Group, commented: "Entering into this MoU and thus resulting in the offtake of ultra-low CO₂ HRC grade steel is the next and consequential step for INTERFER Edelstahl Group, following the investment taken by our affiliate INTERFER Austria GmbH. The aim to support the green transition and build a sustainable future is the key driver for us to invest in and promote green steel. Blastr's ultra-low CO₂ HRC grade steel will be an excellent addition to our product portfolio, and we are looking forward to offering this high-grade material to our customers."

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About Blastr Green Steel

Blastr Green Steel is at the forefront of sustainable steel production, driving innovation and reducing CO₂ emissions through cutting-edge technologies. By integrating hydrogen-based production methods and clean energy, Blastr is committed to transforming the steel industry and contributing to a greener, more sustainable future.