Blastr Green Steel has signed a Letter of Intent (LOI) with Redcar Bulk Terminal (RBT) at Teesside, United Kingdom, to explore the opportunity for RBT becoming the location for Blastr´s pellet plant for supplying feedstock to its steel plant being developed in Inkoo, Finland.
Redcar Bulk Terminal port, Teesside, UK, has been selected as a potential location to be developed for Blastr’s pellet plant for converting iron ore pellet feed into direct reduction pellets (DR pellets). Blastr will produce 6 mln tons high-quality DR pellets as feedstock for Blastr´s ultra-low CO2 steel plant planned in Inkoo, Finland. Approximately half of the pellet volumes will go to Blastr’s steel plant at Inkoo, while the rest will be sold by Cargill Metals for distribution to the growing world market for DR pellets.
Blastr has previously announced it was exploring Gildeskal municipality in Norway as location for its pellet plant. This option has stalled after the Norwegian grid authority confirmed that Blastr will be unable to receive the grid capacity in the required time frame. Blastr, therefore, continues to explore alternative locations for its pellet plant in both Norway and the UK.
Blastr plans to decide on the pellet plant location during the second half of 2023 to enable detailed engineering and permitting to commence. Blastr expects to make the final investment decision for the plant, estimated at over USD 1.2 bln, in 2025, subject to relevant permits and agreements, with a tentative plan to start operations in 2027.
