Blastr Green Steel

What Blastr Green Steel does

Blastr Green Steel AS is a Norwegian-incorporated green-tech developer building Europe's first fully integrated, mine-to-gate, ultra-low CO₂ steel value chain. Founded in 2021 by Nordic business builder Vanir Green Industries, the company is headquartered in Oslo with operational offices in Inkoo, Finland and Watford, United Kingdom, and is led by a team of steel industry veterans (CEO Mark Bula, CCO Jaap Piso) alongside industrial project delivery and metallurgical technology leaders. Its flagship asset is a planned 2.5 million-tonne-per-annum hydrogen-based direct reduced iron and electric arc furnace steel plant in Inkoo, Finland, paired with a planned 6 million-tonne-per-annum direct reduction pellet plant (UK under evaluation).

The technology stack pairs Midrex H2™ 100% hydrogen-based direct reduction with Arvedi ESP thin-slab casting and hot rolling, integrated green hydrogen production, and a closed-loop water treatment system co-developed with Ecolab. Blastr targets approximately 90% lower Scope 1-3 CO₂ emissions versus conventional steelmaking, with embodied emissions as low as ~300 kg CO₂ per tonne (and ~500 kg including all scopes) versus ~2,200-2,600 kg for conventional blast furnace steel. The company has assembled a partner ecosystem spanning technology (Primetals, Midrex), raw materials and logistics (Cargill, Lhoist), energy infrastructure (Aurora Infrastructure, Fortum), and offtake (INTERFER, Knauf Interfer, Vogten Staal).

The business model is pre-revenue and project-finance driven: Blastr earns revenue by selling ultra-low CO₂ hot-rolled coil steel, hot briquetted iron, and DR-grade iron ore pellets under long-term offtake agreements with European steel service centers, traders, and end-users in automotive and construction. The company has secured three offtake MoUs covering ~250,000 tpa (roughly 10% of planned capacity), with deliveries targeted from end of 2029. The total Inkoo plant investment is estimated at €4 billion, funded through a combination of strategic equity rounds (Cargill, Tesi, Vanir, Aurora, Onvest, Security Trading, Ecolab) and forthcoming debt and Series A financing led with Evercore.

Name

Blastr Green Steel

Legal name

Blastr Green Steel AS

Website

https://www.blastr.no

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Blastr Green Steel is a Norwegian-founded green-tech developer building a 2.5 Mtpa hydrogen-based ultra-low CO₂ steel plant in Inkoo, Finland, supplying European automotive, construction, and steel service center customers via long-term offtake agreements.

Ownership category

akta.pro rank

Product category

Green Steel Manufacturing

NAICS

Primary Metal Manufacturing (331), Steel Product Manufacturing from Purchased Steel (3312)

SIC

Steel Works, Blast Furnaces & Rolling & Finishing Mills (3310)

akta.pro primary industry

Electric Arc Furnace (EAF) Steelmaking (Incl. DRI/HBI-Based) (IMAKABAB)

akta.pro secondary industries

Direct Reduced Iron (DRI) & Hot Briquetted Iron (HBI) Production (IMAKABAC), Hot Rolling & Primary Mills (Plate, Hot-Rolled Coil/Sheet, Strip) (IMAKABAE)

Keywords

• Green steel production
• Hydrogen-based steelmaking
• Direct reduced iron
• Low-carbon steel
• DR pellet manufacturing

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Supply Chain, Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Ultra-low CO₂ Steel Products: Revenue from production and sale of 2.5 million tonnes annually of ultra-low CO₂ steel produced using hydrogen-based direct reduced iron technology. Products include hot-rolled coils (HRC), hot briquetted iron (HBI), and various steel products for automotive and construction sectors. Offtake agreements secured with INTERFER (150,000 tonnes), Knauf Interfer (100,000 tonnes), and Vogten Staal.
2. DR Pellet Sales: Revenue from 6 million tonnes annual capacity DR-grade pellet plant with portion sold on international DR pellet market in addition to internal supply for steel plant. Supports growing global market for DR pellets used in low-CO₂ steel production.
3. Iron Ore and Raw Material Supply: Framework agreement with Cargill covers supply of iron ore, offtake and selling of DR pellets, HBI, and ultra-low CO₂ steel products, as well as scrap sourcing, green shipping and logistical solutions.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Blastr Green Steel is developing a vertically integrated mine-to-gate green steel value chain that produces 2.5 million tonnes per annum of ultra-low CO₂ steel using hydrogen-based direct reduced iron (DRI) technology, replacing coal with clean hydrogen. The portfolio includes hot-rolled coil steel (HRC), hot briquetted iron (HBI), and a planned 6 million tonne per annum DR-grade pellet plant, with the flagship Inkoo steel plant in Finland scheduled to begin deliveries by end of 2029.

Product overview

Blastr Green Steel operates a vertically integrated mine-to-gate green steel value chain designed to produce premium ultra-low CO₂ steel. The core portfolio consists of: (1) the Inkoo Steel Plant in Finland producing 2.5 million tonnes annually of ultra-low CO₂ steel using MIDREX H2™ hydrogen-based direct reduction technology; (2) a green DR pellet plant (planned, 6 million tonnes capacity) supplying high-quality direct reduction pellets as critical feedstock; (3) Hot Briquetted Iron (HBI) as a decarbonized iron product for external customers; and (4) Hot-Rolled Coil (HRC) steel products including coated sheets for automotive and construction applications. The integrated model provides direct control over emissions, product quality, and cost efficiency, with offtake agreements established with European steel service centers including INTERFER (150,000 tpa), Knauf Interfer (100,000 tpa), and Vogten Staal.

Differentiator

Problem solved

Functional benefit

Products and services

• Ultra-Low CO₂ Steel Core steel product: 2.5 million tonnes per annum of ultra-low CO₂ steel made using hydrogen-based direct reduction (DRI) technology instead of coal, achieving approximately 90% lower Scope 1-3 emissions than conventional steelmaking (around 300 kg CO₂ per tonne versus ~2,600 kg for traditional production). Targets European automotive, construction, machinery, and wind energy end customers via offtake partners.
• Green DR Pellets Direct Reduction (DR) grade iron ore pellets produced at a planned 6 million tonne per annum pellet plant. Serves as feedstock for Blastr's own low-CO₂ steel production and is partially sold on the international DR pellet market to other low-CO₂ steel producers.
• Hot Briquetted Iron (HBI) Hot briquetted iron produced from the DRI process, sold to external customers as a low-carbon iron feedstock to decarbonize other steelmaking value chains beyond Blastr's own steel plant.
• Hot-Rolled Coil (HRC) Steel Hot-rolled steel products including coated steel sheets produced via Arvedi ESP thin slab casting and hot rolling line, targeting automotive and construction sectors with CO₂ total embodied emissions of less than 500 kg CO₂ equivalent per tonne.

Quantifiable outcome

• ~90% lower scope 1-3 CO₂ emissions compared to conventional steel production
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Ten partnerships are on record, tiered strategic, core and minor.

• Vogten StaalstrategicStrategic or Co-development Partner · 7 April 2025Leading European steel service center. MoU for annual supply of ultra-low CO₂ steel. Located in Maastricht with production capacity over 1 million metric tons. Third offtake agreement announced in less than four months.
• Knauf InterferstrategicStrategic or Co-development Partner · 23 October 2024Leading European metal processing company. MoU for annual supply of 100,000 tonnes of ultra-low CO₂ steel. Collaboration develops European supply network centered around trimodal hub in Duisburg, Germany.
• Primetals TechnologiescoreTechnology or Integration · 8 July 2024Market leader in environmental and energy-efficiency solutions for metals industry. Technology partner for steel plant design including MIDREX H2 DRI plant, electric steelmaking melt shop, Arvedi ESP line, and continuous pickling and galvanizing line.
• Midrex TechnologiescoreTechnology or Integration · 8 July 2024World leader in DRI technology providing MIDREX H2™ plant capable of 100% hydrogen-based production. Approximately 80% of world's low CO2 DRI produced using MIDREX technology.
• LhoiststrategicStrategic or Co-development Partner · 2 July 2024Global leader in lime and dolime solutions. Partnership for supply of LEVEL|GREEN® low-carbon lime to reduce Scope 3 emissions by up to 50 kg CO₂ per tonne of steel. Partnership advancing to commercial terms phase by December 2024.
• Inkoo ShippingstrategicStrategic or Co-development Partner · 4 October 2023Letter of Intent for cooperating in land and harbor development. Optimizes layout of planned steel plant and jointly develops harbor for handling Blastr's sea cargo. Existing 900m quay with 13-meter-deep fairway accommodates Panamax vessels.
• FortumminorOthersLandowner in Joddböle industrial area. Part of land use agreement between Blastr, Municipality of Inkoo, and landowners for allocation of costs for municipal structures related to zoning plan implementation.
• National Emergency Supply AgencyminorOthersLandowner in Joddböle area. Party to land use agreement for industrial area development.
• RudusminorOthersLandowner in Joddböle area. Party to land use agreement for industrial area development.
• AFRY Finland OyminorImplementation/ SI/ Consulting PartnerEIA consultant for the project. Conducts environmental impact assessment studies and assessments.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• ArcelorMittal: World's largest steel producer with multiple decarbonization projects including hydrogen DRI pilots in Hamburg, Gijon, and Canada; a broad incumbent whose strategy and green steel pricing decisions will materially shape Blastr's commercial environment.
• Cleveland-Cliffs: Largest flat-rolled steel producer in North America, an EAF-and-BOF operator with significant scrap-based capacity; sets the benchmark for EAF economics and is a likely competitor in any future North Atlantic green steel market.
• Nucor Corporation: Largest US EAF steelmaker and Blastr CEO Mark Bula's former employer; a broad incumbent with proven EAF economics whose trajectory and decarbonization plans shape the global benchmark for EAF-based green steel producers.
• voestalpine: Austrian integrated steelmaker pursuing the 'greentec steel' program with a planned hydrogen DRI plant at Donawitz from 2027; competes with Blastr for the same European automotive and industrial low-CO2 steel customers.

Direct peers

• H2 Green Steel (Stegra): Sweden-based green steel startup building hydrogen-DRI/EAF plants in Boden with similar offtake model (Mercedes-Benz, BMW, Porsche) and target 2026-2028 commissioning; the closest direct competitor to Blastr in technology, customer type, and timing.
• Salzgitter AG: German integrated steelmaker running the SALCOS green steel program (hydrogen DRI + EAF) in partnership with various technology providers, supplying low-CO2 strip steel to automotive customers across Europe.
• thyssenkrupp Steel Europe: Germany's largest steel producer executing its 'tkH2Steel' transition to hydrogen DRI, planning to commission a major DRI plant at Duisburg in the late 2020s; directly comparable scale, technology route, and customer base to Blastr.
• SSAB: Swedish steelmaker leading the HYBRIT initiative with LKAB and Vattenfall to replace coking coal with green hydrogen in Oxelösund and Luleå, targeting fossil-free steel by 2026/2028; a key European benchmark for hydrogen-DRI commercialization.

Emerging players

• Boston Metal: US-based startup commercializing molten oxide electrolysis for green steel without DRI or hydrogen; an emerging alternative technology route that could compete with Blastr's hydrogen DRI approach on cost and carbon profile at scale.
• Electra Steel: Colorado-based startup commercializing electrochemical iron production for green steel at lower temperatures; an emerging technology player whose commercial traction in 2026-2028 will directly impact Blastr's competitive positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/blastr-green-steel

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Blastr Green Steel