Norway’s Blaster Green Steel, which specializes in the green steel industry, has announced plans to construct a plant in the southern Finnish province of Inga. Investment in this project is estimated at 4 billion euros ($4.2 billion), and it will contribute to the creation of 1,200 jobs upon completion, which could make it the most considerable private industrial investment in the history of Finland.

Carbon-free steel, known as “green steel”, uses local and renewable energy as the basis for heating, reducing and smelting, rather than fossil fuels. The plant has a planned production capacity of 2.5 million tonnes of hot and cold rolled steel annually.

The Finnish company Fortum Energy is participating in this project, which announced its readiness to grant the Norwegian Blaster exclusive rights to use one of the industrial areas in Inga on the southern coast of Finland. The production is scheduled to start at the beginning of 2026.

“Inga was chosen as the site for the plant due to its existing infrastructure, deep port, access to nearby European markets and the availability of electricity from zero-emission sources,” noted Hans-Frederik Wittussen, CEO of Blaster.

Finnish Minister of Economy Mika Tapani Lintilä also stated in a press release that Blaster’s choice of location for its new plant in Inga is an indication of the competitiveness of the Finnish industry and infrastructure.

The minister added that his country enjoys a strong electricity network with a high degree of confidence that qualifies it to attract European companies specialized in the green carbon-free steel industry.

Finland’s success in attracting foreign investments in the green hydrogen field comes as part of its ambitious plans to compete for renewable energy production in Europe.