Blastr and Cargill Metals MOU for supply of green steel
(Posted on 26/10/22)
Cargill’s metals business and Blastr Green Steel AS, a developer of decarbonized steel supply, have agreed to work together to supply steel made without use of fossil fuels in the Nordic region to meet growing global demand for green steel. Both companies share an ambition to drive significant reductions of carbon emissions in the steel industry.
Under the Memorandum of Understanding (“MoU”), Blaster and Cargill Metals plan to combine the skills of both companies to accelerate the development of projects that enable significant carbon savings to the global steel industry. Cargill Metals brings expertise in raw materials sourcing, and Cargill’s global capabilities in ocean transportation and logistics, as well as development of green products for market, risk management and financing facilities. Blastr contributes its industrial decarbonization expertise, entrepreneurial business skills, track record and access to capital within green energy and CO2 abatement. Blastr also brings regional knowledge of sites, opportunities and local support.
Cargill’s ambition is to develop world leading projects in the green steel supply chain through the expedient development of initial production and then incrementally expand capacity based on market demand. Separately, independent market analysis suggests a market shortfall in supply, with global demand for low carbon steel likely to increase from below 5mt in 2021 to 200mt in 2030, with European demand increasing to nearly 40mt by that date, driven by automotive and construction sectors .
“Solving the decarbonization challenge of the steel industry requires new and innovative partnerships,” said Lee Kirk, Managing Director, Cargill Metals, “We are thrilled to partner with Blastr and collaborate on bringing meaningful carbon reduction to this vital to abate sector. It brings us one step closer to our goal of shaping a responsible and sustainable ferrous supply chain that helps the world thrive.”
"Ensuring the long-term supply of raw materials at required quantity and quality is crucial for providing green steel to the market with an absolute minimum of CO2 emissions through the entire value chain,” said Dag Moxnes, CEO at Blastr. “Cargill offers a unique combination of access to regional raw materials, expertise, network and logistics solutions, which brings us a long step closer to realizing our joint Nordic green steel project."
The next phase of the cooperation will focus on final technology selection, access to green power, location and the final mix of products. Teams from Blastr and Cargill Metals will collaborate on sustainable supply chains, speed to market, technology risks and constraints, and on raising capital to finance the project development.
Latest News
Pilbara production record as Rio Tinto releases Q2 results
(Posted on 16/07/26)Rio Tinto has driven performance to achieve 3% YoY CuEq1 growth in the first half of 2026.Chief Executive... Read more
Record iron ore production helps strengthen BHP growth pipeline
(Posted on 16/07/26)BHP have released its Operational Review for the year ended 30 June 2026.Chief Executive Officer, Brandon... Read more
Stranded sulphur cargoes in Gulf face mounting corrosion risk, warns Brookes Bell
(Posted on 07/07/26)Bulk carriers carrying elemental sulphur cargoes in the Strait of Hormuz are at significant risk of... Read more
BHP and Faraday Copper sign definitive San Manuel agreement
(Posted on 06/07/26)Further to BHP’s announcement in February, BHP, through a wholly owned subsidiary, has executed... Read more
Urea price dive hits Australian grain suppliers
(Posted on 03/07/26)Australia’s Federal Government's fertiliser support package has come under scrutiny as global... Read more
SSAB pauses work at construction site in Luleå
(Posted on 30/06/26)SSAB has once again paused work at the construction site for its new steel mill in Luleå, Sweden... Read more
Trafigura issues USD500 million senior bond
(Posted on 29/06/26)Trafigura Group Pte Ltd. has announced the issuance of a USD500 million senior Reg S bond with a five... Read more
NGFA welcomes Senate Farm Bill proposal
(Posted on 29/06/26)The National Grain and Feed Association (NGFA) in the USA has welcomed the release of Senate Agriculture... Read more
Agreement paves way to deliver 2.7 million tonnes of additional copper production
(Posted on 25/06/26)Anglo American plc, through its 50.1%-owned subsidiary, Anglo American Sur S.A., and Codelco, have announced... Read more
SSAB and partners launch closed loop steel recycling initiative in US
(Posted on 24/06/26)SSAB Americas, The Greenbrier Companies and Alter Trading are partnering on a circular economy project... Read more
