Outokumpu Oyj : City of Tornio and Outokumpu have signed pre-agreement of land sale in Tornio, Finland

City of Tornio and Outokumpu have signed pre-agreement of land sale in Tornio, Finland

Outokumpu Oyj
Press release
March 21, 2024 at 9.00 EET

City of Tornio and Outokumpu have signed pre-agreement of land sale in Tornio, Finland

Outokumpu is the global leader in sustainable stainless steel and is continuously looking for ways to further lower the climate impact across the value chain. As part of this work, an important focus area for the company is to build a strong ecosystem of energy production around its plant in Tornio, Finland.

On March 20, 2024, the city of Tornio and Outokumpu have signed a pre-agreement regarding Outokumpu's acquisition of 96 hectars of land in Koivuluoto area next to Outokumpu's Tornio operations. The plan is to use the land area for industrial purpose by Outokumpu and its partners, which enables Outokumpu to create a vibrant ecosystem for circular economy. This could mean for example production of hydrogen, chemicals, synthetic fuels, and electricity which are needed for various industries. For electricity production, Outokumpu is currently reviewing a plan to build a Small Modular Nuclear (SMR) reactor in Koivuluoto area.

"Outokumpu is very important for the city of Tornio and for the regional economy. With this pre-sale of land, it is great that we can support Outokumpu's ambitions to produce more sustainable stainless steel. The pre-sale of the land area implements the strategy of Tornio, with which we want to take our place as a city that promotes the use of renewable energy sources and as a home for investments in future industry and circular economy. Our land use planning includes several new areas for industrial use, like the Koivuluoto area," says Jukka Kujala, Mayor of Tornio.

Outokumpu has set ambitious climate targets and is continuously looking for ways to further improve its operations. The approach reflects both the importance of sustainability and the possibilities it offers.

"Outokumpu invests heavily in its sustainability strategy and the target is to reduce carbon dioxide emissions by 42% by 2030 compared to the 2016 baseline. Land acquisition is one of the corner stones in Outokumpu's roadmap to enable the achievement of these targets. Outokumpu has already started discussions with several partners to create win-win solutions and sustainable ecosystems in Koivuluoto. We are also supporting Outokumpu Tornio operation's decarbonization roadmap and, at the same time, we create business opportunities for example in hydrogen, chemicals, and synthetic fuels production. We are also studying carbon capture projects for various end-use applications. We welcome all interested parties to join us in this journey," says Tony Lindström, General Manager, Outokumpu EvoEnergy.

For more information:

Media: Päivi Allenius, VP - Communications and Brand, tel. [phone] or Outokumpu media phone [phone], e-mail media(at)outokumpu.com