Outokumpu Deepens Commitment to Clean Energy, Bolsters Stake in Rajakiiri Wind Farm

Outokumpu Deepens Commitment to Clean Energy, Bolsters Stake in Rajakiiri Wind Farm

(IN BRIEF) Outokumpu, a global leader in sustainable stainless steel production, is taking steps to reduce its carbon footprint and enhance energy self-sufficiency. The company has invested further in the Rajakiiri wind farm in Tornio, Finland, increasing its ownership to nearly 9MW, or 19.9% of the shares. This move aligns with Outokumpu’s strategy to diversify energy sources and reduce electricity-related risks. Outokumpu EvoEnergy, the company’s energy unit, is exploring various renewable energy options and carbon capture technologies to reduce emissions from its stainless steel and ferrochrome operations. Renewable energy production is on the rise in the Nordic countries, and Outokumpu is actively working to optimize its utilization.

(PRESS RELEASE) HELSINKI, 3-Jan-2024 — /EuropaWire/ — Outokumpu, a global leader in sustainable stainless steel, continues its commitment to lowering its carbon footprint throughout the value chain. Recognizing the importance of renewable and low-emission energy sources, the company is taking significant steps to reduce indirect emissions and enhance energy self-sufficiency.

In line with its strategic goals to strengthen sustainability leadership and optimize energy supply, Outokumpu has made a substantial investment in the Rajakiiri wind farm located in Tornio, Finland. This wind farm has been operational since 2015 and is estimated to have a production life of approximately 16 more years. With this latest investment, Outokumpu’s ownership in the 45MW wind farm in Tornio increases to nearly 9MW, representing 19.9% of the shares.

Tony Lindström, General Manager of Outokumpu EvoEnergy, explained the rationale behind this investment, saying, “In the summer of 2023, we started a journey to gradually increase our investments into electricity production to better diversify our energy consumption sources and to reduce our electricity related risk through more predictable energy pricing and less market-based volatility. Further investment in Rajakiiri provides us better access to the windmills close to our operations. It further supports and broadens the existing partnership with Rajakiiri and its shareholders. Eventually, it will open a long-term strategic access to upcoming Rajakiiri plans for further on-shore and off-shore investments”

Outokumpu EvoEnergy, the energy unit of Outokumpu, has been actively exploring opportunities for energy production across various domains, including wind, solar, and nuclear energy. Additionally, the company is investigating technologies and solutions to capture carbon emissions from its stainless steel and ferrochrome operations, with the goal of either reusing the captured carbon internally or collaborating with third parties to reduce direct emissions.

Renewable energy production, such as wind turbines and solar power plants, is on the rise in the Nordic countries. However, these sources are highly dependent on weather conditions, necessitating proactive management to optimize efficiency. Outokumpu EvoEnergy, in collaboration with its partners, is committed to identifying innovative technologies and solutions to maximize the benefits of wind power and other renewable energy sources.

For more information:

Investors: Linda Häkkilä, Head of Investor Relation, tel. +358 40 071 9669

Media: Päivi Allenius, VP – Communications and Brand, tel. +358 40 753 7374 or Outokumpu media phone +358 40 351 9840, e-mail media(at)outokumpu.com

SOURCE: Outokumpu