Outokumpu acquires 20% stake in Envigas for direct emission cuts with biomass-based raw materials
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Update time : 2023-11-21 16:12:55
Finnish stainless steelmaker Outokumpu said it has reached an agreement to take over 20% stakes in biocarbon producer Envigas AB in Sweden to strengthen the supply chain of sustainable raw materials in the future as part of its strategy.
Envigas AB planned for expansion on its Skelleftea plant by raising the production capacity by 25,000 tons by the end of 2026. Outokumpu would invest EUR 9.9 million into the company. Through such investment, Outokumpu will secure 50% of Envigas’ production.
Outomkumpu targeted to cut carbon emissions by 42% by 2030 from 2016 level and it will decarbonize the stainless steel production by changing the usage of fossil raw materials to biomass-baes ones.
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