Outokumpu Oyj (OUT1V), the stainless-steel maker that is Finland’s largest power user, will boost annual consumption by 40 percent as it expands output at its Tornio site in the north of the country.
Power use will rise by 1 terawatt-hour from a maximum 2.5 terawatt-hours currently, Saara Tahvanainen, a company spokeswoman in Helsinki, said by telephone. That compares with Finland’s total electricity use of 84.4 terawatt-hours last year, according to the Finnish Energy Industries association.
The new capacity will start next year and full production may be reached in 2014 as the company doubles ferrochrome output capacity to 540,000 metric tons a year, Tahvanainen said.
Outokumpu’s Tornio site is the single largest power user in Finland, which prompted the company to take part in the development of a nuclear reactor as part of the Fennovoima Oyj venture, Tahvanainen said. Fennovoima has a permit to build a new nuclear power plant in Pyhaejoki in northern Finland. The company will this year or next choose between reactor designs from Areva SA (AREVA) and Toshiba Corp. (6502)
“We want to obtain long-term, stable power output at a predictable price,” Tahvanainen said.
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