Outokumpu, a Finnish stainless steel producer and Europe's largest, is advancing a new technology called "Project Moon" to extract very high-purity chromium directly from ore mined at its Kemi mine in northern Finland. This mine is the only chromium mine within the European Union and is considered strategically important as the EU seeks to reduce its dependence on imported critical raw materials. The project aims to move Outokumpu further up the value chain by producing ultra-pure chromium for advanced industrial applications, which commands a significantly higher market price than the ferrochrome it currently produces.
The technology behind Project Moon has been refined in a laboratory in Boston, US, and is a proprietary low-CO2 metal extraction method. While the exact technical details remain undisclosed, Outokumpu states it will enable them to enrich ferrochrome from 53% chromium to levels up to pure chrome metal, even from previously marginal ore. The company began this research initiative in 2021, established the Boston lab in 2024, and plans to build a pilot plant in New Hampshire, US, by 2027 to scale production to one ton of metal per day. The full commercial potential is expected to be unlocked from 2030 onwards with an industrial plant targeted for 2029-2030.
High-purity chromium is crucial for sectors like aerospace, advanced energy technologies, and specialized high-tech environments with strict material tolerances. The market for pure chromium, while smaller than for bulk stainless steel, offers considerably higher price levels. This initiative not only diversifies Outokumpu's revenue streams and reduces exposure to standard stainless steel cycles but also enhances the EU's strategic autonomy by providing a secure and sustainable supply chain for chromium, a critical raw material largely sourced from South Africa and Kazakhstan. The project, however, is still in the development phase and involves significant capital expenditure and technical risk in scaling from laboratory to industrial production.
