Planned Kokkola aluminium smelter now valued at nearly €5 billion, Finland’s largest industrial investment this decade

A proposed aluminium smelter in Kokkola would represent an investment of nearly €5 billion, making it Finland’s largest industrial project of the 2020s, according to a new economic impact assessment commissioned by project developer Arctial.

The updated figure—roughly €1 billion higher than initial estimates—comes from a study by consulting firm Ramboll, which also projects the plant would generate over €600 million annually in tax revenue. If built, the low-carbon aluminium facility would be mainland Europe’s first new smelter in 30 years.

Construction alone would create nearly 30,000 person-years of employment, while operational phase impacts are estimated at 8,500 person-years, the report states. The smelter itself would directly employ 1,200 workers and indirectly support another 3,600 jobs.

Arctial plans to site the 160-hectare plant—120 hectares in Kokkola and 40 in neighbouring Kronoby—on the Kruunuportti industrial estate, pending a final investment decision expected next year. The facility would require one million tonnes of alumina annually, shipped to Kokkola, to supply European transport industries with low-carbon aluminium.

Recruitment for the project has already begun, though Arctial has not yet confirmed whether it will proceed with the Kokkola site.