Ferrovan Oy was established in 2011. The company’s mission is to re-establish vanadium production in Finland initially by extracting vanadium from  by-products of the Finnish and Swedish steel industry  the “Clean Slag Project” and subsequently by re-opening the Mustavaara vanadium mine in Taivalkoski, northeastern Finland, the “Mine Project”.

Vanadium is an essential metal in the rapidly expanding production of high strength construction steels with superior quality and lower weight compared to traditional steels. World-wide demand for vanadium is expected to double over the next 10 years