Oman’s Jindal Shadeed will invest over $3 bln in green steel plant

Oman-based long products steelmaker Jindal Shadeed Iron & Steel Oman plans to invest more than $3 billion to build a green steel plant in Oman, the company said on Sunday December 4

The green steel production facility, which will be built at the Special Economic Zone at Duqm (Sezad), Oman, will produce 5 million tonnes per year of green steel. It is planned to be completed in 2026, JSIS Oman said.

The plant will use renewable hydrogen-powered energy for steel production and will target the wind turbine, auto and consumer goods sectors across Europe, Japan and other countries.

Jindal Shadeed Group has also signed a memorandum of understanding (MoU) with centralized utility provider Marafiq to provide the utilities to operate the new mill.

“Jindal Shadeed Group is investing more than $3 billion to develop this mega steel project in Duqm, and we have already obtained the necessary approvals to secure the land for our Green Hydrogen ready steel project,” Harssha Shetty, chief executive officer of Jindal Shadeed Group, said in a statement.

“Our goal is to produce 5 million [tpy] of green steel that will create over $800 million [per year] in country value-addition. The plant will supply high-quality steel products to automobile, wind energy and consumer durables sector amongst others,” Shetty added.

The plant will be the biggest green steel investment in the Gulf Co-operation Council (GCC) countries.

Jindal Shadeed originally announced its plans to invest in a green hydrogen plant in April this year.

Jindal Shadeed operates a direct-reduced iron-electric-arc furnace steel complex in Oman. This includes a 1.8-million-tpy gas-based DRI plant that produces both hot DRI and hot briquetted iron, and a 2.4-million-tpy steel meltshop and a 1.4-million-tpy rebar rolling mill.

Earlier this month, the company also announced investment in a pelletizing plant.

What to read next
The publication of Fastmarkets’ lithium, iron ore and Chinese ferrous prices for Monday April 22 were delayed because of technical issues.
China’s National Development and Reform Commission (NDRC) will work with relevant parties to regulate crude steel production, with a focus on energy saving and reducing carbon emissions. It will also release guidance on crude steel output for different steel mills later this year after a national investigation on steel capacity
China's stainless steel prices saw a notable increase last week, driven by global sanctions affecting nickel, which is a key component
After a consultation period, Fastmarkets has amended the publishing frequency of the Pakistan shredded steel scrap import index from weekly to twice per week.
Fastmarkets will amend the frequency of its price assessments for MB-STE-0879 Steel scrap H2 Japan origin import, cfr South Korea and MB-STE-0880 Steel scrap HMS 1&2 (80:20) deep-sea origin import, cfr South Korea on Friday April 12.
Fastmarkets has corrected its MB-STE-0894 steel scrap HMS 1&2 (80:20 mix), month-to-date deal-weighted average, North Europe origin, cfr Turkey, $/tonne, which was published incorrectly on Wednesday April 10.