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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.