Oman-based Jindal Shadeed Iron and Steel, subsidiary of Indian steelmaker Jindal Steel and Power Limited, will launch its 1.4 million mt per year capacity rebar mill at its Sohar Port steel complex in the first quarter of the current year, according to local media reports.
As quoted by the Oman Observer, Jindal Shadeed director and plant head Naushad A Ansari stated, “2015 has been a year of mixed fortunes. We have switched from being a supplier of hot briquetted iron (HBI) to being a supplier of semi-finished steel (round and square billets). Excess production capacity, falling prices and weak demand had a significant impact on producers in 2015, a trend which is expected to spill into the current year as well.”