Vulcan Steel, an investment company of Naveen Jindal, the principal promoter of India’s Jindal Steel and Power Limited (JSPL), has held a groundbreaking ceremony for a 5 million mt per year green steel mill in Oman, company officials said on Tuesday, November 28.
The project, located in a Special Economic Zone, is scheduled for completion in 2027.
In 2020, Jindal Steel and Power Limited (JSPL) to deleverage its balance sheet sold the assets of its Oman operation, Jindal Shaheed Iron and Steel Company Limited, to Vulcan Steel, at an estimated value of $1 billion.
The new Oman project is believed to be implemented by Vulcan Steel and to include Jindal Shaheed Iron and Steel Company Limited too.
The project for what will be one of the largest green steel mills which will initially be based on natural gas for energy and will later shift to green hydrogen and produce high value-added steel catering to automobile, wind turbine and domestic consumer durable goods manufacturing across Europe and Japan, the officials said.
The project is planned to have two production lines of 2.5 million mt per year each, comprising direct reduction iron (DRI), an electric arc furnace (EAF) and a hot strip mill, and will commence production in 2026 and 2027.
Jindal Shaheed Iron and Steel Company Limited already operates a 2.5 million mt steel mill in the Sohar region in Oman.