India’s ACME Group will invest an estimated $564 million to construct a greenfield direct reduced iron (DRI) facility, marking a major step toward low-carbon steel production, the company said in a statement on Monday, October 13.
In its first phase, the facility will have a capacity of 1.2 million mt per year and will focus on producing green hot briquetted iron (HBI) and green direct reduced iron (GRI) - both essential feedstocks for environmentally-friendly steelmaking, it said.
The proposed green DRI plant aims to significantly cut carbon emissions from traditional steelmaking processes by integrating renewable energy and green hydrogen into production.
ACME Group said that it is currently evaluating potential locations for the facility, considering sites in India or Oman - both strategically positioned near its existing green energy projects.
The company is already developing a green hydrogen plant in Odisha in eastern India. It is in the advanced stages of constructing another green hydrogen plant in Oman, reinforcing its position as a leader in renewable and green hydrogen technologies, the company said.