Trinidad and Tobago-based steel producer TT Iron Steel Company (TTIS) has announced that it has acquired the Point Lisas Iron and Steel Mill from Luxembourg-based steelmaker ArcelorMittal’s subsidiary ArcelorMittal Point Lisas Ltd.
The renovation of the plant, which was idled in 2016 due to low global steel prices, is expected to cost $150-200 million. The plant is expected to start production within the next 12 to 18 months, no later than December 2024.
The company stated that more than 1,000 jobs will be created during the refurbishment and start-up phase and, when fully operational, the plant will create long-term employment for 500 workers.