Jindal Shadeed Group plans $3 billion green steel plant in Oman

Jindal Shadeed Group plans $3 billion green steel plant in Oman

Jindal Shadeed Group will invest more than $3 billion to set up a green steel plant in Oman that will produce high-strength automotive products for customers in the Middle East, Europe and Japan. The company has the necessary approvals to secure land for a green hydrogen-ready project that can process 5 million tons of steel a year, said Harssha Shetty, chief executive officer of Jindal Shadeed Iron and Steel LLC. He noted that the Duqm, Oman plant is expected to be completed by 2026. “The company, in due course, will evaluate the optimum mix of debt and equity to maximize shareholder value and minimize the cost of capital,” he said in an interview on Saturday. As more and more consumers commit to net-zero goals, steelmakers globally are investing heavily in decarbonizing their operations. Green hydrogen, produced using water and renewable electricity, is widely predicted to play a crucial role in the decarbonization of heavy industry and is forecast to increase this decade. At the same time, rising energy costs for markets such as Europe have hurt output and a sharpened focus on alternative sources for the sector. “We have secured a long-term natural gas supply agreement with the government of