Jindal Shadeed Iron & Steel LLC (JSIS), part of the Jindal Group, is bolstering its commitment to the Sultanate of Oman with a number of strategic investments aimed at fostering socio-economic growth while supporting the nation's transition to a green and circular economy.
All planned investments come under the control of Vulcan International Holding Company, the umbrella company under which JSIS operates. Other companies within Vulcan International are Sohar Steel, the Vulcan Pelletizing Plant in Sohar and Vulcan Green Steel in Duqm.
In Sohar, JSIS has expanded its production and now produces 2.4Mt (metric tonnes) of steel per annum. Currently under development is the Sohar 6Mt/yr pelletizing plant, which is equipped with Metso Outotec technology. At present, civil piling work is underway and the plant is scheduled to commence production at the end of 2024.
A 48kt/yr submerged arc furnace facility is also under development and is designed to further integrate the JSIS value chain.
In terms of green steelmaking, a pilot carbon capture plant is due for completion at the end of 2023 and, it is claimed, will unlock 'significant decarbonization potential for JSIS operations'. The company is also investing in renewable energy.
"We are executing our unique 'mine to metal' philosophy in all our operations which aims at complete integration of the steel value chain to maximise our ICV contribution and local employment in the Sultanate."
Harssha Shetty, CEO, Jindhal Shadeed Iron & Steel LLC
JSIS claims it is committed to His Majesty Sultan Haitham's Vision 2040 plan to reduce the country's dependency on the oil and gas sector. CEO Harssha Shetty commented: "Steel builds homes, bridges, nations and lives. We are executing our unique 'mine to metal' philosophy in all our operations which aims at complete integration of the steel value chain to maximise our ICV contribution and local employment in the Sultanate."
Vulcan's total investments in the Sohar area exceeds USD1.5 billion. The company has also announced plans for a USD3 billion mega green steel project in the Sultanate of Oman. Known as Vulcan Green Steel, it will be built in the Special Economic Zone of Duqm (SEZAD) and will include a 5Mt/yr green hydrogen-ready steel plant powered by renewables and green hydrogen.
On the acquisition front, Vulcan recently took over Sohar Steel, a major producer of 'new generation high strength steel reinforcement bars (rebar). The facility is adjacent to the seaport of Sohar and produces 500kt/yr of high quality steel products including 8mm to 32mm rebars. Closed down for the past three years, the plant's reopening will save around 200 local jobs.