TT Iron Steel Company Limited has acquired the iron and steel plant in the Point Lisas Industrial Estate, Couva, Trinidad, after signing a purchase agreement with the liquidator of ArcelorMittal Point Lisas Ltd, Christopher Kelshall.
In a release on yesterday, TT Iron said it will immediately begin planning the refurbishment of the plant, aiming to commence operations within the next 12 months.
Chairman Monty Pemberton said: “This is an exciting time for Trinidad and Tobago, as steel is fundamental to the circular economy. TT Iron’s vision to produce green steel, on a phased commercially viable basis, will lay the foundation for the accelerated development of the local green economy. Trinidad and Tobago has always punched above its weight in the global energy industry, and TT Iron looks forward to working with all stakeholders, in the development of the sustainable, profitable, circular green economy. "
TT Iron said the Point Lisas plant, which is one of the largest steel mills in the Americas, is capable of low carbon emission production.
The company is planning a phased refurbishment process which would start with electric arc furnace steelmaking, and then incorporating natural gas-based Direct Reduced Iron (DRI) technology. The company said the T&T economy would benefit from the plant in the long term.
TT Iron said, "This refurbishment and start-up phase will create significant employment within the community, and when fully operational, the plant will create long-term employment for skilled Trinbagonian workers. The restart of the plant will also create many more indirect jobs, such as: maintenance and construction services, port services, downstream manufacturing, demand for green hydrogen and renewable energy, etc."
Founder and president of TT Iron Gus Hiller said, “We believe there is great potential for the plant to return to the forefront of global steelmaking technology and performance. "We are confident we will be able to bring on stream and operate an efficient, cutting-edge steel mill which we expect, and hope will start production within 12 months.
"The restart of this plant will create a long-term sustainable industry that generates secure employment and wealth for generations to come. I am excited to return to Trinidad & Tobago, to safely execute on our strategic plan and position Trinidad & Tobago as a major global player in the green steel market.”
TT TT Iron has signed a sales and purchase agreement to acquire the ArcelorMittal iron and steel plant at the Point Lisas Industrial Estate, Couva in June 2023
At the time, the companysaid the completion of the transaction was subject to Government approval. Work will commence on the plant once all Government approvals have been received, which TT Iron expects to happen within the next 12-18 months.
ArcelorMittal closed down its steel plant in Trinidad and Tobago in March 2016.