Oman’s Jindal Shadeed prepares to fund USD3B to output green...| MENAFN.COM

Saturday, 04 February 2023 07:07 GMT

Oman’s Jindal Shadeed prepares to fund USD3B to output green steel at Port of Duqm


(MENAFN) Omani steel giant Jindal Shadeed Group prepares to establish a USD3 billion company to manufacture “green steel” consuming renewable energy in the Special Economic Zone at the Port of Duqm on the nation’s southeastern coast, SEZAD.

The fresh action targets to output five million tons of green steel on a yearly basis, establishing more than USD800 million an annum in worth of addition, it stated in a press meeting.

The firm, a part of the USD22 billion Jindal Group, is going to provide high-quality steel outputs to industries like automotive, wind energy as well as consumer durables.

It seeks a high request for green steel from environmental, social, as well as corporate governance-conscious customers across the whole world, mainly in Europe and Asia, who have by now committed to a high decrease in Scope 3 emissions by the end of this decade (2030), as said by Group CEO Harssha Shetty.

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