Jindal Group Acquires Sohar Steel, Ensuring Job Security, Social Sustainability And Economic Growth

(MENAFN- Mid-East.Info)

Muscat, Jindal Group and Vulcan Investments, an esteemed industrial conglomerate
dedicated to the advancement and competitiveness of the Sultanate, is delighted to announce the successful Acquisition of Sohar Steel after an extensive and notable three-year hiatus. This momentous achievement serves as a pivotal juncture in the steel industry, highlighting Jindal's persistence to fostering social sustainability and economic growth, supporting the nation and promoting economic diversification.

Strategically located in Oman adjacent to the seaport of Sohar, Sohar Steel, will play a vital role in propelling industrial development and fortifying the Sultanate's infrastructure. Boasting state-of-the-art facilities, including the Bendotti Walking Beam Reheating Furnace and Automatic Tension Control, the plant possesses a production capacity of 700,000 tons per annum, specialising in high-quality steel products ranging from 8 mm to 32 mm rebars, billets and the proposed new products wire rods ranging between 5.5 mm to 16 mm

“The successful acquisition of Sohar Steel represents an extraordinary stride forward for Jindal Group, cementing our position as a prominent leader in the steel industry. This strategic move aligns harmoniously with our steadfast dedication towards Oman's socio-economic growth, reflecting our firm resolve to progress Oman's industrial landscape. By amalgamating cutting-edge innovations and leveraging our extensive expertise, we stand poised to drive ground-breaking initiatives, create promising employment prospects and contribute to the realisation of the country's vision for a thriving and sustainable future. Together, we shall forge ahead, transforming challenges into opportunities and
shaping a vibrant and resilient economy for generations to come,” expressed Harssha Shetty, Senior Official from the Jindal Group Oman.

“We would like to express our deepest gratitude to the Minister of Commerce, Industry and Investment Promotion, His Excellency Qais bin Mohammed Al Yousef and the esteemed members of the Competition Protection and Monopoly Prevention Centre for their invaluable support and cooperation in approving the acquisition of Sohar Steel. Their dedication and commitment to ensuring fair practices have played a pivotal role in making this landmark deal a reality,” he added further.

The highly fruitful revival of the plant serves as a testament to Jindal's proactive approach and unyielding dedication. Through its involvement, the Group has breathed new life into the facility, revitalising its prosperous operations and fostering an atmosphere of optimism within the local community. This strategic acquisition stretches far beyond the re-employment of more than 150 local talents; it aligns with the Sultanate's aspirations for a prosperous and diversified economy. Furthermore, this acquisition underscores Jindal's profound commitment to nurturing local talent and providing ample opportunities for growth. By enabling the re-employed individuals to develop their skills, advance professionally and experience social mobility, Jindal Group bolsters the Sultanate's human capital, empowering its citizens to contribute significantly to the nation's progress.

Hamed Al Farsi, Head of Sohar Steel said,“We deeply empathise with the challenges faced by the individuals affected by their dismissal and their subsequent joy upon learning about Vulcan International's acquisition of Sohar Steel. In response, we have taken the necessary steps to nurture and develop these individuals by providing them with on-the-job training and assigning them to various departments within the company. To further enhance their capabilities, we have implemented a series of training courses and workshops, aiming to continuously empower and refine their skills. Moving forward, we remain dedicated to evolving our company's strategy and focused on bolstering our production capabilities.”

“This has been a ray of hope for those who have faced a bleak after Sohar Steel closure. The employees were overjoyed by this development as it provided them with the much-needed job security,” said Ammar Al Ghufaili, Federal Union Member and an employee at Sohar Steel.

“On behalf of myself and my colleagues at Sohar Steel, who have been with the company since 2008, we are incredibly happy about this agreement because it brought us the job stability we had been hoping for,” said Thabet Al Hadrami, another employee at Sohar Steel.“My suspension from work had a negative impact on my personal and professional life, due to my inability to meet my financial and social obligations. However, with the grace of Almighty and the active efforts of Vulcan Steel and their effective acquisition, I and my colleagues now have job stability. My goal is to contribute to the company's success by using my skills and knowledge to achieve profitability and ensure its sustainability. I also look forward to benefit from the available training and development opportunities for my career growth,” said Sultan Al Jahwary from Sohar Steel.

With an exceptional track record in steel manufacturing and firmly grounded in community-centric values, social sustainability, environment stewardship and low carbon footprint initiatives, Jindal Group continues to propel the Sultanate's progress and competitiveness on the global stage. Through relentless efforts, the company remains resolute in its mission to champion the Sultanate's advancement and spearhead the realisation of its immense potential.



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