TT Iron takes ownership of Point Lisas steel plant

TT IRON Steel Co Ltd (TT Iron) on July 26 took ownership of the iron and steel plant in the Point Lisas Industrial Estate, Couva.

The company plans to produce low carbon emission/green steel within the next 12 months, it said in a news release on July 26.

ArcelorMittal closed its operations in Trinidad in March 2016, the plant was then placed in the hands of liquidator Christopher Kelshall who signed the purchase agreement with TT Iron.

TT Iron will immediately begin planning the refurbishment of the plant, it said.

The company did not disclose how much it paid for the the plant.

It said, "This is a private transaction, bound by confidentiality agreements."

TT Iron 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.

He thanked TT Iron's largest shareholder Winterbotham Group and its CEO Ivan Hooper, "for the outstanding support they have provided.”

The release said, The Point Lisas plant is one of the largest steel mills in the Americas, capable of low carbon emission production. By completing a phased refurbishment that begins with electric arc furnace steelmaking, and then incorporating natural gas based direct reduced iron (DRI) technology.

TT Iron said the restart of the plant will benefit the Trinidadian economy.

"Originally constructed in 1980, the plant deployed cutting edge technology at the time which was renewed by continuous investment over the years.

"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 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."

It said, founder, and president Gus Hiller is a steel industry veteran and no stranger to Trinidad and Tobago.

Since, he spent six years on the Point Lisas estate at the helm of Nucor and other plants and has managed and operated steel plants across United States of America and Canada.

Commenting on the acquisition, 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 longterm sustainable industry that generates secure employment and wealth for generations tocome. I am excited to return to Trinidad and Tobago, to safely execute on our strategic plan and position Trinidad and Tobago as a major global player in the green steel market.”

The release said, The iron and steel industry is the most important element of a nation’s industrial economic infrastructure, and the consumption of steel per capita of population is an indicative index of industrialisation and progress. The global iron and steel market is valued at US$1.6 trillion and is expected to grow to US$1.9 trillion by 2027, by comparison the global ammonia market is valued at US$67 billion (four per cent of the steel industry) and the global methanol market is valued at US$29 billion (1.5 per cent of the steel industry).