Officials from the company announced on Tuesday, November 28 that a groundbreaking ceremony was held for a 5 million mt per year green steel mill in Oman. Vulcan Steel is an investment company owned by Naveen Jindal. The main promoter of India Jindal Steel and Power Limited (JSPL).
Situated in a Special Economic Area, the project is expected to be finished in 2027. In 2020, Jindal Steel & Power Limited (JSPL) divested the assets of Jindal Shaheed Iron or Steel Company Limited. Its Oman operation, to Vulcan Steel, for an estimated $1 billion, in an effort to reduce leverage on its balance sheet.
It is believ that Jindal Shaheed Iron & Steel Company Limited and Vulcan Steel will both be involve in the new Oman project.
The project, according to the officials, will create high-value steel for the domestic production of consumer durable goods in Japan & Europe. As well as automobiles and wind turbines.
It will be 1 of the biggest green steel mills. Initially powered by natural gas and then transitioning to green hydrogen.
The project is expect to start production in 2026 or 2027 and consist of two production lines. Each capable of producing 2.5 million mt annually.
It also includes an electric arc furnace (EAF), a hot strip mill, and direct reduction iron (DRI). In the Sohar region of Oman, Jindal Shaheed Iron & Steel Company Limited already runs a 2.5 million mt steel mill.