Jindal Steel has signed an investment agreement with Suhar Industrial City in Oman to develop an integrated iron and steel project with an estimated investment of OMR 150 mln (USD 390 mln).
The project will be located in Phase 7 of Suhar Industrial City on a site spanning around 583,000 square meters. Market participants believe the development is linked to Jindal Steel Oman’s recent acquisition of Moon Iron & Steel Company (MISCO) in Sohar and is expected to involve the revival and expansion of the existing facility.
Suhar Industrial City operates under Madayn, the Public Establishment for Industrial Estates, the Omani government authority responsible for the development and management of industrial cities and specialized economic zones across the Sultanate.
Last week, market sources said Jindal Steel Oman had acquired MISCO, which suspended steel production activities in 2023 after facing operational and financial challenges. The company operates a steel plant in Sohar with annual crude steel and long products capacity of around 1.2 mln tons.
Jindal Steel Oman, part of India’s Jindal Group, is one of the largest privately owned integrated steel producers in the GCC. The company operates a 2 mln tons per year gas-based DRI plant, a 2.4 mln tons per year melt shop with EAF and ladle furnace facilities, and a 1.4 mln tons per year rebar mill at its Sohar operations.
The group further expanded its long steel business through the acquisition of Sohar Steel in 2023, adding 700,000 tons per year of long products capacity. The MISCO acquisition is expected to further strengthen Jindal Steel Oman’s position in the regional long steel market.
In addition, Jindal Steel Duqm (Vulcan Green Steel) is developing a 5 mln tons per year green steel complex in the Duqm Special Economic Zone in two phases, with operations expected to commence by the first quarter of 2027. The group also operates Jindal Pelletizing LLC in Sohar with annual iron ore pellet production capacity of 6 mln tons.
1 USD / 0.38 OMR
