Jindal Steel Oman acquired Moon Iron & Steel Company (MISCO) in Sohar, according to sources familiar with the matter.
MISCO 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.
Market sources said the project had faced several challenges since its development phase, including weaker-than-expected market conditions, operational difficulties, and delays related to infrastructure and project execution.
Jindal Steel Oman, part of India’s Jindal Group, operates across multiple steel and raw material businesses in Oman. Jindal Steel Sohar, formerly Jindal Shadeed Iron and Steel, is one of the largest privately owned integrated steel producers in the GCC, operating 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.
The group further expanded its long steel operations through the acquisition of Sohar Steel in 2023, adding 700,000 tons per year of long products capacity. The acquisition of MISCO 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 start 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.