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    Oman Chromite boosts stake in Gulf Alloys and Metals

    Oman Chromite has increased its equity stake in Gulf Alloys and Metals (FZC) LLC from 20pct to 30pct, strengthening its position in the value-added chrome supply chain. The company operates a low-carbon ferrochrome smelter at Sohar Port and Freezone, according to a stock exchange filing.

    The investment, fully funded through internal accruals, reflects the company’s financial strength and commitment to downstream integration. Oman Chromite, a publicly listed firm partly owned by Minerals Development Oman (MDO), expects improved financial and operational performance following a series of key milestones in 2024.

    Gulf Alloys and Metals began operations last year at its 10,000-ton-per-year ferrochrome alloy facility. The plant uses locally sourced chrome ore and calcined lime to produce low-carbon ferrochrome, a key input in stainless steel production. When blended with silicon metal, the alloy also serves high-end industries including aerospace, oil and gas, and automotive.

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