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.
