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Metaldom Signs MOU to Explore Construction of DRI-HBI Facility in Trinidad and Tobago
01/16/2012 - Complejo Matalurgico Dominicano S.A. (Metaldom) has entered into a Memorandum of Understanding (MOU) with the National Gas Co. of Trinidad and Tobago Ltd., National Energy Corp. of Trinidad and Tobago Ltd., Severstal North America, and Neal & Massy Holdings Ltd. to undertake a feasibility study for the establishment of a vertically integrated iron and steel complex.
The National Gas Co. of Trinidad and Tobago Ltd., National Energy Corp. of Trinidad and Tobago Ltd., Severstal North America, Complejo Matalurgico Dominicano S.A. (Metaldom), and Neal & Massy Holdings Ltd. have signed a Memorandum of Understanding (MOU) to undertake a feasibility study for the establishment of a vertically integrated iron and steel complex.
The complex will involve the construction of a direct reduced iron (DRI)/hot briquetted iron (HBI) plant that will have a nominal capacity of 1.5 million tonnes per year and the integration of a steel mill with a nominal production capacity of up to 300,000 tonnes per year of steel billets.
The entire project is estimated to cost in excess of $600 million.
The integrated facility, which is earmarked for location at the Union Industrial Estate, La Brea, is expected to generate 3500 indirect jobs during construction and 400 permanent jobs. The entities also expect the complex to contribute to the diversification of the economy, while providing opportunities for the development of downstream industries.
Severstal North America is a U.S. based wholly owned subsidiary of Russia-based OAO Severstal, one of the world's leading vertically integrated steel and steel related mining companies, with assets in Russia, the U.S., Ukraine, Latvia, Poland, Italy, Liberia, and Brazil.
Metaldom, a Dominican Republic-based company, is one of the largest steelmakers in the region. It is a company managed by VICINI, a private asset management company with assets under management in diverse industries including food and beverage, manufacturing, agriculture and energy, banking and financial services, media, tourism and real estate development in the Dominican Republic and the Caribbean.
