TT IRON Steel Co Ltd (TT Iron) officially took ownership of the iron and steel plant in the Point Lisas Industrial Estate, Couva on July 26. The company announced its plans to produce low carbon emission/green steel within the next 12 months, signaling a new era of sustainable practices in steel production.
Following the closure of ArcelorMittal’s operations in Trinidad in March 2016, the plant fell into the hands of liquidator Christopher Kelshall, who recently signed the purchase agreement with TT Iron. With the acquisition finalized, TT Iron wasted no time in announcing its immediate plans to refurbish the plant.
Although the exact purchase price remains undisclosed due to confidentiality agreements, TT Iron’s chairman Monty Pemberton expressed optimism for the future of the plant and the country. Pemberton highlighted the importance of steel production in the circular economy and emphasized TT Iron’s commitment to sustainable practices.
The Point Lisas plant, known as one of the largest steel mills in the Americas, has the capability for low carbon emission production. By focusing on electric arc furnace steelmaking and incorporating natural gas-based direct reduced iron (DRI) technology, TT Iron aims to make a positive impact on the Trinidadian economy.
Founder and President Gus Hiller, a seasoned veteran in the steel industry, expressed confidence in the potential of the plant to become a leader in global steelmaking technology once again. With plans to start production within the next 12 months, Hiller envisions a long-term, sustainable industry that will create jobs and wealth for generations to come.
Recognizing the significance of the iron and steel industry in a nation’s economic infrastructure, TT Iron’s acquisition represents a strategic move to tap into the growing global steel market, which is valued at US$1.6 trillion and projected to reach US$1.9 trillion by 2027. Hiller’s vision for TT Iron to become a major player in the green steel market aligns with the company’s goal of fostering a sustainable, profitable, circular green economy in Trinidad and Tobago.
