PORT OF SPAIN, Trinidad – TT IRON Steel Co Ltd (TT Iron) says it has taken over the ownership of the iron and steel plant in the Point Lisas Industrial Estate, Couva in west central Trinidad that had been placed in liquidation following its closure in 2016 by the Luxembourg based ArcelorMittal, the second largest steel producer in the world.
TT Iron Steel founder, president and CEO Gus Hiller, seated second from left, shakes hands with liquidator of ArcelorMittal Point Lisas Ltd, Christopher Kelshall, following the signing of the sale and purchase agreement for the iron and steel plant in June 2023A statement issued by TT Iron said that the change in ownership had taken place on July 26 and that it plans to produce low carbon emission/green steel within the next 12 month.
After ArcelorMittal closed its operations in Trinidad in March 2016, the plant was then placed in the hands of liquidator Christopher Kelshall, who signed the purchase agreement with TT Iron.
TT Iron said it will immediately begin planning the refurbishment of the plant. It did not disclose the purchase price saying “this is a private transaction, bound by confidentiality agreements”.
But TT Iron chairman, Monty Pemberton, is quoted in the statement as saying “this is an exciting time for Trinidad and Tobago, as steel is fundamental to the circular economy.
“ TT Iron’s vision to produce green steel, on a phased commercially viable basis, will lay the foundation for the accelerated development of the local green economy. Trinidad and Tobago has always punched above its weight in the global energy industry, and TT Iron looks forward to working with all stakeholders, in the development of the sustainable, profitable, circular green economy.”
The company thanked its largest shareholder, the Winterbotham Group, which is a Bank and Trust Company, broker/dealer, and fund administrator, based in Nassau, Bahama, and its chief executive officer Ivan Hooper, “for the outstanding support they have provided”.
The statement said, the Point Lisas plant is one of the largest steel mills in the Americas, capable of low carbon emission production. By completing a phased refurbishment that begins with electric arc furnace steelmaking, and then incorporating natural gas based direct reduced iron (DRI) technology.
TT Iron said the restart of the plant will benefit the Trinidadian economy.
“Originally constructed in 1980, the plant deployed cutting edge technology at the time which was renewed by continuous investment over the years. This refurbishment and start-up phase will create significant employment within the community, and when fully operational, the plant will create long term employment for skilled workers.
“The restart of the plant will also create many more indirect jobs, such as: maintenance and construction services, port services, downstream manufacturing, demand for green hydrogen and renewable energy, etc.”
Founder, and president Gus Hiller, is a steel industry veteran and no stranger to Trinidad and Tobago, having spent six years on the Point Lisas estate at the helm of Nucor and other plants and has managed and operated steel plants across United States of America and Canada.
“We believe there is great potential for the plant to return to the forefront of global steelmaking technology and performance. We are confident we will be able to bring on stream and operate an efficient, cutting-edge steel mill which we expect, and hope will start production within 12 months,” Hiller said.
“The restart of this plant will create a long term sustainable industry that generates secure employment and wealth for generations to come. I am excited to return to Trinidad and Tobago, to safely execute on our strategic plan and position Trinidad and Tobago as a major global player in the green steel market.”
The statement said the iron and steel industry is the most important element of a nation’s industrial economic infrastructure, and the consumption of steel per capita of population is an indicative index of industrialisation and progress.
It said the global iron and steel market is valued at US$1.6 trillion and is expected to grow to US$1.9 trillion by 2027.
