Vale Builds Industrial Hubs to Make Low Carbon Steel Products in GCC
Brazil-headquartered Vale has signed three Memoranda of Understanding to study the feasibility of establishing mega industrial complexes to make low carbon steel products in the Gulf Cooperation Council (GCC) region.
The industrial hubs will produce hot briquetted iron and steel products for the local and export markets with significantly lower carbon emissions, a press statement from Vale said.
The MoUs were signed with Saudi Arabia’s National Industrial Development Centre, Emirates Steel Arkan, for a hub at Khalifa Economic Zone, the Ministry of Commerce, Industry and Investment Promotion of the Sultanate of Oman for a hub at Duqm Special Economic Zone.
Vale is to build and operate concentration and briquetting plants within the hubs to provide secure supply of high-grade agglomerated products.
While local parties will be responsible for the construction of the logistics infrastructure; and investors and/or clients are expected to construct and operate the direct reduction plants and offtake the HBI for the export or domestic markets, the statement said.
Eduardo Bartolomeo, Vale’s Chief Executive Officer, said: “With this initiative Vale will guarantee the availability of high-grade agglomerated products and foster the expansion of the low carbon steel industry.”