Jindal Shadeed Group has the necessary approvals to secure land for a green hydrogen-ready project that can process 5 million tons of steel a year.
Jindal Shadeed Group will invest more than $3 billion to set up a green steel plant in Oman that will produce high-strength automotive products for customers in the Middle East, Europe and Japan.
As more and more consumers commit to net-zero goals, steelmakers globally are investing heavily in decarbonizing their operations. Green hydrogen, produced using water and renewable electricity, is widely predicted to play a crucial role in the decarbonization of heavy industry, and is forecast to grow rapidly this decade.
About 30%-40% of the production from Jindal Shadeed’s new plant will be consumed within Oman and the Gulf Cooperation Council region, and the remaining will be exported to meet booming green steel demand in the global markets, Shetty said. The plant will cater to auto, wind turbine and consumer goods industries across Europe, Japan and other countries, he said.
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