Jindal Steel is investing $390 million in a steelmaking project in Oman

The Indian steelmaker Jindal Steel has signed an investment agreement with the industrial city of Suhar in Oman to develop an integrated steel project. This was reported by MEsteel.

The estimated investment will amount to 150 million rials ($390 million).

The investment agreement was signed with the State Authority for Industrial Zones (Madayn). The project is expected to strengthen local supply for the construction, infrastructure, and manufacturing sectors, as well as export opportunities.

Market observers believe this move is linked to Jindal Steel Oman’s recent acquisition of Moon Iron & Steel (MISCO) in Sohar.

Market sources reported the acquisition. MISCO suspended steel production in 2023 due to operational and financial difficulties. The company operates a steel mill in Sohar, with an annual production capacity of approximately 1.2 million tons of steel and rolled products.

Jindal Steel Oman is part of the Jindal Group and is one of the largest private integrated steel producers in the Gulf region. In addition, Jindal Steel Duqm (Vulcan Green Steel) is developing a 5-million-ton-per-year green steel complex in the Duqm Special Economic Zone in two phases, with operations expected to begin in the first quarter of 2027.

The group also operates Jindal Pelletizing LLC in Sohar, with an annual pellet production capacity of 6 million tons.

It is worth noting that Oman continues to pursue a course of industrial diversification of its economy. In April, the country’s Public Authority for Special Economic Zones and Free Zones (Opaz) signed a package of investment agreements worth over 200 million Omani rials ($520 million), which included projects in the steel, construction materials, electric vehicle batteries, and pharmaceutical sectors.