TT Iron Steel Co. Ltd. didn’t disclose a purchase price, but said it plans to invest US$150 to US$200 million to refurbish the South American plant over the next 24 months, with additional investment to come afterward. 

“We believe there is great potential for the plant to return to the forefront of global steelmaking technology and performance,” said TT Iron Steel chief executive officer Gus Hiller. 

“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 the next 12 to 18 months; certainly, no later than December 2024,” he added.  

The electric arc furnace mill, which also has a gas-fired, direct reduction furnace, has been idle since early 2016. TT Iron Steel said it intends to transition the plant to hydrogen-based direct reduced iron production, when the hydrogen becomes available. 

“Restarting the iron and steel plant and then transitioning to green hydrogen will put Trinidad and Tobago back on the map as a world leader on the cutting edge of low-emission steel production technology,” the company said. 

The sale is pending approval from the Trinidad and Tobago government.