NGC, Neal & Massy in MOU for steel plant in La Brea

The National Gas Company of Trinidad and Tobago Limited (NGC) and its subsidiary, NEC, together with Neal and Massy Holdings have joined with two international companies to sign a Memorandum of Understanding (MOU) to undertake a feasibility study for an Iron and Steel Complex.

The other partners are Severstal North America and Complejo Matalurgico Dominicano S.A. (Metaldom).

The project involves the building of a Direct Reduced Iron (DRI)/Hot Briquetted Iron (HBI) plant at La Brea with a nominal capacity of 1.5 million tonnes per year.

In addition, there will be a steel mill with a production capacity of up to 300,000 metric tonnes of steel billets per year. The estimated cost of the project is US$600 million.

The plan is to build the plant at the Union Industrial Estate, La Brea. During the construction, the project will create 3500 indirect jobs; there will be 400 permanent jobs when the plant is operational. 

Chairman of Neal & Massy Arthur Lok Jack said he is extremely pleased with the role played by the state-owned NGC in concluding the MOU.

NGC Chairman Larry Howai cautioned that the project is still only in its very preliminary stages. However he said the endorsement from new international investors shows the strength and reputation of the Neal & Massy Group as well as the importance ofTrinidad and Tobago as a preferred destination for international investment.