Sohar Steel resumes operations at full capacity

BUSINESS REPORTER

MUSCAT, AUG 8

Sohar Steel celebrated the revival of operations on Monday, August 7, 2023, under the ownership of Jindal Group and Vulcan Investments. After a three-year hiatus, the steel melting shop with a capacity of 700,000 tonnes per annum was re-commissioned, and more than 150 Omanis were re-employed to operate the plant.

The successful acquisition represents a pivotal juncture in the steel industry, underscoring Jindal Group's commitment to fostering social sustainability and economic growth and supporting the nation's vision for economic diversification.

Harssha Shetty, Senior Official from the Jindal Group, said: "The successful acquisition of Sohar Steel represents an extraordinary stride forward for Jindal Group, cementing our position as a prominent leader in the steel industry. This strategic move aligns harmoniously with our steadfast dedication to Oman's socio-economic growth, reflecting our resolve to progress Oman's industrial landscape."

Hamed al Farsi, HR and Admin GM of Sohar Steel, emphasised the company's commitment to nurturing and developing its employees, saying, "We deeply empathise with the challenges faced by the individuals affected by the work stoppage and their subsequent joy upon learning about Vulcan International's acquisition of Sohar Steel. In response, we have taken the necessary steps to nurture and develop our workforce by providing them with on-the-job training and assigning them to various departments within the company."

Shetty thanked the Minister of Commerce, Industry and Investment Promotion, Qais bin Mohammed al Yousef and the members of the Competition Protection and Monopoly Prevention Centre who played a crucial role in ensuring the smooth and fair completion of the acquisition process.

Jindal Group is an industrial powerhouse with a global steel presence and a leading player in the Global Steel sector. It bolsters its commitment to the Sultanate of Oman by undertaking several strategic investments to foster socio-economic growth and support the nation’s transition to a green, circular economy. These investments under the Vulcan International Holding Company include Jindal Shadeed Iron and Steel, Sohar Steel, and Vulcan Pelletising Plant in Sohar and Duqm Vulcan Green Steel.