The National Gas Company of Trinidad and Tobago Limited, National Energy Corporation of Trinidad and Tobago Limited, Severstal North America, Complejo Matalurgico Dominicano SA and Neal & Massy Holdings Limited have signed a memorandum of understanding to undertake a feasibility study for the establishment of a vertically integrated Iron and Steel Complex.

The complex will involve the construction of a direct reduced iron hot briquetted iron plant that will have a nominal capacity of 1.5 million tonnes per year and the integration of a steel mill with a nominal production capacity of up to 300,000 tonnes per year of steel billets. The entire project is estimated to cost in excess of USD 600 million.

The integrated facility which is earmarked for location at the Union Industrial Estate, La Brea will generate 3,500 indirect jobs during construction and 400 permanent jobs. Additionally, it will contribute to the diversification of the economy, while providing opportunities for the development of downstream industries.