In December 2023, LIBERTY Steel penned a significant deal with AD Ports Group, aiming to import premium magnetite ore from Australia to the UAE. This alliance envisioned creating an eco-friendly iron production hub by utilizing renewable energy resources at Khalifa Port. The venture aligns with the UAE's ambitions for industrial growth and environmental sustainability.
December 2023 marked a defining juncture for LIBERTY Steel as they sealed a momentous agreement with AD Ports Group, focusing on importing top-grade magnetite ore from Australia to the UAE. This strategic partnership aimed to redefine global iron and steel production by leveraging LIBERTY's access to South Australia's premium magnetite ore and the UAE's abundant renewable energy resources.
At the core of this collaboration lay the potential to revolutionize iron and steel manufacturing practices, envisioning a symbiotic union between LIBERTY's ore reserves and the UAE's renewable energy wealth. AD Ports Group, renowned for its advanced infrastructure, particularly Khalifa Port, ranked as the world's third most efficient container port, highlighting its efficiency as per the Container Port Performance Index.
The Memorandum of Understanding outlined plans for establishing a green iron production facility within Khalifa Economic Zones Abu Dhabi (KEZAD) and developing accompanying infrastructure at Khalifa Port. These blueprints emerged as pivotal contributors to the UAE's aspirations to fortify its manufacturing sector by 2031.
LIBERTY's vision, grounded in early-stage concept development, aimed to transform their magnetite ore into high-quality green iron within the UAE's boundaries. This blueprint entailed initially utilizing gas and transitioning to green hydrogen by 2031, aligning with intentions to export this prized green iron globally, including to LIBERTY's European establishments.
The monumental shift towards green iron and steel, anticipated to burgeon into a market valued over $400 billion by 2030, signaled a transformative era for the UAE's industrial landscape.
The collaboration between LIBERTY Steel and AD Ports Group stands as a landmark stride towards reshaping iron and steel production. This alliance not only signifies LIBERTY's access to Australian magnetite reserves but also showcases the UAE's commitment to fostering eco-friendly industrial hubs. The endeavor aligns with the UAE's economic diversification goals and environmental sustainability objectives, as outlined in the Net Zero 2050 Strategy and Operation $300 billion industrial strategy. This venture heralds a promising future where green iron and steel become pivotal contributors to a sustainable global economy.