Article: In a significant development for the steel industry, TT Iron Steel Company Limited (TT Iron) has finalized the acquisition of the ArcelorMittal Point Lisas iron and steel plant located in the Point Lisas Industrial Estate, Couva, Trinidad and Tobago. The purchase was announced in a press release, outlining TT Iron's commitment to refurbishing the plant over the next two years at an estimated cost of TT$1-1.4 billion (US$150-200 million).Notably, the plant is renowned for combining low carbon emission and natural gas-based direct reduced iron technology with electric arc furnaces for steelmaking, making it one of the largest steel mills in the Western Hemisphere. With this acquisition, TT Iron aims to rejuvenate the plant and position it as a global leader in cutting-edge, low-emission steel production.Gus Hiller, the Founder and Group CEO of TT Iron, expressed confidence in the plant's potential to regain its prominence in the global steel industry. Hiller emphasized the company's determination to establish an efficient and technologically advanced steel mill, with production expected to commence within the next 12 to 18 months.The refurbishment phase alone is projected to create approximately 1,000 jobs, while the fully operational plant is anticipated to provide long-term employment for 500 skilled workers. Furthermore, TT Iron believes that the plant's restart will indirectly generate additional employment opportunities through maintenance and construction services, port services, downstream manufacturing, and the growing demand for green hydrogen and renewable energy.A key highlight of TT Iron's strategy is the adoption of natural gas in the plant's furnaces, resulting in a significant reduction in carbon intensity. The plant's emissions are expected to decrease to 0.4 tonnes of CO2 per tonne of steel produced, compared to the 2.0 to 2.5 tonnes emitted by traditional coal-blast furnaces. TT Iron also aims to transition to green hydrogen technology in the future as it becomes commercially available.