Metaldom Signs Memorandum of Understanding Regarding the Establishment of a Vertically-Integrated Iron and Steel Complex in Trinidad and Tobago

SANTO DOMINGO, Dominican Republic, Jan. 11, 2012 /PRNewswire/ -- The National Gas Company of Trinidad and Tobago Limited (NGC), National Energy Corporation of Trinidad and Tobago Limited (NEC), Severstal North America, Complejo Matalurgico Dominicano S.A. (Metaldom) and Neal & Massy Holdings Limited (N&M) have signed a Memorandum of Understanding (MOU) 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 (DRI) / Hot Briquetted Iron (HBI) plant that will have a nominal capacity of 1.5 million tons per year and the integration of a steel mill with a nominal production capacity of up to 300,000 metric tons per year of steel billets. The entire project is estimated to cost in excess of $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.

Severstal North America is a U.S. based wholly-owned subsidiary of Russia based OAO Severstal, one of the world's leading vertically integrated steel and steel related mining companies, with assets in Russia, USA, Ukraine, Latvia, Poland, Italy, Liberia and Brazil.

Metaldom, a Dominican Republic-based company, is one of the largest steel makers in the region. It is a company managed by VICINI, a private asset management company with assets under management in diverse industries including food and beverage, manufacturing, agriculture and energy, banking and financial services, media, tourism and real estate development in the Dominican Republic and the Caribbean.

SOURCE Metaldom

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