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Mitsui & Kobe Steel Bring Metal Magic To Oman | |
| Sumita Pawar |
The Public Authority for Special Economic Zones and Free Zones (OPAZ), a governmental body in the Sultanate of Oman, has signed a Memorandum of Understanding (MoU) with Japanese steel company Kobe Steel and global trading investment firm Mitsui & Co.
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Kobe Steel, Ltd. is a major Japanese steel manufacturer headquartered in Ch-ku, Kobe.
Kobe Steel has the lowest proportion of steel operations of any major steelmaker in Japan and is characterised as a conglomerate comprising the three pillars of the Materials Division, the Machinery Division, and the Power Division.
According to the report, the partnership is for the development of a low-CO2 iron metallics project in the Special Economic Zone at Duqm.
The project will use the MIDREX Process to produce five million metric tonnes of direct reduced iron (DRI) annually, supplying businesses in Asian and global markets such as Europe.
Kobe Steel and Mitsui will conduct a detailed business study with a view to commencing low-CO2 iron metallics production by 2027.