TT Iron Steel Company says it has taken over the ownership of the iron and steel plant in west central Trinidad that had been placed in liquidation following its closure in 2016 by the Luxembourg-based ArcelorMittal, the second largest steel producer in the world.
A statement issued by TT Iron said the change in ownership took place on July 26, and it plans to produce low-carbon emission/green steel within the next 12 months.
TT Iron says it will immediately begin planning the refurbishment of the plant. It did not disclose the purchase price, saying it was a private transaction bound by confidentiality agreements.
ArcelorMittal closed its operations in Trinidad in March 2016.