The Government of Trinidad and Tobago has signed a memorandum of understanding with US-based Pinnacle Steel and Vanadium Corporation to discuss the refurbishment, commissioning and operation of the former ArcelorMittal steel mill at Point lisas, which the company recently acquired.
The non-binding agreement sets the basis for negotiations and due diligence with the Industrial Port Development Corporation Point lisas, owner of the plant. facility also involved in the project.
In addition to restoring steel production, the investment could allow Trinidad and Tobago to produce vanadium for the aerospace and defense industries and potentially meet up to 50 percent of U.S. demand, according to government estimates.
Local stakeholders welcomed the proposed restart but called for greater transparency on utility prices services, investment incentives, environmental guarantees and conditions of employment, including priority consideration for qualified former ArcelorMittal workers. The steel project is among three proposed U.S.-backed initiatives that, if implemented, could attract combined investment in excess of $5 billion and create more than 5,000 jobs.
