TT Iron Steel Company Ltd. ("TTIS" or "TT Iron") is a private company established under the laws of Trinidad and Tobago to acquire the Point Lisas Iron and Steel Mill from ArcelorMittal Point Lisas Ltd. (In Liquidation).
The Point Lisas Iron and Steel Mill utilizes green, low carbon emission technologies for steel production which we believe are critical to decarbonize the global steel industry. Greater than 70% of steel globally is made using coal-based blast furnaces which emit roughly two tonnes of carbon dioxide per tonne of steel produced. The Point Lisas Iron and Steel Mill is based on electric arc furnaces and direct reduction using natural gas, a green process with less than half of the emissions from a coal based steelmaking facility. While this process is used in less than 10% of steel mills globally we believe it is the future of steelmaking.
The facility at Point Lisas can be further decarbonized by substituting natural gas with green hydrogen and we are working closely with partners in Trinidad to develop a local green hydrogen supply chain. After it has been restarted, the facility will also be the largest recycling operation in the Caribbean consuming scrap and waste tyres generated in Trinidad and Tobago to make steel products.
TT Iron will operate in compliance with the highest international standards for employee safety, environmental protection, and responsible governance. We look forward to working closely with all stakeholders to restart the facility while making a positive impact on the environment, population, and economy of Trinidad.
TT Iron is lead by a team of Trinidadian and international individuals with extensive experience in the iron and steel industry and the restart of formerly distressed assets.
Reuters, June 7, 2023 - Trinidad and Tobago's TT Iron Steel Company (TTIS) has agreed to purchase an idled iron and steel plant in the country from a unit of Luxembourg-listed multinational ArcelorMittal, the Trinidadian company said on Wednesday.
The purchase agreement comes seven years after ArcelorMittal closed operations in Trinidad following layoffs amid low global steel prices, which have since rebounded. Previous sale negotiations with other potential buyers failed to be completed.
Trinidad & Tobago Guardian, November 10, 2022 - The Iron and Steel Plant at the Point Lisas Industrial Estate is set to restart production under new owners and could lead to the creation of hundreds of high paying jobs. The Business Guardian has confirmed from multiple sources, and has seen documents that show that all is in place for the restart of the plant, pending final approval from the Cabinet, which is due to consider it today.
The liquidator has given his approval for the plant to be transferred to the new owners TT Iron and Steel, the company has already signed a term sheet agreement with the National Gas Company Ltd for an initial nine million standard cubic feet of natural gas per day (mmscf/d) starting in 2023 and increasing to 55 mmscf/d when it is into full operations by 2025/2026.
Monty is a Trinidadian national and the Chairman and Founder of Resverba Holdings LLC, an investment and project development company active in the energy sector in Trinidad and internationally. Among other notable investments, Resverba is a seed investor in NewGen Energy, a green hydrogen development project on the Point Lisas Estate.
Previously, Monty was the Chief Executive Officer and Founder of DeNovo Energy Limited, a private gas company which discovered and developed the Iguana field in the Gulf of Paria, Trinidad. Monty was also Chief Financial Officer and then Chief Executive Officer of Trinity Exploration & Production PLC, a UK listed oil and gas exploration company operating in Trinidad. Monty is also the former Deputy Chairman of the Energy Chamber of Trinidad and Tobago.
Gus is an American national with extensive experience in the steel industry including seven years living and operating in Trinidad. Gus brings extensive experience restarting and turning around distressed steel plants. His experience includes operating iron mines, pelletizing plants, direct reduced iron (DRI) plants, electric arc furnace and blast furnace facilities, and rolling mills. He has worked at Nucor, Cleveland Cliffs, ISG CIRCORED, Birmingham Steel, and Kentucky Electric among other roles.
Gus was previously the General Manager of Nucor Iron Carbide (Trinidad) and ISG CIRCORED (Trinidad).
Edwin is an American and British national with extensive experience investing in, financing, and restructuring metals and mining operations in North America, South America, Europe, Asia, Africa, and Australia.
Previously Ned worked at Orion Resource Partners, a leading metals and mining private equity fund with US$ 8Bn under management, and Composite Capital, an emerging markets investment firm.
Shalini is a Trinidadian national, the Managing Partner of Dentons Delany in Trinidad and Tobago, and is member of Dentons’ Latin America and Caribbean regional leadership team. Dentons is a global law firm driven to provide its clients with the competitive edge in an increasingly complex and interconnected marketplace and is also the world’s largest law firm.
Shalini has extensive experience in Commercial Litigation and Dispute Resolution, is the co-lead of Dentons’ Caricom Restructuring, Bankruptcy and Insolvency group and the lead Partner for Dentons’ Caricom ESG practice group.
Shalini obtained her Bachelor of Laws and Master of Laws at the University of London and her Postgraduate Diploma in Legal Practice at The City University in the United Kingdom and is a member of the bar of Trinidad and Tobago and Grenada.
Rachel is a Trinidadian national, a Partner of Dentons Delany in Trinidad and Tobago, and the head of Dentons Delany’s ESG and Sustainable Finance practice. Rachel co-leads the firm’s Corporate Commercial practice across the region and provides regulatory, transactional and commercial support to multinational companies across a variety of sectors and projects.
Rachel focuses on ESG strategy and compliance, mergers & acquisitions, project development and project financing, and regulatory advice. She has assisted clients within CARICOM and across Europe with access to ESG financing, developing internal ESG strategies, complying with the environmental regulatory landscape, and embed their ESG goals into commercial and procurement contracts.
Prior to joining Dentons, Rachel trained and practiced with an international law firm in London. She holds an undergraduate degree in Environmental Policy and a Master of Philosophy from the University of Cambridge in Environmental Policy.
For general inquires, please contact: info@ttiron.com
For media inquiries, please contact:
Paul Charles
Phone: 1 868 280 2809
Email: pcharles@ttiron.com
Mailing Address:
TT Iron Steel Company Ltd.
Savannah East, 5th Floor, 11 Queens Park East
Port of Spain, Trinidad and Tobago
Point Lisas, Couva, Couva-Tabaquite-Talparo, Trinidad and Tobago
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