The gates to the steel plant at Point Lisas have officially reopened, following its acquisition by US-based Pinnacle Steel and Vanadium Corporation, through its local subsidiary, Ibis Steel Company of T&T.
This was marked by a ribbon-cutting ceremony this morning, led by US Deputy State Secretary Christopher Landau, who is in T&T as part of a three-day visit.
Participating in the ribbon-cutting were Works Minister Jearlean John, Finance Minister Dave Tancoo, Trade Minister Kama Maharaj, US Chargé d’Affaires Phillip Kern and NGC Chairman Gerald Ramdeen, along with other key stakeholders.
In a statement, the US Embassy said the reopening highlights the strong economic ties between both countries, adding that the investment will create jobs, support local manufacturing and strengthen economic relations.
In July, the Government signed an MOU with the company to explore the refurbishment, reopening and operation of the plant, with the potential for T&T to produce vanadium, a metal used in aerospace and defence.
Trade Minister Kama Maharaj said the project could generate an estimated US$1.5 billion annually and support economic diversification, beyond oil and gas.
The plant, which was previously operated by ArcelorMittal, closed in 2016 and was subsequently sold to the Ibis Steel Company in June 2023.
