LIBERTY Steel Signed MoU to Host New Green Iron Production Plant

SEATTLE (Scrap Monster): LIBERTY Steel, in a press release, noted that it has signed a Memorandum of Understanding (MoU) with AD Ports Group, Abu Dhabi, UAE to explore possibilities of importing high-quality magnetite ore from Australia to the UAE.

The agreement aims to tap the potentials to decarbonise the international iron and steel production by combining LIBERTY’s access to 4 billion tons of premium grade magnetite ore in South Australia with the advanced infrastructure and connectivity offered by AD Ports Group.

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According to the MoU, the two companies will work in partnership towards hosting a green iron production facility in the Khalifa Economic Zones Abu Dhabi (KEZAD) and setting up related port infrastructure and conveyor system in Khalifa Port. This is provide big boost to UAE’s ongoing efforts to grow itself as a manufacturing hub by 2031. The MoU will help the UAE achieve its revised ambitious renewables capacity target of 14.2 GW by 2030.

The magnetite ore from Australia will be converted into high quality green iron in the UAE, which in turn will be exported to markets, including to its own facilities across Europe in Romania, Czech Republic, Hungary, Poland and the UK.

Incidentally, the global demand for green iron and steel is forecast to surpass $400 million by the end of the current decade.