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Vulcan Green Steel Eyes $3 Billion Investment for Nigerian Steel Plant

Vulcan Green Steel, owned by Naveen Jindal, is planning a substantial $3 billion investment in Nigeria to establish a three-million-tonne-per-annum steel plant. According to an official statement from Nigeria’s President Bola Tinubu, the Jindal Group has committed to investing in the country through the promoter group entity Vulcan Green Steel. Although project details are still under discussion, it is known that Vulcan intends to create a hot-rolled coil mill in Nigeria.

The investment is seen as promising, given Nigeria’s population of 220 million and an anticipated 8-10% year-on-year growth in steel demand. Notably, there are currently no major players in the Nigerian steel market, providing a significant opportunity for Vulcan Green Steel.

Additional aspects like securing mining resources, power infrastructure, and land allocation are being negotiated with the Nigerian government.

Meanwhile, Vulcan Green Steel is simultaneously embarking on the development of a 5-million-tonne-per-annum green hydrogen-ready green steel complex in Oman’s Special Economic Zone in Duqm. This ambitious project, also estimated at around $3 billion, is currently in discussions with ECAs for funding. The facility aims to produce high-quality flat products suitable for automotive, wind turbine, and domestic appliance industries in Europe, Japan, and other global markets.

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