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FINANCIAL NEWS
Zoom Group to build steel plant in Oman
15 Aug 2010
(MENAFN) India�s Zoom Group is developing a $665 million capacity steel plant in Sur, Oman�s easternmost city, 150 kilometers southeast of capital Muscat, Times of Oman reported.
The plant will have two production lines each producing 600,000 tonnes of steel billets and blooms. Billets are used to produce bar stock, including rebar for concrete structures, and wire while blooms can be used to produce rails, rods and seamless pipes as well as structural shapes.
The project will use imported iron, and the total plant cost of $665m includes $85m in working capital. Plant officials say the products will be used both locally and internationally.
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